Text: SSB03009 Text: SSB03011 Text: SSB03000 - SSB03099 Text: SSB 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 5526XC 78 2 10 sc/cls/14
Text: SSB03009 Text: SSB03011 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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