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House Journal: Page 1684: Tuesday, April 16, 1996

Page  36

 1   amount of  $	 for the purpose of	, such
 2   bonds to be payable from a property tax levied on all
 3   taxable property within the city (and income surtax to
 4   offset the property tax to be imposed on the state
 5   income tax of each income taxpayer residing in the
 6   city)?
 7     Sec. ___.  Section 384.26, subsection 4, Code
 8   Supplement 1995, is amended to read as follows:
 9     4.  The proposition of issuing general corporate
10   purpose bonds is not carried or adopted unless the
11   vote in favor of the proposition is equal to at least
12   sixty percent of the total vote cast for and against
13   the proposition at the election.  However, if the city
14   council elects to offset the annual property tax levy
15   with revenues from a local income surtax pursuant to
16   section 76.21, the ballot proposition to authorize the
17   issuance of the bonds shall be submitted to the
18   electorate pursuant to section 75.1, subsection 2.  If
19   the proposition of issuing the general corporate
20   purpose bonds is approved by the voters, the city may
21   proceed with the issuance of the bonds.
22     Sec. ___.  Section 384.26, subsection 5, paragraph
23   a, unnumbered paragraph 1, Code Supplement 1995, is
24   amended to read as follows:
25     Notwithstanding the provisions of subsection 2, a
26   council may, in lieu of calling an election, institute
27   proceedings for the issuance of bonds for a general
28   corporate purpose by causing a notice of the proposal
29   to issue the bonds, including a statement of the
30   amount and purpose of the bonds, the type or types of
31   debt service tax to be levied or imposed to pay
32   principal and interest of the bonds, together with the
33   maximum rate of interest which the bonds are to bear,
34   and the right to petition for an election, to be
35   published at least once in a newspaper of general
36   circulation within the city at least ten days prior to
37   the meeting at which it is proposed to take action for
38   the issuance of the bonds subject to the following
39   limitations:
40     Sec. ___.  Section 384.32, Code 1995, is amended to
41   read as follows
42     384.32  TAX TO PAY.
43     Taxes for the payment of general obligation bonds
44   must be levied in accordance with chapter 76, and the
45   bonds are payable from the levy of unlimited ad
46   valorem taxes on all the taxable property within the
47   city through its debt service fund authorized by
48   section 384.4 a debt service property tax or a
49   combination of a debt service property tax and a debt
50   service income surtax, unlimited as to amount.

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/01600/01684.html
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