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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