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House Journal: Page 1344: Thursday, April 6, 1995

Page 12

 1     3.  All bonds issued shall be signed by the
 2   president of the board of trustees and attested by the
 3   clerk, with the seal of the district, if any, affixed,
 4   and interest coupons attached to the bonds shall be
 5   attested by the signature of the clerk.
 6     4.  The proceeds of any bond issue made under this
 7   section shall be used only for the public improvements
 8   specified in section 358C.3.  Proceeds from the bond
 9   issue may also be used for the payment of special
10   assessment deficiencies.  The bonds shall be payable
11   in not more than forty annual installments and with
12   interest at a rate not exceeding that permitted by
13   chapter 74A, and shall be made payable at the place
14   and be of the form as the board of trustees shall by
15   resolution designate.  A district issuing bonds as
16   authorized in this section is granted authority to
17   pledge the future avails of a tax levy to the payment
18   of the principal and interest of the bonds after the
19   same come due, and the power to impose and certify the
20   levy is granted to the trustees of real estate
21   improvement districts organized under this chapter.
22     Sec. 16.  NEW SECTION.  358C.16  SPECIAL
23   ASSESSMENTS.
24     1.  The board of trustees of a real estate
25   improvement district may provide for payment of all or
26   any portion of the costs of a public improvement
27   specified in section 358C.3, by assessing all, or any
28   portion of the costs, on adjacent property according
29   to the benefits derived.  For the purposes of this
30   chapter, the board of trustees may define "adjacent
31   property" as all that included within a designated
32   benefited district to be fixed by the board, which may
33   be all of the property located within the real estate
34   improvement district or any lesser portion of that
35   property.  It is not a valid objection to a special
36   assessment that the improvement for which the
37   assessment is levied is outside the limits of the
38   district, but a special assessment shall not be made
39   upon property situated outside of the district.
40   Special assessments pursuant to this section shall be
41   in proportion to the special benefits conferred upon
42   the property, and not in excess of the benefits.  The
43   value of a property is the present fair market value
44   of the property with the proposed public improvements
45   completed.  Payment of installments of a special
46   assessment against property used and assessed as
47   agricultural property shall be deferred upon the
48   filing of a request by the owner in the same manner
49   and under the same procedures as provided in chapter
50   384 for special assessments by cities.

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

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URL: /DOCS/GA/76GA/Session.1/HJournal/01300/01344.html
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