Text: HF02518                           Text: HF02520
Text: HF02500 - HF02599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 2519

Partial Bill History

Bill Introduced: H.J. 564.2
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 403.19, subsection 2, Code 2003, 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.  However,
  1 13 taxes for the regular and voter-approved physical plant and
  1 14 equipment levy of a school district imposed pursuant to
  1 15 section 298.2, and taxes for the payment of bonds and interest
  1 16 of each taxing district must, and the foundation property tax,
  1 17 but only as provided in subsection 8, shall be collected
  1 18 against all taxable property within the taxing district
  1 19 without limitation by the provisions of this subsection.
  1 20 However, all or a portion of the taxes for the physical plant
  1 21 and equipment levy shall be paid by the school district to the
  1 22 municipality if the auditor certifies to the school district
  1 23 by July 1 the amount of such levy that is necessary to pay the
  1 24 principal and interest on bonds issued by the municipality to
  1 25 finance an urban renewal project, which bonds were issued
  1 26 before July 1, 2001.  Indebtedness incurred to refund bonds
  1 27 issued prior to July 1, 2001, shall not be included in the
  1 28 certification.  Such school district shall pay over the amount
  1 29 certified by November 1 and May 1 of the fiscal year following
  1 30 certification to the school district.
  1 31    PARAGRAPH DIVIDED.  Unless and until the total assessed
  1 32 valuation of the taxable property in an urban renewal area
  1 33 exceeds the total assessed value of the taxable property in
  1 34 such area as shown by the last equalized assessment roll
  1 35 referred to in subsection 1, all of the taxes levied and
  2  1 collected upon the taxable property in the urban renewal area
  2  2 shall be paid into the funds for the respective taxing
  2  3 districts as taxes by or for the taxing districts in the same
  2  4 manner as all other property taxes.  When such loans,
  2  5 advances, indebtedness, and bonds, if any, and interest
  2  6 thereon, have been paid, all moneys thereafter received from
  2  7 taxes upon the taxable property in such urban renewal area
  2  8 shall be paid into the funds for the respective taxing
  2  9 districts in the same manner as taxes on all other property.
  2 10    Sec. 2.  Section 403.19, Code 2003, is amended by adding
  2 11 the following new subsection:
  2 12    NEW SUBSECTION.  8.  For urban renewal plans adopted after
  2 13 the effective date of this Act, the school foundation property
  2 14 tax imposed pursuant to section 257.3, subsection 1, shall not
  2 15 be divided under this section but shall be paid to the school
  2 16 district.
  2 17    Sec. 3.  EFFECTIVE DATE.  This Act, being deemed of
  2 18 immediate importance, takes effect upon enactment.  
  2 19                           EXPLANATION
  2 20    This bill provides that for urban renewal plans adopted
  2 21 after the effective date of the bill, school foundation
  2 22 property taxes will not be divided and made available to the
  2 23 municipality for tax increment financing but will be paid to
  2 24 the school district.
  2 25    The bill takes effect upon enactment.  
  2 26 LSB 6173HH 80
  2 27 sc/sh/8

Text: HF02518                           Text: HF02520
Text: HF02500 - HF02599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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