House
File
741
-
Introduced
HOUSE
FILE
741
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HF
589)
(SUCCESSOR
TO
HSB
99)
A
BILL
FOR
An
Act
relating
to
the
property
tax
levy
for
the
payment
1
of
general
obligation
bonds
issued
by
cities
for
certain
2
flood-related
purposes
and
including
applicability
3
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
1914HZ
(1)
88
md/jh
H.F.
741
Section
1.
Section
76.1,
subsection
2,
paragraph
b,
Code
1
2019,
is
amended
to
read
as
follows:
2
b.
General
obligation
bonds
issued
for
any
of
the
following
3
purposes
may
mature
and
be
retired
in
a
period
not
exceeding
4
thirty
years
from
date
of
issue:
5
(1)
Purposes
specified
in
section
331.441,
subsection
2
,
6
paragraph
“b”
,
subparagraphs
(18)
and
(19)
,
or
.
7
(2)
Purposes
specified
in
section
384.24,
subsection
3
,
8
paragraphs
“w”
and
“x”
,
and
bonds
.
9
(3)
Purposes
specified
in
section
384.24,
subsection
10
3,
paragraph
“i”
,
if
the
bonds
are
issued
in
conjunction
11
with
a
project
approved
by
the
flood
mitigation
board
under
12
chapter
418
and
if
the
estimated
useful
life
of
the
project,
13
independently
determined
by
a
licensed
professional
engineer,
14
is
at
least
two
hundred
percent
of
the
maturity
and
retirement
15
period
for
the
bonds.
16
(4)
Bonds
issued
to
refund
or
refinance
bonds
issued
for
17
those
the
purposes
,
may
mature
and
be
retired
in
a
period
18
not
exceeding
thirty
years
from
date
of
issue
specified
in
19
subparagraph
(1),
(2),
or
(3)
.
20
Sec.
2.
APPLICABILITY.
This
Act
applies
to
bonds
issued
21
before,
on,
or
after
the
effective
date
of
this
Act.
22
EXPLANATION
23
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
24
the
explanation’s
substance
by
the
members
of
the
general
assembly.
25
This
bill
amends
provisions
governing
the
property
tax
26
levy
imposed
by
a
city
to
retire
bonds.
The
bill
provides
27
that
general
obligation
bonds
issued
by
a
city
for
specified
28
flood-related
purposes
and
bonds
issued
to
refund
or
29
refinance
such
bonds
may
mature
and
be
retired
in
a
period
30
not
exceeding
30
years
from
the
date
of
issue,
instead
of
a
31
20-year
retirement
period.
However,
the
30-year
period
is
32
only
applicable
if
the
bonds
are
issued
in
conjunction
with
33
a
project
approved
by
the
flood
mitigation
board
under
Code
34
chapter
418
and
if
the
estimated
useful
life
of
the
project,
35
-1-
LSB
1914HZ
(1)
88
md/jh
1/
2
H.F.
741
independently
determined
by
a
licensed
professional
engineer,
1
is
at
least
200
percent
of
the
maturity
and
retirement
period
2
for
the
bonds.
3
The
bill
applies
to
bonds
issued
before,
on,
or
after
the
4
effective
date
of
this
Act.
5
-2-
LSB
1914HZ
(1)
88
md/jh
2/
2