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House Journal: Page 1673: Tuesday, April 16, 1996

Page  25

 1   equal to at least sixty percent of the total vote cast
 2   for and against said the proposition at said
the
 3   election.
 4     2.  Notwithstanding subsection 1, if the annual
 5   levy of property tax to pay principal and interest on
 6   bonds issued by a county, school corporation, or city
 7   is to be offset with revenue from a local income
 8   surtax pursuant to section 76.21, the proposition
 9   shall so state and the proposition is adopted if the
10   vote in favor of the proposition is equal to a
11   majority of the total vote cast for and against the
12   proposition at the election.  However, a bond issuance
13   proposition proposing imposition of an income surtax
14   shall not be presented to the electors if in the first
15   year the income surtax is imposed the total of all
16   income surtaxes authorized by law and imposed in that
17   year on any taxpayer in the political subdivision
18   imposing the surtax would exceed twenty percent.  Upon
19   request of the governing authority, the department of
20   management shall certify the cumulative rate of income
21   surtax being imposed in the political subdivision.
22     3.  All ballots cast and not counted as a vote for
23   or against the proposition shall not be used in
24   computing the total vote cast for and against said
the
25   proposition.
26     4.  When a proposition to authorize an issuance of
27   bonds has been submitted to the electors under this
28   section and the proposal fails to gain approval by the
29   required percentage of votes, such proposal, or any
30   proposal which incorporates any portion of the
31   defeated proposal, shall not be submitted to the
32   electors for a period of six twelve months from the
33   date of such regular or special election.
34     Sec. ___.  Section 76.1, Code 1995, is amended to
35   read as follows:
36     76.1  MANDATORY RETIREMENT.
37     Hereafter issues Issues of bonds of every kind
and
38   character by counties, cities, and school corporations
39   shall be consecutively numbered.  The annual levy of
40   property tax, or combination of property tax levy and
41   income surtax imposed as provided in section 76.19,
42   shall be sufficient to pay the interest and
43   approximately such that portion of the principal of
44   the bonds as will retire them in a period not
45   exceeding twenty twenty-two years from date of
issue.
46   Each issue of bonds shall be scheduled to mature
47   serially in the same order as numbered.
48     Sec. ___.  Section 76.2, Code 1995, is amended to
49   read as follows:
50     76.2  MANDATORY LEVY - OBLIGATIONS IN ANTICIPATION

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

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Last update: Wed Apr 17 13:30:02 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01600/01673.html
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