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PAG LIN 1 1 Section 1. Section 357H.1, Code Supplement 1997, is 1 2 amended to read as follows: 1 3 357H.1 RURAL IMPROVEMENT ZONES. 1 4 The board of supervisors of a countywith less than eleven1 5thousand five hundred residents but more than ten thousand1 6five hundred residents, based upon the 1990 certified federal1 7census, andwith a private lake development,shall designate 1 8 an area surrounding the lake, if it is an unincorporated area 1 9 of the county, a rural improvement zone upon receipt of a 1 10 petition pursuant to section 357H.2, and upon the board's 1 11 determination that the area is in need of improvements. For 1 12 purposes of this chapter, "improvements" means dredging, 1 13 installation of erosion control measures, land acquisition, 1 14 and related improvements within or outside of the boundaries 1 15 of the zone. 1 16 For purposes of this chapter, "board" means the board of 1 17 supervisors of the county. 1 18 Sec. 2. Section 357H.6, Code Supplement 1997, is amended 1 19 to read as follows: 1 20 357H.6 TRUSTEES – TERMS AND QUALIFICATIONS. 1 21 The election of trustees of a rural improvement zone shall 1 22 take place at a special election on ballots which shall not 1 23 reflect a nominee's political affiliation. Nomination shall 1 24 be made by petition in accordance with chapter 45. The 1 25 petition form shall be furnished by the county commissioner of 1 26 elections, signed by eligible electors of the rural 1 27 improvement zone equal in number to one percent of the vote 1 28 cast within the zone for governor in the last previous general 1 29 election, and shall be filed with the county commissioner of 1 30 elections. A plurality shall be sufficient to elect the five 1 31 trustees of the rural improvement zone, and no primary 1 32 election for that office shall be held. At the original 1 33 election, two trustees shall be elected for one year, two for 1 34 two years, and one for three years. The terms of the 1 35 succeeding trustees are for three years. The terms of the 2 1 trustees shall begin immediately after their election and 2 2 certification. The trustees must be residents of the zone. 2 3 Vacancies on the board shall be filled by appointment by the 2 4 remaining trustees. 2 5 Sec. 3. Section 357H.8, Code Supplement 1997, is amended 2 6 to read as follows: 2 7 357H.8 CERTIFICATES, CONTRACTS, AND OTHER OBLIGATIONS – 2 8 STANDBY TAX. 2 9 To provide funds for the payment of the costs of 2 10 improvement projects and for the payment of other activities 2 11 authorized pursuant to section 357H.7, the board of trustees 2 12 may borrow money and issue and sell certificates or may enter 2 13 into contracts or other obligations payable from a sufficient 2 14 portion of the future receipts of tax revenue authorized 2 15 pursuant to section 357H.9 and the standby tax in subsection 4 2 16 of this section. The receipts shall be pledged to the payment 2 17 of principal of and interest on the certificates, contracts, 2 18 or other obligations. 2 19 1. Certificates may be sold at public sale or at private 2 20 sale at par, premium, or discount at the discretion of the 2 21 board of trustees. Chapter 75 does not apply to the issuance 2 22 of these certificates. 2 23 2. Certificates may be issued with respect to a single 2 24 improvement project or multiple projects and may contain terms 2 25 or conditions as the board of trustees may provide by 2 26 resolution authorizing the issuance of the certificates. 2 27 However, certificates shall not be issued after January 1, 2 28 2007, except to refund other certificates as provided in 2 29 subsection 3. 2 30 3. Certificates issued to refund other certificates may be 2 31 sold at public sale or at private sale as provided in this 2 32 section with the proceeds from the sale to be used for the 2 33 payment of the certificates being refunded. The refunding 2 34 certificates may be exchanged in payment and discharge of the 2 35 certificates being refunded, in installments at different 3 1 times, or an entire issue or series at one time. Refunding 3 2 certificates may be sold or exchanged at any time on, before, 3 3 or after the maturity of the outstanding certificates to be 3 4 refunded, may be issued for the purpose of refunding a like, 3 5 greater, or lesser principal amount of certificates, and may 3 6 bear a rate of interest higher or lower than, or equivalent 3 7 to, the rate of interest on certificates being renewed or 3 8 refunded. 3 9 4. To further secure the payment of the certificates, the 3 10 board of trustees shall, by resolution, provide for the 3 11 assessment of an annual levy of a standby tax upon all taxable 3 12 property within the rural improvement zone. A copy of the 3 13 resolution shall be sent to the county auditor. The revenues 3 14 from the standby tax shall be deposited in a special fund and 3 15 shall be expended only for the payment of principal of and 3 16 interest on the certificates issued as provided in this 3 17 section, when the receipt of tax revenues pursuant to section 3 18 357H.9 is insufficient. If payments are necessary and made 3 19 from the special fund, the amount of the payments shall be 3 20 promptly repaid into the special fund from the first available 3 21 payments received which are not required for the payment of 3 22 principal of or interest on certificates due. No reserves may 3 23 be built up in the special fund in anticipation of a projected 3 24 default. The board of trustees shall adjust the annual 3 25 standby tax levy for each year to reflect the amount of 3 26 revenues in the special fund and the amount of principal and 3 27 interest which is due in that year. 3 28 5. Before certificates, contracts, or other obligations 3 29 are issued or entered into, the board of trustees shall 3 30 publish a notice of its intentionto issue the certificates, 3 31 stating the amount, the purpose, and the improvement project 3 32 or projects for which the certificates, contracts, or other 3 33 obligations are to be issued or entered into. A person may, 3 34 within fifteen days after the publication of the notice, 3 35 appeal the decision of the board of trustees in proposing to 4 1 issue the certificates or to enter into the contracts or other 4 2 obligations to the district court in the county in which the 4 3 rural improvement zone exists. The action of the board of 4 4 trustees in determining to issue the certificates or to enter 4 5 into the contracts or other obligations is final and 4 6 conclusive unless the district court finds that the board of 4 7 trustees has exceeded its legal authority. An action shall 4 8 not be brought which questions the legality of the 4 9 certificates, contracts, or other obligations, the power of 4 10 the board of trustees to issue the certificates or to enter 4 11 into the contracts or other obligations, the effectiveness of 4 12 any proceedings relating to the authorization of the project, 4 13 or the authorization and issuance of the certificates or 4 14 entrance into the contracts or other obligations after fifteen 4 15 days from the publication of the notice of intention to issue 4 16 certificates or enter into contracts or other obligations. 4 17 6. The board of trustees shall determine if revenues are 4 18 sufficient to secure the faithful performance of obligations. 4 19 Sec. 4. Section 357H.9, Code Supplement 1997, is amended 4 20 to read as follows: 4 21 357H.9 INCREMENTAL PROPERTY TAXES. 4 22 The board of trustees shall provide by resolution that 4 23 taxes levied on the taxable property in a rural improvement 4 24 zone each year by or for the benefit of the state, city, 4 25 county, school district, or other taxing district after the 4 26 effective date of the resolution shall be divided as provided 4 27 in section 403.19, subsections 1 and 2, in the same manner as 4 28 if the taxable property in the rural improvement zone was 4 29 taxable property in an urban renewal area and the resolution 4 30 was an ordinance within the meaning of those subsections. The 4 31 taxes received by the board of trustees shall be allocated to, 4 32 and when collected be paid into, a special fund and may be 4 33 irrevocably pledged by the trustees to pay the principal of 4 34 and interest on the certificatesissued, contracts, or other 4 35 obligations approved by the board of trustees to finance or 5 1 refinance, in whole or in part, an improvement project. As 5 2 used in this section, "taxes" includes, but is not limited to, 5 3 all levies on an ad valorem basis upon land or real property 5 4 located in the rural improvement zone. 5 5 EXPLANATION 5 6 The bill allows all counties with a private lake 5 7 development to have an area designated a rural improvement 5 8 zone. Present law allows only counties with populations of 5 9 10,500 to 11,500 to do so. The bill expands the definition of 5 10 improvement for purposes of rural improvement zones to include 5 11 dredgings, installation of erosion control measures, land 5 12 acquisition, and related improvements outside of the 5 13 boundaries of the zone. Present law limits such items to 5 14 items located within the zone. 5 15 The bill specifies that the original and succeeding 5 16 trustees of a rural improvement zone shall begin their terms 5 17 immediately following the election and certification of the 5 18 outcome. 5 19 Present law allows for the issuance of certificates to 5 20 finance improvements. The bill expands this to allow for 5 21 entering into contracts and other obligations for purposes of 5 22 financing improvements. 5 23 LSB 3697SC 77 5 24 mg/jl/8
Text: SSB02109 Text: SSB02111 Text: SSB02100 - SSB02199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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