Text: HF02021 Text: HF02023 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 403.19, subsection 2, Code 1999, is
1 2 amended to read as follows:
1 3 2. That portion of the taxes each year in excess of such
1 4 amount shall be allocated to and when collected be paid into a
1 5 special fund of the municipality to pay the principal of and
1 6 interest on loans, moneys advanced to, or indebtedness,
1 7 whether funded, refunded, assumed, or otherwise, including
1 8 bonds issued under the authority of section 403.9, subsection
1 9 1, incurred by the municipality to finance or refinance, in
1 10 whole or in part, an urban renewal project within the area,
1 11 and to provide assistance for low and moderate income family
1 12 housing as provided in section 403.22, except that taxes for
1 13 the regular and voter-approved physical plant and equipment
1 14 levy of a school district imposed pursuant to section 298.2
1 15 and taxes for the payment of bonds and interest of each taxing
1 16 district must be collected against all taxable property within
1 17 the taxing district without limitation by the provisions of
1 18 this subsection. Unless and until the total assessed
1 19 valuation of the taxable property in an urban renewal area
1 20 exceeds the total assessed value of the taxable property in
1 21 such area as shown by the last equalized assessment roll
1 22 referred to in subsection 1, all of the taxes levied and
1 23 collected upon the taxable property in the urban renewal area
1 24 shall be paid into the funds for the respective taxing
1 25 districts as taxes by or for the taxing districts in the same
1 26 manner as all other property taxes. When such loans,
1 27 advances, indebtedness, and bonds, if any, and interest
1 28 thereon, have been paid, all moneys thereafter received from
1 29 taxes upon the taxable property in such urban renewal area
1 30 shall be paid into the funds for the respective taxing
1 31 districts in the same manner as taxes on all other property.
1 32 Sec. 2. APPLICABILITY DATE. This Act applies to property
1 33 taxes due and owing on or after July 1, 2000.
1 34 EXPLANATION
1 35 This bill provides that the revenues from a school district
2 1 physical plant and equipment levy (PPEL) imposed in an urban
2 2 renewal area that is utilizing tax increment financing shall
2 3 not be paid to the municipality implementing the urban renewal
2 4 plan, but will be paid to the school district imposing the
2 5 PPEL. The bill applies to both the regular PPEL and the
2 6 voter-approved PPEL.
2 7 The bill applies to property taxes due and payable on or
2 8 after July 1, 2000.
2 9 LSB 5526YH 78
2 10 sc/cls/14
Text: HF02021 Text: HF02023 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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