Text: HF02209 Text: HF02211 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 403.19, subsection 2, Code Supplement 1 2 2001, is amended to read as follows: 1 3 2. That portion of the taxes each year in excess of such 1 4 amount shall be allocated to and when collected be paid into a 1 5 special fund of the municipality to pay the principal of and 1 6 interest on loans, moneys advanced to, or indebtedness, 1 7 whether funded, refunded, assumed, or otherwise, including 1 8 bonds issued under the authority of section 403.9, subsection 1 9 1, incurred by the municipality to finance or refinance, in 1 10 whole or in part, an urban renewal project within the area, 1 11 and to provide assistance for low and moderate income family 1 12 housing as provided in section 403.22, except that taxesfor1 13the regular and voter-approved physical plant and equipment1 14levy oflevied by a school districtimposed pursuant to1 15section 298.2and taxes for the payment of bonds and interest 1 16 of each taxing district must be collected against all taxable 1 17 property within the taxing district without limitation by the 1 18 provisions of this subsection. However, all or a portion of 1 19the taxes for the physical plant and equipment levyschool 1 20 district revenue shall be paid by the school district to the 1 21 municipality if the auditor certifies to the school district 1 22 by July 1 the amount of suchlevyschool district revenue that 1 23 is necessary to pay the principal and interest on bonds issued 1 24 by the municipality to finance an urban renewal project, which 1 25 bonds were issued before July 1, 2001. Indebtedness incurred 1 26 to refund bonds issued prior to July 1, 2001, shall not be 1 27 included in the certification. Such school district shall pay 1 28 over the amount certified by November 1 and May 1 of the 1 29 fiscal year following certification to the school district. 1 30 Unless and until the total assessed valuation of the taxable 1 31 property in an urban renewal area exceeds the total assessed 1 32 value of the taxable property in such area as shown by the 1 33 last equalized assessment roll referred to in subsection 1, 1 34 all of the taxes levied and collected upon the taxable 1 35 property in the urban renewal area shall be paid into the 2 1 funds for the respective taxing districts as taxes by or for 2 2 the taxing districts in the same manner as all other property 2 3 taxes. When such loans, advances, indebtedness, and bonds, if 2 4 any, and interest thereon, have been paid, all moneys 2 5 thereafter received from taxes upon the taxable property in 2 6 such urban renewal area shall be paid into the funds for the 2 7 respective taxing districts in the same manner as taxes on all 2 8 other property. 2 9 Sec. 2. Section 403.19, subsection 7, Code Supplement 2 10 2001, is amended by striking the subsection and inserting in 2 11 lieu thereof the following: 2 12 7. For any fiscal year, a municipality may certify to the 2 13 county auditor for school district revenue necessary for 2 14 payment of principal and interest on bonds issued prior to 2 15 July 1, 2001. The municipality may receive physical plant and 2 16 equipment revenue only if the municipality certified for such 2 17 revenue for the fiscal year beginning July 1, 2000. The 2 18 municipality may receive school district revenue other than 2 19 physical plant and equipment revenue only if the municipality 2 20 certified for such revenue for the fiscal year beginning July 2 21 1, 2002. A municipality shall not certify more than the sum 2 22 of the amount the municipality certified for the fiscal years 2 23 beginning July 1, 2000, and July 1, 2002. If for any fiscal 2 24 year a municipality fails to certify to the county auditor for 2 25 a school district by July 1 the amount of school district 2 26 revenue necessary for payment of principal and interest on 2 27 such bonds, as provided in subsection 2, the school district 2 28 is not required to pay over the revenue to the municipality. 2 29 If in any fiscal year a school district and a municipality 2 30 are unable to agree on the amount of school district revenue 2 31 for which a municipality may certify, either party may request 2 32 that the state appeal board review and finally pass upon the 2 33 amount that may be certified. Such appeals must be presented 2 34 in writing to the state appeal board no later than July 31 2 35 following certification. The burden shall be on the 3 1 municipality to prove that the school district revenue is 3 2 necessary to pay principal and interest on bonds issued prior 3 3 to July 1, 2001. A final decision must be issued by the state 3 4 appeal board no later than the following October 1. 3 5 Sec. 3. Section 403.19, Code Supplement 2001, is amended 3 6 by adding the following new subsection: 3 7 NEW SUBSECTION. 8. For purposes of this section, "school 3 8 district revenue" means revenue generated by school district 3 9 property tax levies, except for those levies authorized 3 10 pursuant to sections 257.3 and 257.4. 3 11 Sec. 4. EFFECTIVE DATE. This Act, being deemed of 3 12 immediate importance, takes effect upon enactment. 3 13 EXPLANATION 3 14 This bill provides that the revenues from school district 3 15 property taxes imposed in an urban renewal area that is 3 16 utilizing tax increment financing shall not be paid to the 3 17 municipality implementing the urban renewal plan, but shall be 3 18 paid to the school district imposing the taxes unless the 3 19 school district revenue is needed to pay indebtedness for the 3 20 urban renewal area incurred before July 1, 2001. The 3 21 municipality must have certified for physical plant and 3 22 equipment revenue by July 1, 2000, and for the remaining 3 23 school revenue by July 1, 2002. School district revenue is 3 24 defined as school district property taxes except for the 3 25 foundation level property tax levy ($5.40 per $1,000 of value) 3 26 and the additional foundation property tax levy. The amount 3 27 certified is to be paid to the municipality by November 1 and 3 28 May 1 following certification. 3 29 The bill takes effect upon enactment. 3 30 LSB 5793HH 79 3 31 sc/hk/91
Text: HF02209 Text: HF02211 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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