Senate File 28 - Introduced SENATE FILE BY SCHOENJAHN (COMPANION TO LSB 1168HH BY FICKEN) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the ballot proposition for approving issuance 2 of county general obligation bonds and including effective 3 date, validation, and retroactive applicability provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1168SS 83 6 sc/rj/14 PAG LIN 1 1 Section 1. Section 331.442, subsection 2, Code 2009, is 1 2 amended to read as follows: 1 3 2. Before the board may institute proceedings for the 1 4 issuance of bonds for a general county purpose, it shall call 1 5 a county special election to vote upon the question of issuing 1 6 the bonds. At the election the proposition shall be submitted 1 7 in the following form: 1 8 Shall the county of ....., state of Iowa,be authorized 1 9 to ....... (state purpose of project) at a total cost not 1 10 exceeding $... andissue its general obligation bonds in an 1 11 amount not exceeding the amount of $... forthatthe purpose 1 12 of ............? 1 13 Sec. 2. Section 331.447, subsection 1, paragraph b, Code 1 14 2009, is amended to read as follows: 1 15 b. The amount estimated and certified to apply on 1 16 principal and interest for any one year may only exceed the 1 17 statutory rate of levy limit, if any, by the amount that the 1 18 registered voters of the county have approved at a special 1 19 election, which may be held at the same time as the general 1 20 election and may be included in the proposition authorizing 1 21 the issuance of bonds, if an election on the proposition is 1 22 necessary, or may be submitted as a separate proposition at 1 23 the same election or at a different election. Notice of the 1 24 election shall be given as specified in section 331.305. If 1 25 the proposition includes issuing bonds and increasing the levy 1 26 limit, it shall be in substantially the following form: 1 27 Shall the county of ....., state of Iowa, be authorized 1 28 to .......... (here state purpose of project)at a total cost 1 29 not exceeding $....and issue its general obligation bonds 1 30 in an amount not exceeding the amount of $.... for that 1 31 purpose, and be authorized to levy annually a tax not 1 32 exceeding ... dollars and ... cents per thousand dollars of 1 33 the assessed value of the taxable property within the county 1 34 to pay the principal of and interest on the bonds? 1 35 If the proposition includes only increasing the levy limit 2 1 it shall be in substantially the following form: 2 2 Shall the county of ....., state of Iowa, be authorized to 2 3 levy annually a tax not exceeding ... dollars and ... cents 2 4 per thousand dollars of the assessed value of the taxable 2 5 property within the county to pay principal and interest 2 6 on the bonded indebtedness of the county for the purpose 2 7 of ..........? 2 8 Sec. 3. VALIDATION AND RETROACTIVE APPLICABILITY == BOARD 2 9 RESOLUTION. 2 10 1. If, on the effective date of this Act, the cost of a 2 11 project authorized by ballot proposition that approved the 2 12 issuance of county general obligation bonds at an election 2 13 held prior to the effective date of this Act does not exceed 2 14 one hundred ten percent of the project cost stated on the 2 15 ballot proposition, the bond issuance amount and tax levy 2 16 authorization as stated on the ballot and the increased cost 2 17 of the project are hereby legalized and validated and, to that 2 18 extent, this Act applies retroactively to the date of the 2 19 election. 2 20 2. The board of supervisors of a county may proceed with a 2 21 project under subsection 1 only after adoption of a resolution 2 22 stating the project's compliance with the conditions of 2 23 subsection 1 and the board's intention to proceed with the 2 24 project. 2 25 Sec. 4. EFFECTIVE DATE. This Act, being deemed of 2 26 immediate importance, takes effect upon enactment. 2 27 EXPLANATION 2 28 This bill modifies the ballot proposition language relating 2 29 to issuance of county general obligation bonds to remove the 2 30 requirement that the total cost of the project be stated on 2 31 the ballot, in addition to the amount of the bond issuance for 2 32 which approval is being sought at election. 2 33 The bill legalizes and validates the issuance of general 2 34 obligation bonds approved at an election held prior to the 2 35 effective date of the bill, with respect to the amount of the 3 1 bond issuance stated on the ballot proposition, if the project 3 2 cost on the effective date of the bill does not exceed 110 3 3 percent of the project cost stated on the ballot proposition, 3 4 and, to that extent, the bill applies retroactively to the 3 5 date of the election. A county board of supervisors is 3 6 required to adopt a resolution stating project compliance and 3 7 its intention to proceed with the project. 3 8 The bill takes effect upon enactment. 3 9 LSB 1168SS 83 3 10 sc/rj/14