House Journal: Page 1397: Thursday, April 11, 2002
42 project, which bonds were issued before July 1, 2001.
43 Indebtedness incurred to refund bonds issued prior to
44 July 1, 2001, shall not be included in the
45 certification. Such school district shall pay over
46 the amount certified by November 1 and May 1 of the
47 fiscal year following certification to the school
48 district as provided in subsection 7. Unless and
49 until the total assessed valuation of the taxable
50 property in an urban renewal area exceeds the total
Page 7
1 assessed value of the taxable property in such area as
2 shown by the last equalized assessment roll referred
3 to in subsection 1, all of the taxes levied and
4 collected upon the taxable property in the urban
5 renewal area shall be paid into the funds for the
6 respective taxing districts as taxes by or for the
7 taxing districts in the same manner as all other
8 property taxes. When such loans, advances,
9 indebtedness, and bonds, if any, and interest thereon,
10 have been paid, all moneys thereafter received from
11 taxes upon the taxable property in such urban renewal
12 area shall be paid into the funds for the respective
13 taxing districts in the same manner as taxes on all
14 other property.
15 7. a. All or a portion of the taxes for the
16 physical plant and equipment levy shall be paid by the
17 school district to the municipality if the auditor
18 certifies to the school district by July 1 the amount
19 of such levy that is necessary to pay the principal
20 and interest on bonds issued by the municipality to
21 finance an urban renewal project, which bonds were
22 issued before July 1, 2001. Indebtedness incurred to
23 refund bonds issued prior to July 1, 2001, shall not
24 be included in the certification. Such school district
25 shall pay over the amount certified by November 1 and
26 May 1 of the fiscal year following certification to
27 the school district. For any fiscal year, a
28 municipality may certify to the county auditor for
29 physical plant and equipment revenue necessary for
30 payment of principal and interest on bonds issued
31 prior to July 1, 2001, only if the municipality
32 certified for such revenue for the fiscal year
33 beginning July 1, 2000. A municipality shall not
34 certify to the county auditor for a school district
35 more than the amount the municipality certified for
36 the fiscal year beginning July 1, 2000. If for any
37 fiscal year a municipality fails to certify to the
38 county auditor for a school district by July 1 the
39 amount of physical plant and equipment revenue
40 necessary for payment of principal and interest on
© 2002 Cornell College and
League of Women Voters of Iowa
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