Text: SF02088 Text: SF02090 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422E.1, subsection 2, Code Supplement 1 2 2003, is amended to read as follows: 1 3 2. The maximum rate of tax shall be one percent. The tax 1 4 shall be imposed without regard to any other local sales and 1 5 services tax authorized in chapter 422B, and is repealedat1 6the expiration of a period of ten years of imposition or a1 7shorter periodas provided in the ballot proposition or as 1 8 otherwise provided in this chapter. However, all local option 1 9 sales and services taxes for school infrastructure purposes 1 10 are repealed December 31, 2022. 1 11 Sec. 2. Section 422E.3, subsection 1, Code Supplement 1 12 2003, is amended to read as follows: 1 13 1. If a majority of those voting on the question of 1 14 imposition of a local sales and services tax for school 1 15 infrastructure purposes favors imposition of the tax, the tax 1 16 shall be imposed by the county board of supervisors within the 1 17 county pursuant to section 422E.2, at the rate specifiedfor a1 18ten-year durationon the gross receipts taxed by the state 1 19 under chapter 422, division IV until the date of repeal 1 20 specified on the ballot. 1 21 Sec. 3. Section 422E.3A, subsection 2, paragraph b, 1 22 subparagraph (4), Code Supplement 2003, is amended by striking 1 23 the subparagraph. 1 24 Sec. 4. Section 422E.4, unnumbered paragraph 1, Code 1 25 Supplement 2003, is amended to read as follows: 1 26 The board of directors of a school district shall be 1 27 authorized to issue negotiable, interest-bearing school bonds, 1 28 without election, and utilize tax receipts derived from the 1 29 sales and services tax for school infrastructure purposes and 1 30 the supplemental school infrastructure amount distributed 1 31 pursuant to section 422E.3A, subsection 2, paragraph "b", for 1 32 principal and interest repayment. Proceeds of the bonds 1 33 issued pursuant to this section shall be utilized solely for 1 34 school infrastructure needs as school infrastructure is 1 35 defined in section 422E.1, subsection 3.Issuance of bonds2 1pursuant to this section shall be permitted only in a district2 2which has imposed a local sales and services tax for school2 3infrastructure purposes pursuant to section 422E.2. The2 4provisions of sections 298.22 through 298.24 shall apply2 5regarding the form, rate of interest, registration,2 6redemption, and recording of bond issues pursuant to this2 7section, with the exception that the maximum period during2 8which principal on the bonds is payable shall not exceed the2 9date of repeal stated on the ballot proposition.Bonds issued 2 10 under this section may be sold at public sale as provided in 2 11 chapter 75 without notice and hearing as provided in section 2 12 73A.l2. Bonds may bear dates, bear interest at rates not 2 13 exceeding that permitted by chapter 74A, mature in one or more 2 14 installments, be in registered form, carry registration and 2 15 conversion privileges, be payable as to principal and interest 2 16 at times and places, be subject to terms of redemption prior 2 17 to maturity with or without premium, and be in one or more 2 18 denominations, all as provided by the resolution of the board 2 19 of directors authorizing their issuance. The resolution may 2 20 also prescribe additional provisions, terms, conditions, and 2 21 covenants which the board of directors deems advisable, 2 22 including provisions for creating and maintaining reserve 2 23 funds, the issuance of additional bonds ranking on a parity 2 24 with such bonds and additional bonds junior and subordinate to 2 25 such bonds, and that such bonds shall rank on a parity with or 2 26 be junior and subordinate to any bonds which may be then 2 27 outstanding. Bonds may be issued to refund outstanding and 2 28 previously issued bonds under this section. Local option 2 29 sales and services tax revenue bonds are a contract between 2 30 the school district and holders, and the resolution issuing 2 31 the bonds and pledging local option sales and services tax 2 32 revenues to the payment of principal and interest on the bonds 2 33 is a part of the contract. Bonds issued pursuant to this 2 34 section shall not constitute indebtedness within the meaning 2 35 of any constitutional or statutory debt limitation or 3 1 restriction, and shall not be subject to any other law 3 2 relating to the authorization, issuance, or sale of bonds. 3 3 EXPLANATION 3 4 This bill amends Code chapter 422E relating to the local 3 5 option sales and services tax for school infrastructure 3 6 purposes. The bill strikes the provision that restricts the 3 7 duration of the tax to 10 years. The bill strikes the 3 8 provision that states that under the distribution formula a 3 9 school district is not to receive more than the guaranteed 3 10 school infrastructure amount which is $575, subject to 3 11 adjustment by the general assembly. The bill also rewrites 3 12 the bonding authority of the board of directors of a school 3 13 district so that it mirrors, to a large extent, the authority 3 14 set out for city and county revenue bonds under the local 3 15 option sales and services tax imposed under Code chapter 422B. 3 16 LSB 5764XS 80 3 17 mg/sh/8
Text: SF02088 Text: SF02090 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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