Text: HF02040 Text: HF02042 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 331.424D COUNTY TRANSIT LEVY.
1 2 The board may levy annually a tax not to exceed ninety-five
1 3 cents per thousand dollars of the assessed value of all
1 4 taxable property in the county for the operation and
1 5 maintenance of a transit system when revenues from the
1 6 operation of the transit system are insufficient to operate
1 7 and maintain the transit system, but proceeds of the tax shall
1 8 not be used to pay interest and principal on bonds issued for
1 9 the purposes of the transit system.
1 10 Sec. 2. Section 331.461, subsection 2, Code Supplement
1 11 2001, is amended by adding the following new paragraph:
1 12 NEW PARAGRAPH. h. Transit systems.
1 13 EXPLANATION
1 14 This bill allows a county board of supervisors to levy a
1 15 property tax for operation and maintenance of a transit
1 16 system. The tax may not exceed 95 cents per $1,000 of taxable
1 17 property and may only be levied if revenues from the transit
1 18 system are insufficient to pay for operation and maintenance
1 19 of the system. The tax levy cannot be used to pay interest
1 20 and principal on bonds issued for transit system purposes.
1 21 The bill also adds transit systems to the definition of
1 22 "county enterprise". This allows the county to issue revenue
1 23 bonds and to enter into loan agreements and lease-purchase
1 24 agreements to fund the transit system.
1 25 LSB 5050YH 79
1 26 sc/sh/8
Text: HF02040 Text: HF02042 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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