House Journal: Page 1369: Friday, April 25, 2003
40 of a municipality established in section 403.19,
41 subsection 2, in all urban renewal areas designated by
42 a municipality shall not exceed, in any year, an
43 amount equal to five percent of the total assessed
44 value of the taxable property in the municipality.
45 2. If the total amount of loans, advances,
46 indebtedness, and bonds issued or incurred for
47 projects in all urban renewal areas designated by a
48 municipality and payable from the special fund of a
49 municipality established in section 403.19, subsection
50 2, which loans, advances, indebtedness, and bonds are
Page 10
1 outstanding on the effective date of this Act, exceeds
2 the limitation in subsection 1, the municipality may
3 continue to allocate moneys from the special fund to
4 pay such loans, advances, indebtedness, and bonds.
5 However, the municipality shall not issue or incur
6 loans, advances, indebtedness, or bonds payable from
7 the special fund on or after the effective date of
8 this Act for urban renewal purposes unless the amount
9 of such loans, advances, indebtedness, or bonds when
10 combined with the amount of loans, advances,
11 indebtedness, or bonds issued or incurred before the
12 effective date of this Act, meets the limitation
13 established in subsection 1.
14 3. For fiscal years beginning on or after July 1,
15 2003, a city may exceed the debt limitation in this
16 section only if the proposed plan or proposed
17 amendment that will result in the debt limitation
18 being exceeded is approved by resolution of the board
19 of supervisors of each affected taxing entity that is
20 a county within thirty days of the conclusion of the
21 consultation process in section 403.5, subsection 2.
22 If a resolution approving the proposed urban renewal
23 plan or the proposed amendment to an urban renewal
24 plan that would result in exceeding the debt
25 limitation is received from each county that is an
26 affected taxing entity, or if the board of supervisors
27 of each county that is an affected taxing entity takes
28 no action within the thirty-day time period, the
29 governing body of the city may proceed with the
30 proposed plan or proposed amendment. The resolution
31 approving the proposed plan or amendment shall remain
32 in effect for the life of the plan or project,
33 whichever is applicable. If one or more resolutions
34 rejecting the proposed plan or proposed amendment is
35 received, the city shall not proceed with the proposed
36 plan or amendment. However, the city may proceed with
37 the proposed plan or amendment but the county portion
38 of the levy shall not be divided and paid into the
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