House File 653

                                       HOUSE FILE       
                                       BY  COMMITTEE ON APPROPRIATIONS

                                       (SUCCESSOR TO LSB 3367YC)


    Passed House, Date               Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to urban renewal indebtedness reporting and
  2    providing an effective date.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 3367HV 80
  5 sc/cl/14

PAG LIN

  1  1    Section 1.  CITY AND COUNTY URBAN RENEWAL AREA INDEBTEDNESS
  1  2 REPORT.  On or before April 1, 2003, each city and county that
  1  3 has established an urban renewal area shall report to the
  1  4 department of management the total amount of loans, advances,
  1  5 indebtedness, or bonds outstanding on April 1, 2003, which
  1  6 qualify for payment from the special fund created in section
  1  7 403.19, including interest negotiated on such loans, advances,
  1  8 indebtedness, or bonds.  Indebtedness includes written
  1  9 agreements whereby the city or county agrees to suspend,
  1 10 abate, exempt, rebate, or reimburse property taxes with moneys
  1 11 in the special fund.  The amount of loans, advances,
  1 12 indebtedness, or bonds shall be listed in the aggregate for
  1 13 each city and county reporting.
  1 14    The department of management, in consultation with the
  1 15 legislative fiscal bureau, shall prepare a form for reporting
  1 16 pursuant to this section.  The department shall make the form
  1 17 available by electronic means.
  1 18    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 19 immediate importance, takes effect upon enactment.
  1 20                           EXPLANATION
  1 21    This bill requires each city and county that has
  1 22 established an urban renewal area to report, on or before
  1 23 April 1, 2003, the amount of loans, advances, indebtedness, or
  1 24 bonds which qualify for payment with tax increment financing
  1 25 revenues in the fiscal year beginning July 1, 2003.
  1 26    The bill takes effect upon enactment.
  1 27 LSB 3367HV 80
  1 28 sc/cl/14
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