Senate
File
365
-
Introduced
SENATE
FILE
365
BY
COMMITTEE
ON
EDUCATION
(SUCCESSOR
TO
SF
301)
A
BILL
FOR
An
Act
relating
to
the
voter-approved
physical
plant
and
1
equipment
levy
by
authorizing
school
districts
to
exceed
2
the
statutory
levy
rate
limit
following
the
refunding
3
or
refinancing
of
certain
loan
agreements
and
including
4
effective
date
provisions.
5
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
6
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365
Section
1.
Section
298.2,
subsection
1,
Code
2015,
is
1
amended
to
read
as
follows:
2
1.
a.
A
physical
plant
and
equipment
levy
of
not
exceeding
3
one
dollar
and
sixty-seven
cents
per
thousand
dollars
of
4
assessed
valuation
in
the
district
is
established
except
as
5
otherwise
provided
in
this
subsection
.
The
physical
plant
6
and
equipment
levy
consists
of
the
regular
physical
plant
7
and
equipment
levy
of
not
exceeding
thirty-three
cents
per
8
thousand
dollars
of
assessed
valuation
in
the
district
and
9
a
voter-approved
physical
plant
and
equipment
levy
of
not
10
exceeding
one
dollar
and
thirty-four
cents
per
thousand
11
dollars
of
assessed
valuation
in
the
district.
However,
the
12
voter-approved
physical
plant
and
equipment
levy
may
consist
13
of
a
combination
of
a
physical
plant
and
equipment
property
14
tax
levy
and
a
physical
plant
and
equipment
income
surtax
as
15
provided
in
subsection
4
with
the
maximum
amount
levied
and
16
imposed
limited
to
an
amount
that
could
be
raised
by
a
one
17
dollar
and
thirty-four
cent
property
tax
levy.
18
b.
For
school
budget
years
beginning
on
or
after
July
1,
19
2015,
a
school
district
may
by
resolution
of
the
board
of
20
directors
adopted
prior
to
April
15
preceding
the
budget
year
21
impose
a
physical
plant
and
equipment
levy
at
a
rate
in
excess
22
of
the
levy
rate
limitations
under
paragraph
“a”
if
the
board
23
has
refunded
or
refinanced
a
loan
agreement
entered
into
under
24
section
297.36
and
such
refunding
or
refinancing
complies
with
25
the
maturity
period
authorized
under
section
297.36,
subsection
26
1,
paragraph
“c”
,
and
results
in
a
lower
amount
of
interest
on
27
the
amount
of
the
loan
agreement.
However,
the
rate
imposed
28
by
a
school
district
under
this
paragraph
shall
not
exceed
the
29
rate
imposed
during
the
budget
year
in
which
the
loan
agreement
30
was
refunded
or
refinanced.
Authorization
to
exceed
the
levy
31
rate
limitations
of
paragraph
“a”
shall
terminate
upon
the
32
maturity
of
the
loan
agreement
after
refunding
or
refinancing.
33
Upon
adoption
of
the
resolution
under
this
paragraph
“b”
,
the
34
board
shall
comply
with
the
requirements
of
section
297.36,
35
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subsection
1,
paragraph
“b”
.
1
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
2
immediate
importance,
takes
effect
upon
enactment.
3
EXPLANATION
4
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
5
the
explanation’s
substance
by
the
members
of
the
general
assembly.
6
Current
Code
section
298.2
authorizes
a
physical
plant
and
7
equipment
levy
of
not
exceeding
$1.67
per
$1,000
of
assessed
8
valuation
in
the
district.
The
physical
plant
and
equipment
9
levy
consists
of
the
regular
physical
plant
and
equipment
levy
10
of
not
exceeding
$0.33
per
$1,000
of
assessed
valuation
in
the
11
district
and
a
voter-approved
physical
plant
and
equipment
12
levy
of
not
exceeding
$1.34
per
$1,000
of
assessed
valuation
13
in
the
district.
However,
the
voter-approved
physical
plant
14
and
equipment
levy
may
consist
of
a
combination
of
a
physical
15
plant
and
equipment
property
tax
levy
and
a
physical
plant
and
16
equipment
income
surtax.
In
anticipation
of
revenues
received
17
from
the
physical
plant
and
equipment
levy,
Code
section
297.36
18
authorizes
school
districts
to
borrow
money
and
enter
into
loan
19
agreements.
20
This
bill
provides
that
for
school
budget
years
beginning
21
on
or
after
July
1,
2015,
a
school
district
may
by
resolution
22
of
the
board
of
directors
adopted
prior
to
April
15
preceding
23
the
budget
year
impose
a
physical
plant
and
equipment
levy
at
a
24
rate
in
excess
of
the
levy
rate
limitations
under
Code
section
25
298.2
if
the
board
has
refunded
or
refinanced
a
loan
agreement
26
entered
into
under
Code
section
297.36
and
such
refunding
or
27
refinancing
complies
with
the
maturity
period
authorized
by
28
voters
and
results
in
a
lower
amount
of
interest
on
the
amount
29
of
the
loan
agreement.
The
bill
provides,
however,
that
the
30
rate
imposed
by
a
school
district
under
the
provisions
of
the
31
bill
shall
not
exceed
the
rate
imposed
during
the
budget
year
32
in
which
the
loan
agreement
was
refunded
or
refinanced.
The
33
authorization
to
exceed
the
levy
rate
limitations
terminates
34
upon
the
maturity
of
the
loan
agreement
after
refunding
or
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refinancing.
After
adoption
of
the
resolution
to
exceed
the
1
levy
rate
limits,
the
bill
requires
the
board
of
directors
2
to
comply
with
Code
section
297.36(1)(b)
relating
to
the
3
certification
of
amounts
to
the
county
auditor.
4
The
bill
takes
effect
upon
enactment.
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