Text: HF02216 Text: HF02218 Text: HF02200 - HF02299 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. However, taxes for the physical plant and
1 19 equipment levy shall be paid to the municipality if the
1 20 municipality certifies to the county auditor that such levy is
1 21 necessary to pay the principal and interest on indebtedness
1 22 incurred by the municipality to finance an urban renewal
1 23 project, which indebtedness was incurred before July 1, 2000.
1 24 Unless and until the total assessed valuation of the taxable
1 25 property in an urban renewal area exceeds the total assessed
1 26 value of the taxable property in such area as shown by the
1 27 last equalized assessment roll referred to in subsection 1,
1 28 all of the taxes levied and collected upon the taxable
1 29 property in the urban renewal area shall be paid into the
1 30 funds for the respective taxing districts as taxes by or for
1 31 the taxing districts in the same manner as all other property
1 32 taxes. When such loans, advances, indebtedness, and bonds, if
1 33 any, and interest thereon, have been paid, all moneys
1 34 thereafter received from taxes upon the taxable property in
1 35 such urban renewal area shall be paid into the funds for the
2 1 respective taxing districts in the same manner as taxes on all
2 2 other property.
2 3 Sec. 2. APPLICABILITY DATE. This Act applies to property
2 4 taxes due and owing on or after July 1, 2000.
2 5 EXPLANATION
2 6 This bill provides that the revenues from a school district
2 7 physical plant and equipment levy (PPEL) imposed in an urban
2 8 renewal area that is utilizing tax increment financing shall
2 9 not be paid to the municipality implementing the urban renewal
2 10 plan, but will be paid to the school district imposing the
2 11 PPEL, unless the levy is needed to pay indebtedness for the
2 12 urban renewal area incurred before July 1, 2000. The bill
2 13 applies to both the regular PPEL and the voter-approved PPEL.
2 14 The bill applies to property taxes due and payable on or
2 15 after July 1, 2000.
2 16 LSB 5580HV 78
2 17 sc/cls/14
Text: HF02216 Text: HF02218 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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