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House Study Bill 21

Bill Text

PAG LIN
  1  1    Section 1.  Section 331.430, subsection 3, Code 1997, is
  1  2 amended to read as follows:
  1  3    3.  A tax levied for the debt service fund is not invalid
  1  4 if it raises moneys in excess of those needed for a specific
  1  5 purpose.  Such funds shall remain in the debt service fund and
  1  6 shall not be transferred to the general fund, or otherwise
  1  7 transferred to meet a general fund obligation.  Only excess
  1  8 moneys remaining after retirement of all indebtedness payable
  1  9 from the debt service fund may be transferred from the fund to
  1 10 the fund most closely related to the project for which the
  1 11 indebtedness arose, or to the general fund, subject to the
  1 12 terms of the original bond issue.  This subsection shall not
  1 13 be construed to give a county board of supervisors authority
  1 14 to increase the debt service levy for the purpose of creating
  1 15 excess moneys in the fund to be used for purposes other than
  1 16 those related to retirement of debt.  
  1 17                           EXPLANATION
  1 18    This bill provides that county boards of supervisors are
  1 19 not authorized to transfer excess moneys in the debt service
  1 20 fund to the general fund of the county or to transfer the
  1 21 moneys to satisfy a general fund obligation.  
  1 22 LSB 1735HC 77
  1 23 sc/jj/8
     

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