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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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