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House Journal: Page 1682: Tuesday, April 16, 1996

Page  34

 1   Supplement 1995, is amended to read as follows:
 2     1.  Taxes for the payment of general obligation
 3   bonds shall be levied or imposed in accordance with
 4   chapter 76, and the bonds are payable from the levy of
 5   unlimited ad valorem taxes on all the taxable property
 6   within the county through its debt service fund
 7   required by section 331.430 a debt service property
 8   tax or combination of a debt service property tax and
 9   a debt service local income surtax, unlimited as to
10   amount, except that:
11     a.  The amount estimated and certified to apply to
12   pay on principal and interest for any one year shall
13   not exceed an amount that could be raised by a debt
14   service property tax levy equal to the maximum rate of
15   tax, if any, provided by this division for the purpose
16   for which the bonds were issued.  If general
17   obligation bonds are issued for different categories,
18   as provided in section 331.445, the maximum rate of
19   levies, if any, for each purpose shall apply
20   separately to that portion of the bond issue for that
21   category and the resolution authorizing the bond issue
22   shall clearly set forth the annual debt service
23   requirements with respect to each purpose in
24   sufficient detail to indicate compliance with the rate
25   of tax levy, if any.
26     b.  The amount estimated and certified to apply to
27   pay on principal and interest for any one year may
28   only exceed an amount that could be raised by a debt
29   service property tax levy equal to the statutory rate
30   of levy limit, if any, by the amount that the
31   registered voters of the county have approved at a
32   special election, which may be held at the same time
33   as the general election and may be included in the
34   proposition authorizing the issuance of bonds, if an
35   election on the proposition is necessary, or may be
36   submitted as a separate proposition at the same
37   election or at a different election.  Notice of the
38   election shall be given as specified in section
39   331.305.  If the proposition includes issuing bonds
40   and increasing the levy limit, it shall be in
41   substantially the following form:
42     Shall the county of	,	 state of Iowa, be
43   authorized to	 (here	 state purpose of
44   project) at a total cost not exceeding $	 and
45   issue its general obligation bonds in an amount not
46   exceeding $	 	 for that purpose, and be authorized
47   to levy annually a debt service property tax (or
debt
48   service property tax, and income surtax to offset the
49   property tax, if applicable), which will produce an
50   amount not exceeding ... dollars and ...	 cents per

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/01600/01682.html
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