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House Study Bill 99 - IntroducedA Bill ForAn Act 1relating to the property tax levy for the payment
2of general obligation bonds issued by cities for certain
3flood-related purposes and including applicability
4provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 76.1, subsection 2, paragraph b, Code
22019, is amended to read as follows:
3b. General obligation bonds issued for any of the following
4 purposes may mature and be retired in a period not exceeding
5thirty years from date of issue:
6(1) Purposesspecified in section 331.441, subsection 2,
7paragraph “b”, subparagraphs (18) and (19), or.
8(2) Purposes specifiedin section 384.24, subsection 3,
9paragraphs “w” and “x”, and bonds.
10(3) Purposes specified in section 384.24, subsection 3,
11paragraph “i”, if the bonds are issued in conjunction with a
12project approved by the flood mitigation board under chapter
13418.
14(4) Bondsissued to refund or refinance bonds issued for
15those the purposes, may mature and be retired in a period
16not exceeding thirty years from date of issue specified in
17subparagraph (1), (2), or (3).
18 Sec. 2. APPLICABILITY. This Act applies to bonds issued
19before, on, or after the effective date of this Act.
20EXPLANATION
21The inclusion of this explanation does not constitute agreement with
22the explanation’s substance by the members of the general assembly.
23This bill amends provisions governing the property tax
24levy imposed by a city to retire bonds. The bill provides
25that general obligation bonds issued by a city for specified
26flood-related purposes and bonds issued to refund or
27refinance such bonds may mature and be retired in a period
28not exceeding 30 years from the date of issue, instead of a
2920-year retirement period. However, the 30-year period is
30only applicable if the bonds are issued in conjunction with
31a project approved by the flood mitigation board under Code
32chapter 418.
33The bill applies to bonds issued before, on, or after the
34effective date of this Act.
-1-md/jh
2of general obligation bonds issued by cities for certain
3flood-related purposes and including applicability
4provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 76.1, subsection 2, paragraph b, Code
22019, is amended to read as follows:
3b. General obligation bonds issued for any of the following
4 purposes may mature and be retired in a period not exceeding
5thirty years from date of issue:
6(1) Purposesspecified in section 331.441, subsection 2,
7paragraph “b”, subparagraphs (18) and (19), or.
8(2) Purposes specifiedin section 384.24, subsection 3,
9paragraphs “w” and “x”, and bonds.
10(3) Purposes specified in section 384.24, subsection 3,
11paragraph “i”, if the bonds are issued in conjunction with a
12project approved by the flood mitigation board under chapter
13418.
14(4) Bondsissued to refund or refinance bonds issued for
15those the purposes, may mature and be retired in a period
16not exceeding thirty years from date of issue specified in
17subparagraph (1), (2), or (3).
18 Sec. 2. APPLICABILITY. This Act applies to bonds issued
19before, on, or after the effective date of this Act.
20EXPLANATION
21The inclusion of this explanation does not constitute agreement with
22the explanation’s substance by the members of the general assembly.
23This bill amends provisions governing the property tax
24levy imposed by a city to retire bonds. The bill provides
25that general obligation bonds issued by a city for specified
26flood-related purposes and bonds issued to refund or
27refinance such bonds may mature and be retired in a period
28not exceeding 30 years from the date of issue, instead of a
2920-year retirement period. However, the 30-year period is
30only applicable if the bonds are issued in conjunction with
31a project approved by the flood mitigation board under Code
32chapter 418.
33The bill applies to bonds issued before, on, or after the
34effective date of this Act.
-1-md/jh