House Study Bill 99 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON STATE GOVERNMENT BILL BY CHAIRPERSON KAUFMANN) 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 1914YC (2) 88 md/jh

H.F. _____ 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 3, 10 paragraph “i” , if the bonds are issued in conjunction with a 11 project approved by the flood mitigation board under chapter 12 418. 13 (4) Bonds issued to refund or refinance bonds issued for 14 those the purposes , may mature and be retired in a period 15 not exceeding thirty years from date of issue specified in 16 subparagraph (1), (2), or (3) . 17 Sec. 2. APPLICABILITY. This Act applies to bonds issued 18 before, on, or after the effective date of this Act. 19 EXPLANATION 20 The inclusion of this explanation does not constitute agreement with 21 the explanation’s substance by the members of the general assembly. 22 This bill amends provisions governing the property tax 23 levy imposed by a city to retire bonds. The bill provides 24 that general obligation bonds issued by a city for specified 25 flood-related purposes and bonds issued to refund or 26 refinance such bonds may mature and be retired in a period 27 not exceeding 30 years from the date of issue, instead of a 28 20-year retirement period. However, the 30-year period is 29 only applicable if the bonds are issued in conjunction with 30 a project approved by the flood mitigation board under Code 31 chapter 418. 32 The bill applies to bonds issued before, on, or after the 33 effective date of this Act. 34 -1- LSB 1914YC (2) 88 md/jh 1/ 1