Text: S05312 Text: S05314 Text: S05300 - S05399 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the amendment, S-5259, to Senate File 2284 as 1 2 follows: 1 3 #1. Page 1, by striking lines 2 through 9 and 1 4 inserting the following: 1 5 "# . By striking everything after the enacting 1 6 clause and inserting the following: 1 7 "Section 1. Section 357H.1, Code Supplement 1997, 1 8 is amended to read as follows: 1 9 357H.1 RURAL IMPROVEMENT ZONES. 1 10 The board of supervisors of a county with less than 1 11 eleven thousand five hundred residents but more than 1 12 ten thousand five hundred residents, based upon the 1 13 1990 certified federal census, and with a private lake 1 14 development,shall designate an area surrounding the 1 15 lake, if it is an unincorporated area of the county, a 1 16 rural improvement zone upon receipt of a petition 1 17 pursuant to section 357H.2, and upon the board's 1 18 determination that the area is in need of 1 19 improvements. For purposes of this chapter, 1 20 "improvements" means dredging, installation of erosion 1 21 control measures, land acquisition, and related 1 22 improvements, including soil conservation practices, 1 23 within or outside of the boundaries of the zone. 1 24 For purposes of this chapter, "board" means the 1 25 board of supervisors of the county. 1 26 Sec. 2. Section 357H.6, Code Supplement 1997, is 1 27 amended to read as follows: 1 28 357H.6 TRUSTEES – TERMS AND QUALIFICATIONS. 1 29 The election of trustees of a rural improvement 1 30 zone shall take place at a special election on ballots 1 31 which shall not reflect a nominee's political 1 32 affiliation. Nomination shall be made by petition in 1 33 accordance with chapter 45. The petition form shall 1 34 be furnished by the county commissioner of elections, 1 35 signed by eligible electors of the rural improvement 1 36 zone equal in number to one percent of the vote cast 1 37 within the zone for governor in the last previous 1 38 general election, and shall be filed with the county 1 39 commissioner of elections. A plurality shall be 1 40 sufficient to elect the five trustees of the rural 1 41 improvement zone, and no primary election for that 1 42 office shall be held. At the original election, two 1 43 trustees shall be elected for one year, two for two 1 44 years, and one for three years. The terms of the 1 45 succeeding trustees are for three years. The terms of 1 46 the trustees shall begin immediately after their 1 47 election and certification. The trustees must be 1 48 residents of the zone. Vacancies on the board shall 1 49 be filled by appointment by the remaining trustees. 1 50 Sec. 3. Section 357H.8, Code Supplement 1997, is 2 1 amended to read as follows: 2 2 357H.8 CERTIFICATES, CONTRACTS, AND OTHER 2 3 OBLIGATIONS – STANDBY TAX. 2 4 To provide funds for the payment of the costs of 2 5 improvement projects and for the payment of other 2 6 activities authorized pursuant to section 357H.7, the 2 7 board of trustees may borrow money and issue and sell 2 8 certificates or may enter into contracts or other 2 9 obligations payable from a sufficient portion of the 2 10 future receipts of tax revenue authorized pursuant to 2 11 section 357H.9 and the standby tax in subsection 4 of 2 12 this section. The receipts shall be pledged to the 2 13 payment of principal of and interest on the 2 14 certificates, contracts, or other obligations. 2 15 1. Certificates may be sold at public sale or at 2 16 private sale at par, premium, or discount at the 2 17 discretion of the board of trustees. Chapter 75 does 2 18 not apply to the issuance of these certificates. 2 19 2. Certificates may be issued with respect to a 2 20 single improvement project or multiple projects and 2 21 may contain terms or conditions as the board of 2 22 trustees may provide by resolution authorizing the 2 23 issuance of the certificates. However, certificates 2 24 shall not be issued after January 1, 2007, except to 2 25 refund other certificates as provided in subsection 3. 2 26 3. Certificates issued to refund other 2 27 certificates may be sold at public sale or at private 2 28 sale as provided in this section with the proceeds 2 29 from the sale to be used for the payment of the 2 30 certificates being refunded. The refunding 2 31 certificates may be exchanged in payment and discharge 2 32 of the certificates being refunded, in installments at 2 33 different times, or an entire issue or series at one 2 34 time. Refunding certificates may be sold or exchanged 2 35 at any time on, before, or after the maturity of the 2 36 outstanding certificates to be refunded, may be issued 2 37 for the purpose of refunding a like, greater, or 2 38 lesser principal amount of certificates, and may bear 2 39 a rate of interest higher or lower than, or equivalent 2 40 to, the rate of interest on certificates being renewed 2 41 or refunded. 2 42 4. To further secure the payment of the 2 43 certificates, the board of trustees shall, by 2 44 resolution, provide for the assessment of an annual 2 45 levy of a standby tax upon all taxable property within 2 46 the rural improvement zone. A copy of the resolution 2 47 shall be sent to the county auditor. The revenues 2 48 from the standby tax shall be deposited in a special 2 49 fund and shall be expended only for the payment of 2 50 principal of and interest on the certificates issued 3 1 as provided in this section, when the receipt of tax 3 2 revenues pursuant to section 357H.9 is insufficient. 3 3 If payments are necessary and made from the special 3 4 fund, the amount of the payments shall be promptly 3 5 repaid into the special fund from the first available 3 6 payments received which are not required for the 3 7 payment of principal of or interest on certificates 3 8 due. No reserves may be built up in the special fund 3 9 in anticipation of a projected default. The board of 3 10 trustees shall adjust the annual standby tax levy for 3 11 each year to reflect the amount of revenues in the 3 12 special fund and the amount of principal and interest 3 13 which is due in that year. 3 14 5. Before certificates, contracts, or other 3 15 obligations are issued or entered into, the board of 3 16 trustees shall publish a notice of its intentionto3 17issue the certificates, stating the amount, the 3 18 purpose, and the improvement project or projects for 3 19 which the certificates, contracts, or other 3 20 obligations are to be issued or entered into. A 3 21 person may, within fifteen days after the publication 3 22 of the notice, appeal the decision of the board of 3 23 trustees in proposing to issue the certificates or to 3 24 enter into the contracts or other obligations to the 3 25 district court in the county in which the rural 3 26 improvement zone exists. The action of the board of 3 27 trustees in determining to issue the certificates or 3 28 to enter into the contracts or other obligations is 3 29 final and conclusive unless the district court finds 3 30 that the board of trustees has exceeded its legal 3 31 authority. An action shall not be brought which 3 32 questions the legality of the certificates, contracts, 3 33 or other obligations, the power of the board of 3 34 trustees to issue the certificates or to enter into 3 35 the contracts or other obligations, the effectiveness 3 36 of any proceedings relating to the authorization of 3 37 the project, or the authorization and issuance of the 3 38 certificates or entrance into the contracts or other 3 39 obligations after fifteen days from the publication of 3 40 the notice of intention to issue certificates or enter 3 41 into contracts or other obligations. 3 42 6. The board of trustees shall determine if 3 43 revenues are sufficient to secure the faithful 3 44 performance of obligations. 3 45 Sec. 4. Section 357H.9, Code Supplement 1997, is 3 46 amended to read as follows: 3 47 357H.9 INCREMENTAL PROPERTY TAXES. 3 48 The board of trustees shall provide by resolution 3 49 that taxes levied on the taxable property in a rural 3 50 improvement zone each year by or for the benefit of 4 1 the state, city, county, school district, or other 4 2 taxing district after the effective date of the 4 3 resolution shall be divided as provided in section 4 4 403.19, subsections 1 and 2, in the same manner as if 4 5 the taxable property in the rural improvement zone was 4 6 taxable property in an urban renewal area and the 4 7 resolution was an ordinance within the meaning of 4 8 those subsections. The taxes received by the board of 4 9 trustees shall be allocated to, and when collected be 4 10 paid into, a special fund and may be irrevocably 4 11 pledged by the trustees to pay the principal of and 4 12 interest on the certificatesissued, contracts, or 4 13 other obligations approved by the board of trustees to 4 14 finance or refinance, in whole or in part, an 4 15 improvement project. As used in this section, "taxes" 4 16 includes, but is not limited to, all levies on an ad 4 17 valorem basis upon land or real property located in 4 18 the rural improvement zone."" 4 19 4 20 4 21 4 22 STEWART IVERSON, Jr. 4 23 SF 2284.202 77 4 24 mg/jl/28
Text: S05312 Text: S05314 Text: S05300 - S05399 Text: S Index Bills and Amendments: General Index Bill History: General Index
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