Iowa General Assembly Banner


Text: SF02356                           Text: SF02358
Text: SF02300 - SF02399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Get Version To Print

Senate File 2357

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  NEW SECTION.  298.18A  LEVY ADJUSTMENT.
  1  2    If, in the opinion of the board of a school corporation,
  1  3 after having originally estimated and certified the amount
  1  4 required to pay interest and principal due upon bonded
  1  5 indebtedness incurred before July 1, 1995, an adjustment in
  1  6 the amount certified in excess of that previously levied by
  1  7 the resolution authorizing issuance of the bonds becomes
  1  8 necessary in anticipation of future projected revenue
  1  9 shortfalls resulting from machinery and equipment-related
  1 10 taxable valuation decrease from the valuation as of January 1,
  1 11 1994, an adjustment shall be permitted subject to the
  1 12 following limitations:
  1 13    1.  An adjustment shall be permitted only in a district in
  1 14 which machinery and equipment valuation exceeds twenty percent
  1 15 of total taxable valuation as of January 1, 1994.
  1 16    2.  The adjustment shall not result in a total amount
  1 17 levied in excess of the two dollar and seventy cent per
  1 18 thousand dollars of assessed valuation limit provided in
  1 19 section 298.18.  An adjustment in excess of the two dollar and
  1 20 seventy cent per thousand dollars of assessed valuation limit
  1 21 shall be subject to the special election provisions for
  1 22 increases of up to four dollars and five cents per thousand
  1 23 dollars of assessed valuation provisions of section 298.18.
  1 24    3.  The amount of the adjustment, when added to the amount
  1 25 originally estimated and certified, for any one year, shall
  1 26 not exceed the least of:
  1 27    a.  The amount required to pay interest and principal due
  1 28 upon bonded indebtedness for the three-year period beginning
  1 29 on the date of the adjustment.
  1 30    b.  One hundred twenty-five percent of the amount
  1 31 originally estimated and certified.
  1 32    c.  One hundred ten percent of the total district levies
  1 33 for the fiscal year preceding the fiscal year in which the
  1 34 adjustment is to be added.
  1 35    4.  The amount of the adjustment plus the amount of state
  2  1 replacement moneys received under section 427B.19A which is
  2  2 attributable to the amount of the adjustment, when added to
  2  3 the amount originally estimated and certified, shall not
  2  4 result in the levying of an amount over the life of the issue
  2  5 in excess of the amount necessary for principal and interest
  2  6 repayment.
  2  7    5.  Amounts collected pursuant to this section shall be
  2  8 deposited in a separate debt service account distinct from the
  2  9 account established to hold principal and interest revenues
  2 10 resulting from the original levy.
  2 11    6.  An adjustment shall not be permitted which results in
  2 12 extending a levy beyond the earlier of the following:
  2 13    a.  Ten years from the original date of certification of
  2 14 the amount required to pay interest and principal.
  2 15    b.  June 30, 2007.  
  2 16 SF 2357
  2 17 rn/cc/26
     

Text: SF02356                           Text: SF02358
Text: SF02300 - SF02399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Return To Home Iowa General Assembly

index Search: Senate Bills and Amendments (76th General Assembly)

© 1996 Cornell College and League of Women Voters of Iowa


Comments? webmaster@legis.iowa.gov.

Last update: Thu Jun 6 15:40:03 CDT 1996
URL: /DOCS/GA/76GA/Legislation/SF/02300/SF02357/960327.html
jhf