Text: S05338 Text: S05340 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 1 through 9 and 1 4 inserting the following: 1 5 "Amend Senate File 2284 as follows: 1 6 # . By striking everything after the enacting 1 7 clause and inserting the following: 1 8 "Section 1. Section 357H.1, Code Supplement 1997, 1 9 is amended to read as follows: 1 10 357H.1 RURAL IMPROVEMENT ZONES. 1 11 The board of supervisors of a countywith less than1 12eleven thousand five hundred residents but more than1 13ten thousand five hundred residents, based upon the1 141990 certified federal census, andwith a private lake 1 15 development,shall designate an area surrounding the 1 16 lake, if it is an unincorporated area of the county, a 1 17 rural improvement zone upon receipt of a petition 1 18 pursuant to section 357H.2, and upon the board's 1 19 determination that the area is in need of 1 20 improvements. For purposes of this chapter, 1 21 "improvements" means dredging, installation of erosion 1 22 control measures, land acquisition, and related 1 23 improvements, including soil conservation practices, 1 24 within or outside of the boundaries of the zone. 1 25 For purposes of this chapter, "board" means the 1 26 board of supervisors of the county. 1 27 Sec. 2. Section 357H.6, Code Supplement 1997, is 1 28 amended to read as follows: 1 29 357H.6 TRUSTEES – TERMS AND QUALIFICATIONS. 1 30 The election of trustees of a rural improvement 1 31 zone shall take place at a special election on ballots 1 32 which shall not reflect a nominee's political 1 33 affiliation. Nomination shall be made by petition in 1 34 accordance with chapter 45. The petition form shall 1 35 be furnished by the county commissioner of elections, 1 36 signed by eligible electors of the rural improvement 1 37 zone equal in number to one percent of the vote cast 1 38 within the zone for governor in the last previous 1 39 general election, and shall be filed with the county 1 40 commissioner of elections. A plurality shall be 1 41 sufficient to elect the five trustees of the rural 1 42 improvement zone, and no primary election for that 1 43 office shall be held. At the original election, two 1 44 trustees shall be elected for one year, two for two 1 45 years, and one for three years. The terms of the 1 46 succeeding trustees are for three years. The terms of 1 47 the trustees shall begin immediately after their 1 48 election and certification. The trustees must be 1 49 residents of the zone. Vacancies on the board shall 1 50 be filled by appointment by the remaining trustees. 2 1 Sec. 3. Section 357H.8, Code Supplement 1997, is 2 2 amended to read as follows: 2 3 357H.8 CERTIFICATES, CONTRACTS, AND OTHER 2 4 OBLIGATIONS – STANDBY TAX. 2 5 To provide funds for the payment of the costs of 2 6 improvement projects and for the payment of other 2 7 activities authorized pursuant to section 357H.7, the 2 8 board of trustees may borrow money and issue and sell 2 9 certificates or may enter into contracts or other 2 10 obligations payable from a sufficient portion of the 2 11 future receipts of tax revenue authorized pursuant to 2 12 section 357H.9 and the standby tax in subsection 4 of 2 13 this section. The receipts shall be pledged to the 2 14 payment of principal of and interest on the 2 15 certificates, contracts, or other obligations. 2 16 1. Certificates may be sold at public sale or at 2 17 private sale at par, premium, or discount at the 2 18 discretion of the board of trustees. Chapter 75 does 2 19 not apply to the issuance of these certificates. 2 20 2. Certificates may be issued with respect to a 2 21 single improvement project or multiple projects and 2 22 may contain terms or conditions as the board of 2 23 trustees may provide by resolution authorizing the 2 24 issuance of the certificates. However, certificates 2 25 shall not be issued after January 1, 2007, except to 2 26 refund other certificates as provided in subsection 3. 2 27 3. Certificates issued to refund other 2 28 certificates may be sold at public sale or at private 2 29 sale as provided in this section with the proceeds 2 30 from the sale to be used for the payment of the 2 31 certificates being refunded. The refunding 2 32 certificates may be exchanged in payment and discharge 2 33 of the certificates being refunded, in installments at 2 34 different times, or an entire issue or series at one 2 35 time. Refunding certificates may be sold or exchanged 2 36 at any time on, before, or after the maturity of the 2 37 outstanding certificates to be refunded, may be issued 2 38 for the purpose of refunding a like, greater, or 2 39 lesser principal amount of certificates, and may bear 2 40 a rate of interest higher or lower than, or equivalent 2 41 to, the rate of interest on certificates being renewed 2 42 or refunded. 2 43 4. To further secure the payment of the 2 44 certificates, the board of trustees shall, by 2 45 resolution, provide for the assessment of an annual 2 46 levy of a standby tax upon all taxable property within 2 47 the rural improvement zone. A copy of the resolution 2 48 shall be sent to the county auditor. The revenues 2 49 from the standby tax shall be deposited in a special 2 50 fund and shall be expended only for the payment of 3 1 principal of and interest on the certificates issued 3 2 as provided in this section, when the receipt of tax 3 3 revenues pursuant to section 357H.9 is insufficient. 3 4 If payments are necessary and made from the special 3 5 fund, the amount of the payments shall be promptly 3 6 repaid into the special fund from the first available 3 7 payments received which are not required for the 3 8 payment of principal of or interest on certificates 3 9 due. No reserves may be built up in the special fund 3 10 in anticipation of a projected default. The board of 3 11 trustees shall adjust the annual standby tax levy for 3 12 each year to reflect the amount of revenues in the 3 13 special fund and the amount of principal and interest 3 14 which is due in that year. 3 15 5. Before certificates, contracts, or other 3 16 obligations are issued or entered into, the board of 3 17 trustees shall publish a notice of its intentionto3 18issue the certificates, stating the amount, the 3 19 purpose, and the improvement project or projects for 3 20 which the certificates, contracts, or other 3 21 obligations are to be issued or entered into. A 3 22 person may, within fifteen days after the publication 3 23 of the notice, appeal the decision of the board of 3 24 trustees in proposing to issue the certificates or to 3 25 enter into the contracts or other obligations to the 3 26 district court in the county in which the rural 3 27 improvement zone exists. The action of the board of 3 28 trustees in determining to issue the certificates or 3 29 to enter into the contracts or other obligations is 3 30 final and conclusive unless the district court finds 3 31 that the board of trustees has exceeded its legal 3 32 authority. An action shall not be brought which 3 33 questions the legality of the certificates, contracts, 3 34 or other obligations, the power of the board of 3 35 trustees to issue the certificates or to enter into 3 36 the contracts or other obligations, the effectiveness 3 37 of any proceedings relating to the authorization of 3 38 the project, or the authorization and issuance of the 3 39 certificates or entrance into the contracts or other 3 40 obligations after fifteen days from the publication of 3 41 the notice of intention to issue certificates or enter 3 42 into contracts or other obligations. 3 43 6. The board of trustees shall determine if 3 44 revenues are sufficient to secure the faithful 3 45 performance of obligations. 3 46 Sec. 4. Section 357H.9, Code Supplement 1997, is 3 47 amended to read as follows: 3 48 357H.9 INCREMENTAL PROPERTY TAXES. 3 49 The board of trustees shall provide by resolution 3 50 that taxes levied on the taxable property in a rural 4 1 improvement zone each year by or for the benefit of 4 2 the state, city, county, school district, or other 4 3 taxing district after the effective date of the 4 4 resolution shall be divided as provided in section 4 5 403.19, subsections 1 and 2, in the same manner as if 4 6 the taxable property in the rural improvement zone was 4 7 taxable property in an urban renewal area and the 4 8 resolution was an ordinance within the meaning of 4 9 those subsections. The taxes received by the board of 4 10 trustees shall be allocated to, and when collected be 4 11 paid into, a special fund and may be irrevocably 4 12 pledged by the trustees to pay the principal of and 4 13 interest on the certificatesissued, contracts, or 4 14 other obligations approved by the board of trustees to 4 15 finance or refinance, in whole or in part, an 4 16 improvement project. As used in this section, "taxes" 4 17 includes, but is not limited to, all levies on an ad 4 18 valorem basis upon land or real property located in 4 19 the rural improvement zone."" 4 20 4 21 4 22 4 23 MICHAEL E. GRONSTAL 4 24 SF 2284.213 77 4 25 mg/jl/28
Text: S05338 Text: S05340 Text: S05300 - S05399 Text: S Index Bills and Amendments: General Index Bill History: General Index
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