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