Text: SF00535 Text: SF00537 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 403.19, subsection 2, Code 2001, is 1 2 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 taxes for 1 13 the regular and voter-approved physical plant and equipment 1 14 levy of a school district imposed pursuant to section 298.2 1 15 and taxes for the payment of bonds and interest of each taxing 1 16 district must be collected against all taxable property within 1 17 the taxing district without limitation by the provisions of 1 18 this subsection. However, all or a portion of the taxes for 1 19 the physical plant and equipment levy shall be paid by the 1 20 school district to the municipality if themunicipality1 21 auditor certifies to the school district by July 1 the amount 1 22 of such levy that is necessary to pay the principal and 1 23 interest onindebtedness incurredbonds issued by the 1 24 municipality to finance an urban renewal project, which 1 25indebtedness was incurredbonds were issued before July 1, 1 26 2000. Indebtedness incurred to refund bonds issued prior to 1 27 July 1, 2000, shall not be included in the certification. 1 28 Such school district shall pay over the amount certified by 1 29 November 1 and May 1 of the fiscal year following 1 30 certification to the school district. Unless and until the 1 31 total assessed valuation of the taxable property in an urban 1 32 renewal area exceeds the total assessed value of the taxable 1 33 property in such area as shown by the last equalized 1 34 assessment roll referred to in subsection 1, all of the taxes 1 35 levied and collected upon the taxable property in the urban 2 1 renewal area shall be paid into the funds for the respective 2 2 taxing districts as taxes by or for the taxing districts in 2 3 the same manner as all other property taxes. When such loans, 2 4 advances, indebtedness, and bonds, if any, and interest 2 5 thereon, have been paid, all moneys thereafter received from 2 6 taxes upon the taxable property in such urban renewal area 2 7 shall be paid into the funds for the respective taxing 2 8 districts in the same manner as taxes on all other property. 2 9 Sec. 2. Section 403.19, Code 2001, is amended by adding 2 10 the following new subsection: 2 11 NEW SUBSECTION. 7. For any fiscal year, a municipality 2 12 may certify to the county auditor for physical plant and 2 13 equipment revenue necessary for payment of principal and 2 14 interest on bonds issued prior to July 1, 2000, only if the 2 15 municipality certified for such revenue for the fiscal year 2 16 beginning July 1, 2000. A municipality shall not certify to 2 17 the county auditor for a school district more than the amount 2 18 the municipality certified for the fiscal year beginning July 2 19 1, 2000. If for any fiscal year a municipality fails to 2 20 certify to the county auditor for a school district by July 1 2 21 the amount of physical plant and equipment revenue necessary 2 22 for payment of principal and interest on such bonds, as 2 23 provided in subsection 2, the school district is not required 2 24 to pay over the revenue to the municipality. If a school 2 25 district and a municipality are unable to agree on the amount 2 26 of physical plant and equipment revenue certified by the 2 27 municipality for the fiscal year beginning July 1, 2001, 2 28 either party may request that the state appeal board review 2 29 and finally pass upon the amount that may be certified. Such 2 30 appeals must be presented in writing to the state appeal board 2 31 no later than July 31 following certification. The burden 2 32 shall be on the municipality to prove that the physical plant 2 33 and equipment levy revenue is necessary to pay principal and 2 34 interest on bonds issued prior to July 1, 2000. A final 2 35 decision must be issued by the state appeal board no later 3 1 than the following October 1. 3 2 Sec. 3. EFFECTIVE AND APPLICABILITY DATES. This Act, 3 3 being deemed of immediate importance, takes effect upon 3 4 enactment and applies to property taxes due and payable in 3 5 fiscal years beginning on or after July 1, 2001. 3 6 EXPLANATION 3 7 This bill makes several changes to the law relating to 3 8 school district physical plant and equipment levy (PPEL) 3 9 property taxes collected in an urban renewal area. The bill 3 10 provides that a municipality may certify to the county auditor 3 11 the amount of PPEL revenue needed for bonds rather than 3 12 indebtedness. Indebtedness incurred to refund bonds issued 3 13 before July 1, 2000, shall not be included in the amount 3 14 certified. The bill requires the school district to pay over 3 15 the PPEL revenue to the municipality by November 1 and May 1 3 16 of the fiscal year following certification. Current law 3 17 requires that the revenue be paid over by November 1. 3 18 The bill also provides that in subsequent years a 3 19 municipality may only certify for PPEL revenue if the 3 20 municipality had certified for PPEL revenue for the fiscal 3 21 year beginning July 1, 2000. A municipality shall not certify 3 22 an amount more than it certified for the fiscal year beginning 3 23 July 1, 2000. If a municipality misses the certification 3 24 deadline for a fiscal year it is not eligible to receive PPEL 3 25 revenue from the school district. If a school district and 3 26 municipality do not agree on the amount of PPEL revenue a 3 27 municipality may certify, either party may, by July 31, 3 28 request that the state appeal board review and make a final 3 29 decision on the amount that may be certified. The burden is 3 30 on the municipality to prove that it needs the revenue to pay 3 31 on bonds issued prior to July 1, 2000. The state appeal board 3 32 must make its decision no later than the following October 1. 3 33 The bill is effective upon enactment and applies to 3 34 property taxes due and payable in fiscal years beginning on or 3 35 after July 1, 2001. 4 1 LSB 3424SV 79 4 2 sc/pj/5
Text: SF00535 Text: SF00537 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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