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House Journal: Page 1674: Tuesday, April 16, 1996

Page  26

 1   OF LEVY.
 2     The governing authority of these political
 3   subdivisions before issuing bonds shall, by
 4   resolution, provide for the assessment of an annual
 5   levy upon all the taxable property in the political
 6   subdivision, or the assessment of an annual property
 7   tax levy and imposition of an income surtax under
 8   section 76.19, sufficient to pay the interest and
 9   principal and interest of the bonds within a period
10   named not exceeding twenty years that provided in
11   section 76.1.  A certified copy of this resolution
12   shall be filed with the county auditor or the auditors
13   of the counties in which the political subdivision is
14   located; and the filing shall make it a duty of the
15   auditors to enter annually this levy for collection
16   from the taxable property within the boundaries of the
17   political subdivision until funds are realized to pay
18   the bonds in full.  The property tax levy shall
19   continue to be made against property that is severed
20   from the political subdivision and the income surtax
21   shall continue to be imposed upon the residents of any
22   area severed from the political subdivision after the
23   filing of the resolution until funds are realized to
24   pay the bonds in full.
25     If the a resolution which does not include
26   imposition of an income surtax is filed prior to April
27   1, or May 1, if the political subdivision is a
school
28   district, the annual levy shall begin with the tax
29   levy for collection commencing July 1 of that year.
30   If the resolution is filed after April 1, or May 1,
in
31   the case of a school district, or if the resolution
32   includes imposition of an income surtax, the annual
33   property tax levy shall begin with the tax levy for
34   collection in the next succeeding fiscal year.  If the
35   resolution includes the imposition of a local income
36   surtax and it is filed with the department of revenue
37   and finance prior to August 1, the imposition of the
38   surtax is retroactive to January 1 of that calendar
39   year.  If the resolution is filed with the department
40   of revenue and finance on or after August 1, the
41   imposition of the income surtax begins on January 1 of
42   the next calendar year.  However, the governing
43   authority of a political subdivision may adjust a levy
44   of taxes made under this section for the purpose of
45   adjusting the annual levies and collections and income
46   surtax rate for property severed from the political
47   subdivision, subject to the approval of the director
48   of the department of management.
49     If funds, including reserves and amounts available
50   for temporary transfer, are found to be insufficient

Iowa General Assembly

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

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Wed Apr 17 13:30:02 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01600/01674.html
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