Text: SF02456 Text: SF02458 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 403.19, subsection 2, Code 1999, as 1 2 amended by 2000 Iowa Acts, Senate File 2089, section 2, is 1 3 amended to read as follows: 1 4 2. That portion of the taxes each year in excess of such 1 5 amount shall be allocated to and when collected be paid into a 1 6 special fund of the municipality to pay the principal of and 1 7 interest on loans, moneys advanced to, or indebtedness, 1 8 whether funded, refunded, assumed, or otherwise, including 1 9 bonds issued under the authority of section 403.9, subsection 1 10 1, incurred by the municipality to finance or refinance, in 1 11 whole or in part, an urban renewal project within the area, 1 12 and to provide assistance for low and moderate income family 1 13 housing as provided in section 403.22, except that taxes for 1 14 the regular and voter-approved physical plant and equipment 1 15 levy of a school district imposed pursuant to section 298.2 1 16 and taxes for the payment of bonds and interest of each taxing 1 17 district must be collected against all taxable property within 1 18 the taxing district without limitation by the provisions of 1 19 this subsection. However, all or a portion of the taxes for 1 20 the physical plant and equipment levy shall be paid by the 1 21 school district to the municipality if the municipality 1 22 certifies to theschool district by July 1county auditor the 1 23 amount of such levy that is necessary to pay the principal and 1 24 interest on indebtedness incurred by the municipality to 1 25 finance an urban renewal project, which indebtedness was 1 26 incurred before July 1, 2000. If the county auditor concurs 1 27 with the certification, the auditor shall notify the school 1 28 district by July 1.SuchThe school district shall pay over 1 29 the amount certified by November 1 followingcertification1 30 notification to the school district. Unless and until the 1 31 total assessed valuation of the taxable property in an urban 1 32 renewal area exceeds the total assessed value of the taxable 1 33 property in such area as shown by the last equalized 1 34 assessment roll referred to in subsection 1, all of the taxes 1 35 levied and collected upon the taxable property in the urban 2 1 renewal area shall be paid into the funds for the respective 2 2 taxing districts as taxes by or for the taxing districts in 2 3 the same manner as all other property taxes. When such loans, 2 4 advances, indebtedness, and bonds, if any, and interest 2 5 thereon, have been paid, all moneys thereafter received from 2 6 taxes upon the taxable property in such urban renewal area 2 7 shall be paid into the funds for the respective taxing 2 8 districts in the same manner as taxes on all other property. 2 9 Sec. 2. APPLICABILITY DATE. This Act applies to property 2 10 taxes due and owing on or after July 1, 2000. 2 11 EXPLANATION 2 12 Senate File 2089 was enacted during the 2000 legislative 2 13 session to allow revenues from a physical plant and equipment 2 14 levy (PPEL) in an urban renewal area to be paid to the 2 15 appropriate school district unless the city certifies to the 2 16 school district that all or a portion of the revenue is needed 2 17 to pay debt of the urban renewal area. 2 18 This bill provides that the city is to certify the need for 2 19 the PPEL revenue to the county auditor and if the county 2 20 auditor concurs, the auditor is to notify the school district. 2 21 The bill applies to property taxes due and owing on or 2 22 after July 1, 2000. 2 23 LSB 7321SV 78 2 24 sc/as/5
Text: SF02456 Text: SF02458 Text: SF02400 - SF02499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Apr 27 03:35:00 CDT 2000
URL: /DOCS/GA/78GA/Legislation/SF/02400/SF02457/000418.html
jhf