Text: HF00743                           Text: HF00745
Text: HF00700 - HF00799                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 744

Partial Bill History

Bill Text

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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