Text: SSB01269 Text: SSB01271 Text: SSB01200 - SSB01299 Text: SSB 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 the municipality 1 21 certifies to the school district by July 1 the amount of such 1 22 levy that is necessary to pay the principal and interest on 1 23indebtedness incurredbonds issued by the municipality to 1 24 finance an urban renewal project, whichindebtedness was1 25incurredbonds were issued before July 1, 2000. Indebtedness 1 26 incurred to refund bonds issued prior to July 1, 2000, shall 1 27 not be included in the certification. Such school district 1 28 shall pay over the amount certified by November 1 and May 1 of 1 29 the fiscal year following certification to the school 1 30 district. Unless and until the total assessed valuation of 1 31 the taxable property in an urban renewal area exceeds the 1 32 total assessed value of the taxable property in such area as 1 33 shown by the last equalized assessment roll referred to in 1 34 subsection 1, all of the taxes levied and collected upon the 1 35 taxable property in the urban renewal area shall be paid into 2 1 the funds for the respective taxing districts as taxes by or 2 2 for the taxing districts in the same manner as all other 2 3 property taxes. When such loans, advances, indebtedness, and 2 4 bonds, if any, and interest thereon, have been paid, all 2 5 moneys thereafter received from taxes upon the taxable 2 6 property in such urban renewal area shall be paid into the 2 7 funds for the respective taxing districts in the same manner 2 8 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 only certify for physical plant and equipment revenue 2 13 necessary for payment of principal and interest on bonds 2 14 issued prior to July 1, 2000, if the municipality certified 2 15 for such revenue for the fiscal year beginning July 1, 2000. 2 16 A municipality shall not certify to a school district more 2 17 than the amount the municipality certified for the fiscal year 2 18 beginning July 1, 2000. If for any fiscal year a municipality 2 19 fails to certify to a school district by July 1 the amount of 2 20 physical plant and equipment revenue necessary for payment of 2 21 principal and interest on such bonds, as provided in 2 22 subsection 2, the school district is not required to pay over 2 23 the revenue to the municipality. If a school district and a 2 24 municipality are unable to agree on the amount of physical 2 25 plant and equipment revenue certified by the municipality for 2 26 the fiscal year beginning July 1, 2001, either party may 2 27 request that the state appeal board review and finally pass 2 28 upon the amount that may be certified. Such appeals must be 2 29 presented in writing to the state appeal board no later than 2 30 July 31 following certification. A final decision must be 2 31 issued by the state appeal board no later than the following 2 32 October 1. 2 33 Sec. 3. EFFECTIVE DATE. This Act, being deemed of 2 34 immediate importance, takes effect upon enactment and applies 2 35 to property taxes due and payable in fiscal years beginning on 3 1 or after July 1, 2001. 3 2 EXPLANATION 3 3 This bill makes several changes to the law relating to 3 4 school district physical plant and equipment levy (PPEL) 3 5 property taxes collected in an urban renewal area. The bill 3 6 provides that a municipality may certify to a school district 3 7 the amount of PPEL revenue needed for bonds rather than 3 8 indebtedness. Indebtedness incurred to refund bonds issued 3 9 before July 1, 2000, shall not be included in the amount 3 10 certified. The bill requires the school district to pay over 3 11 the PPEL revenue to the municipality by November 1 and May 1 3 12 of the fiscal year following certification. Current law 3 13 requires that the revenue be paid over by November 1. 3 14 The bill also provides that in subsequent years a 3 15 municipality may only certify an amount of PPEL revenues if 3 16 the municipality had certified an amount of the revenue for 3 17 the fiscal year beginning July 1, 2000. A municipality shall 3 18 not certify an amount more than it certified for the fiscal 3 19 year beginning July 1, 2000. If a municipality misses the 3 20 certification deadline for a fiscal year it is not eligible to 3 21 receive PPEL revenue from the school district. If a school 3 22 district and municipality do not agree on the amount of PPEL 3 23 revenue a municipality may certify, either party may, by July 3 24 31, request that the state appeal board review and make a 3 25 final decision on the amount that may be certified. The state 3 26 appeal board must make its decision no later than the 3 27 following October 1. 3 28 The bill is effective upon enactment and applies to 3 29 property taxes due and payable in fiscal years beginning on or 3 30 after July 1, 2001. 3 31 LSB 3424SC 79 3 32 sc/pj/5
Text: SSB01269 Text: SSB01271 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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