Text: HF00622 Text: HF00624 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 468.568 DISTRICT IMPROVEMENT
1 2 FUND – SPECIAL IMPROVEMENTS – ASSESSMENT – DEDUCTIBILITY.
1 3 1. The board may establish a district improvement fund
1 4 which shall be maintained by the treasurer of the county where
1 5 the district is located. The board shall use the fund to
1 6 finance the costs of an improvement.
1 7 2. In order to establish the fund and levy an assessment
1 8 to finance the cost of an improvement, a petition must be
1 9 filed with the board. The petition must call for the fund's
1 10 establishment, describe the proposed improvement, and be
1 11 signed by landowners owning at least seventy-five percent of
1 12 the land within the district to be assessed for benefits. The
1 13 board shall determine if the petition satisfies the
1 14 requirements of this section at its next meeting following the
1 15 petition's filing. The board shall establish the fund and
1 16 levy assessments as soon as practicable after it determines
1 17 that the petition satisfies the requirements.
1 18 3. If the district is an intercounty district, the fund
1 19 shall be maintained by the treasurer of the county designated
1 20 by the board. The county treasurer shall invest moneys in the
1 21 fund in United States government bonds, time certificates of
1 22 deposit, in savings accounts in banks, or as provided in
1 23 chapter 12C as required by the board of supervisors. Interest
1 24 collected by the treasurer on the funds invested shall be
1 25 credited to the fund.
1 26 4. The board shall levy an assessment on lands within the
1 27 district in order to finance the cost of the improvement in
1 28 the same manner and according to the same procedures as
1 29 provided in subchapter I. However, the board may provide that
1 30 the owners of land against which a levy is made pay the levied
1 31 amount based on an installment payment schedule established by
1 32 the board. The schedule shall provide that the payments of
1 33 the assessment must be completed within five years from the
1 34 date that the assessment is levied. The assessment is due and
1 35 payable with the first half of ordinary taxes. It shall be
2 1 collected in the same manner with the same interest for
2 2 delinquency as ordinary taxes, and shall be enforced in the
2 3 same manner as enforcing collection by tax sale.
2 4 5. The payment of an assessment by a landowner shall be
2 5 deductible in determining net income for the purposes of the
2 6 state individual and corporate income tax under divisions II
2 7 and III of chapter 422.
2 8 6. The board shall begin construction of the improvement
2 9 as provided in subchapter I within five years after the
2 10 assessment is levied. The fund is abolished after moneys in
2 11 the fund have been used to finance the costs of the
2 12 improvement.
2 13 EXPLANATION
2 14 This bill amends Code chapter 468 which concerns the
2 15 organization and management of drainage districts, including
2 16 levying assessments against land within the district to
2 17 finance the costs of making improvements.
2 18 This bill provides for the establishment of a district
2 19 improvement fund to finance the costs of a special
2 20 improvement. The bill requires that in order to establish the
2 21 fund and an assessment to pay for the cost of the improvement,
2 22 a petition must be filed with the board with the names of
2 23 landowners in the district owning at least 75 percent of the
2 24 land within the district to be assessed for benefits. The
2 25 bill provides for the management of the fund. It provides
2 26 that the board must levy an assessment on lands within the
2 27 district in order to finance the cost of the improvement in
2 28 the same manner and according to the same procedures as
2 29 provided for other assessments. The bill provides that the
2 30 board may provide that the owners of land against which a levy
2 31 is made pay the levied amount based on an installment payment
2 32 schedule. The bill provides for the collection of the
2 33 assessment. It provides that the payment amount of the
2 34 assessment is tax deductible. The bill provides that the
2 35 construction of the improvement must begin within five years
3 1 after the levy and that the fund must be abolished after
3 2 moneys in the fund have been expended.
3 3 LSB 2603HH 77
3 4 da/cf/24
Text: HF00622 Text: HF00624 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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