Text: HF00743 Text: HF00745 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 261A.37, Code 2001, is amended to read 1 2 as follows: 1 3 261A.37 LOANS AUTHORIZED. 1 4 The authority may make loans to an institution for the cost 1 5 of a project or in anticipation of the receipt of tuition by 1 6 the institution in accordance with an agreement between the 1 7 authority and the institution, except that a loan for the cost 1 8 of a project shall not exceed the total cost of the project, 1 9 as determined by the institution and approved by the authority 1 10 and except that loans in anticipation of the receipt of 1 11 tuition shall not exceed the anticipated amount of tuition to 1 12 be received by the institution in the one-year period 1 13 following the date of the loan. The authority may lease 1 14 projects to institutions under the terms of lease agreements 1 15 determined by the institution and the authority, except that 1 16 the term of the lease shall not exceed the estimated useful 1 17 economic life of the project. The authority may make loans to 1 18 an entity other than an institution in accordance with an 1 19 agreement between the authority and the entity for the cost of 1 20 a project if the project is to be leased to an institution. A 1 21 project which would be exempt from property taxation if it 1 22 were owned by an institution shall not be subject to property 1 23 taxation as a result of being financed pursuant to this 1 24 section. 1 25 Sec. 2. IMPLEMENTATION OF PROPERTY TAX EXEMPTION. Section 1 26 25B.7 does not apply to the property tax exemption provided in 1 27 section 1 of this Act. 1 28 EXPLANATION 1 29 This bill provides that if a facility owned by a 1 30 postsecondary private educational institution would be exempt 1 31 from property taxation, then the same facility is also exempt 1 32 if it is financed by such an institution as a result of loan 1 33 moneys from the higher education loan authority, through the 1 34 authority under a lease agreement, or through another entity 1 35 under a lease agreement. 2 1 This property tax exemption is not subject to the state law 2 2 that requires that the cost to local taxing districts of new 2 3 exemptions be fully funded by the state. 2 4 LSB 3565HV 79 2 5 mg/gg/8
Text: HF00743 Text: HF00745 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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