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House Journal: Page 1678: Tuesday, April 16, 1996

Page  30

 1   ratio of the taxable value of each parcel to receive
 2   the credit to the total taxable value of the property
 3   to receive the credit.
 4     Sec. ___.  NEW SECTION.  76.22  DESIGNATION OF TAX.
 5     An income surtax imposed under section 76.19 by a
 6   school district shall be designated as a school debt
 7   service income surtax, an income surtax imposed by a
 8   merged area shall be designated as a merged area debt
 9   service income surtax, an income surtax imposed under
10   section 76.19 by a city shall be designated a city
11   debt service income surtax, and an income surtax
12   imposed under section 76.19 by a county shall be
13   designated a county debt service income surtax.
14     Sec. ___.  Section 260C.21, Code 1995, is amended
15   to read as follows:
16     260C.21  ELECTION TO INCUR INDEBTEDNESS.
17     1.  No indebtedness shall be incurred under section
18   260C.19 until authorized by an election.  A
19   proposition to incur indebtedness and issue bonds for
20   community college purposes shall be deemed carried
21   adopted in a merged area if approved by a sixty
22   percent majority of all voters voting on the
23   proposition in the area.  However, if the board elects
24   to offset the annual property tax levy with revenues
25   from a local income surtax pursuant to section 76.21,
26   the ballot proposition to authorize the issuance of
27   the bonds shall be submitted to the electorate
28   pursuant to section 75.1, subsection 2.
29     2.  Notwithstanding subsection 1, if the costs of
30   utilities are paid by a community college with funds
31   derived from the levy authorized under section
32   260C.22, the community college may use the general
33   fund moneys that would have been used to pay the costs
34   of utilities for capital expenditures, may invest the
35   funds, or may incur indebtedness without an election,
36   provided that the payments on the indebtedness
37   incurred, and any interest on the indebtedness, can be
38   made using general funds of the community college and
39   the total payments on the principal and interest on
40   the indebtedness do not exceed the amount of the costs
41   of the utilities.
42     Sec. ___.  Section 296.1, Code 1995, is amended to
43   read as follows:
44     296.1  INDEBTEDNESS AUTHORIZED.
45     Subject to the approval of the voters thereof,
46   school districts are hereby authorized to contract
47   indebtedness and to issue general obligation bonds to
48   provide funds to defray the cost of purchasing,
49   building, furnishing, reconstructing, repairing,
50   improving or remodeling a schoolhouse or schoolhouses

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/01600/01678.html
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