House Journal: Page 1585: Tuesday, April 18, 2000
30 by the board of directors. Such bonds may be sold at
31 not less than ninety-eight percent of par or may be
32 exchanged for other bonds at not less than ninety-
33 eight percent of par.""
34 5. Page 1, by striking lines 43 and 44.
35 6. Page 2, by inserting after line 22 the
36 following:
37 "Sec. ___. Section 403.19, subsection 2, Code
38 1999, as amended by 2000 Iowa Acts, Senate File 2089,
39 section 2, is amended to read as follows:
40 2. That portion of the taxes each year in excess
41 of such amount shall be allocated to and when
42 collected be paid into a special fund of the
43 municipality to pay the principal of and interest on
44 loans, moneys advanced to, or indebtedness, whether
45 funded, refunded, assumed, or otherwise, including
46 bonds issued under the authority of section 403.9,
47 subsection 1, incurred by the municipality to finance
48 or refinance, in whole or in part, an urban renewal
49 project within the area, and to provide assistance for
50 low and moderate income family housing as provided in
Page 3
1 section 403.22, except that taxes for the regular and
2 voter-approved physical plant and equipment levy of a
3 school district imposed pursuant to section 298.2 and
4 taxes for the payment of bonds and interest of each
5 taxing district must be collected against all taxable
6 property within the taxing district without limitation
7 by the provisions of this subsection. However, all or
8 a portion of the taxes for the physical plant and
9 equipment levy shall be paid by the school district to
10 the municipality if the municipality certifies to the
11 school district by July 1 county auditor the amount of
12 such levy that is necessary to pay the principal and
13 interest on indebtedness incurred by the municipality
14 to finance an urban renewal project, which
15 indebtedness was incurred before July 1, 2000. If the
16 county auditor concurs with the certification, the
17 auditor shall notify the school district by July 1.
18 Such The school district shall pay over the amount
19 certified by November 1 following certification
20 notification to the school district. Unless and until
21 the total assessed valuation of the taxable property
22 in an urban renewal area exceeds the total assessed
23 value of the taxable property in such area as shown by
24 the last equalized assessment roll referred to in
25 subsection 1, all of the taxes levied and collected
26 upon the taxable property in the urban renewal area
27 shall be paid into the funds for the respective taxing
28 districts as taxes by or for the taxing districts in
© 2000 Cornell College and
League of Women Voters of Iowa
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