Text: SF02283 Text: SF02285 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 2284 1 2 1 3 AN ACT 1 4 RELATING TO RURAL IMPROVEMENT ZONES. 1 5 1 6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 7 1 8 Section 1. Section 357H.1, Code Supplement 1997, is 1 9 amended to read as follows: 1 10 357H.1 RURAL IMPROVEMENT ZONES. 1 11 The board of supervisors of a county with less than eleven 1 12 thousand five hundred residents but more than ten thousand 1 13 five hundred residents, based upon the 1990 certified federal 1 14 census, and with a private lake development,shall designate 1 15 an area surrounding the lake, if it is an unincorporated area 1 16 of the county, a rural improvement zone upon receipt of a 1 17 petition pursuant to section 357H.2, and upon the board's 1 18 determination that the area is in need of improvements. For 1 19 purposes of this chapter, "improvements" means dredging, 1 20 installation of erosion control measures, land acquisition, 1 21 and related improvements, including soil conservation 1 22 practices, within or outside of the boundaries of the zone. 1 23 For purposes of this chapter, "board" means the board of 1 24 supervisors of the county. 1 25 Sec. 2. Section 357H.6, Code Supplement 1997, is amended 1 26 to read as follows: 1 27 357H.6 TRUSTEES – TERMS AND QUALIFICATIONS. 1 28 The election of trustees of a rural improvement zone shall 1 29 take place at a special election on ballots which shall not 1 30 reflect a nominee's political affiliation. Nomination shall 1 31 be made by petition in accordance with chapter 45. The 1 32 petition form shall be furnished by the county commissioner of 1 33 elections, signed by eligible electors of the rural 1 34 improvement zone equal in number to one percent of the vote 1 35 cast within the zone for governor in the last previous general 2 1 election, and shall be filed with the county commissioner of 2 2 elections. A plurality shall be sufficient to elect the five 2 3 trustees of the rural improvement zone, and no primary 2 4 election for that office shall be held. At the original 2 5 election, two trustees shall be elected for one year, two for 2 6 two years, and one for three years. The terms of the 2 7 succeeding trustees are for three years. The terms of the 2 8 trustees shall begin immediately after their election and 2 9 certification. The trustees must be residents of the zone. 2 10 Vacancies on the board shall be filled by appointment by the 2 11 remaining trustees. 2 12 Sec. 3. Section 357H.8, Code Supplement 1997, is amended 2 13 to read as follows: 2 14 357H.8 CERTIFICATES, CONTRACTS, AND OTHER OBLIGATIONS – 2 15 STANDBY TAX. 2 16 To provide funds for the payment of the costs of 2 17 improvement projects and for the payment of other activities 2 18 authorized pursuant to section 357H.7, the board of trustees 2 19 may borrow money and issue and sell certificates or may enter 2 20 into contracts or other obligations payable from a sufficient 2 21 portion of the future receipts of tax revenue authorized 2 22 pursuant to section 357H.9 and the standby tax in subsection 4 2 23 of this section. The receipts shall be pledged to the payment 2 24 of principal of and interest on the certificates, contracts, 2 25 or other obligations. 2 26 1. Certificates may be sold at public sale or at private 2 27 sale at par, premium, or discount at the discretion of the 2 28 board of trustees. Chapter 75 does not apply to the issuance 2 29 of these certificates. 2 30 2. Certificates may be issued with respect to a single 2 31 improvement project or multiple projects and may contain terms 2 32 or conditions as the board of trustees may provide by 2 33 resolution authorizing the issuance of the certificates. 2 34 However, certificates shall not be issued after January 1, 2 35 2007, except to refund other certificates as provided in 3 1 subsection 3. 3 2 3. Certificates issued to refund other certificates may be 3 3 sold at public sale or at private sale as provided in this 3 4 section with the proceeds from the sale to be used for the 3 5 payment of the certificates being refunded. The refunding 3 6 certificates may be exchanged in payment and discharge of the 3 7 certificates being refunded, in installments at different 3 8 times, or an entire issue or series at one time. Refunding 3 9 certificates may be sold or exchanged at any time on, before, 3 10 or after the maturity of the outstanding certificates to be 3 11 refunded, may be issued for the purpose of refunding a like, 3 12 greater, or lesser principal amount of certificates, and may 3 13 bear a rate of interest higher or lower than, or equivalent 3 14 to, the rate of interest on certificates being renewed or 3 15 refunded. 3 16 4. To further secure the payment of the certificates, the 3 17 board of trustees shall, by resolution, provide for the 3 18 assessment of an annual levy of a standby tax upon all taxable 3 19 property within the rural improvement zone. A copy of the 3 20 resolution shall be sent to the county auditor. The revenues 3 21 from the standby tax shall be deposited in a special fund and 3 22 shall be expended only for the payment of principal of and 3 23 interest on the certificates issued as provided in this 3 24 section, when the receipt of tax revenues pursuant to section 3 25 357H.9 is insufficient. If payments are necessary and made 3 26 from the special fund, the amount of the payments shall be 3 27 promptly repaid into the special fund from the first available 3 28 payments received which are not required for the payment of 3 29 principal of or interest on certificates due. No reserves may 3 30 be built up in the special fund in anticipation of a projected 3 31 default. The board of trustees shall adjust the annual 3 32 standby tax levy for each year to reflect the amount of 3 33 revenues in the special fund and the amount of principal and 3 34 interest which is due in that year. 3 35 5. Before certificates, contracts, or other obligations 4 1 are issued or entered into, the board of trustees shall 4 2 publish a notice of its intentionto issue the certificates, 4 3 stating the amount, the purpose, and the improvement project 4 4 or projects for which the certificates, contracts, or other 4 5 obligations are to be issued or entered into. A person may, 4 6 within fifteen days after the publication of the notice, 4 7 appeal the decision of the board of trustees in proposing to 4 8 issue the certificates or to enter into the contracts or other 4 9 obligations to the district court in the county in which the 4 10 rural improvement zone exists. The action of the board of 4 11 trustees in determining to issue the certificates or to enter 4 12 into the contracts or other obligations is final and 4 13 conclusive unless the district court finds that the board of 4 14 trustees has exceeded its legal authority. An action shall 4 15 not be brought which questions the legality of the 4 16 certificates, contracts, or other obligations, the power of 4 17 the board of trustees to issue the certificates or to enter 4 18 into the contracts or other obligations, the effectiveness of 4 19 any proceedings relating to the authorization of the project, 4 20 or the authorization and issuance of the certificates or 4 21 entrance into the contracts or other obligations after fifteen 4 22 days from the publication of the notice of intention to issue 4 23 certificates or enter into contracts or other obligations. 4 24 6. The board of trustees shall determine if revenues are 4 25 sufficient to secure the faithful performance of obligations. 4 26 Sec. 4. Section 357H.9, Code Supplement 1997, is amended 4 27 to read as follows: 4 28 357H.9 INCREMENTAL PROPERTY TAXES. 4 29 The board of trustees shall provide by resolution that 4 30 taxes levied on the taxable property in a rural improvement 4 31 zone each year by or for the benefit of the state, city, 4 32 county, school district, or other taxing district after the 4 33 effective date of the resolution shall be divided as provided 4 34 in section 403.19, subsections 1 and 2, in the same manner as 4 35 if the taxable property in the rural improvement zone was 5 1 taxable property in an urban renewal area and the resolution 5 2 was an ordinance within the meaning of those subsections. The 5 3 taxes received by the board of trustees shall be allocated to, 5 4 and when collected be paid into, a special fund and may be 5 5 irrevocably pledged by the trustees to pay the principal of 5 6 and interest on the certificatesissued, contracts, or other 5 7 obligations approved by the board of trustees to finance or 5 8 refinance, in whole or in part, an improvement project. As 5 9 used in this section, "taxes" includes, but is not limited to, 5 10 all levies on an ad valorem basis upon land or real property 5 11 located in the rural improvement zone. 5 12 5 13 5 14 5 15 MARY E. KRAMER 5 16 President of the Senate 5 17 5 18 5 19 5 20 RON J. CORBETT 5 21 Speaker of the House 5 22 5 23 I hereby certify that this bill originated in the Senate and 5 24 is known as Senate File 2284, Seventy-seventh General Assembly. 5 25 5 26 5 27 5 28 MARY PAT GUNDERSON 5 29 Secretary of the Senate 5 30 Approved , 1998 5 31 5 32 5 33 5 34 TERRY E. BRANSTAD 5 35 Governor
Text: SF02283 Text: SF02285 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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