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House File 741 - 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
113, paragraph “i”, if the bonds are issued in conjunction
12with a project approved by the flood mitigation board under
13chapter 418 and if the estimated useful life of the project,
14independently determined by a licensed professional engineer,
15is at least two hundred percent of the maturity and retirement
16period for the bonds.
17(4) Bondsissued to refund or refinance bonds issued for
18those the purposes, may mature and be retired in a period
19not exceeding thirty years from date of issue specified in
20subparagraph (1), (2), or (3).
21 Sec. 2. APPLICABILITY. This Act applies to bonds issued
22before, on, or after the effective date of this Act.
23EXPLANATION
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
26This bill amends provisions governing the property tax
27levy imposed by a city to retire bonds. The bill provides
28that general obligation bonds issued by a city for specified
29flood-related purposes and bonds issued to refund or
30refinance such bonds may mature and be retired in a period
31not exceeding 30 years from the date of issue, instead of a
3220-year retirement period. However, the 30-year period is
33only applicable if the bonds are issued in conjunction with
34a project approved by the flood mitigation board under Code
35chapter 418 and if the estimated useful life of the project,
-1-1independently determined by a licensed professional engineer,
2is at least 200 percent of the maturity and retirement period
3for the bonds.
4The bill applies to bonds issued before, on, or after the
5effective date of this Act.
-2-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
113, paragraph “i”, if the bonds are issued in conjunction
12with a project approved by the flood mitigation board under
13chapter 418 and if the estimated useful life of the project,
14independently determined by a licensed professional engineer,
15is at least two hundred percent of the maturity and retirement
16period for the bonds.
17(4) Bondsissued to refund or refinance bonds issued for
18those the purposes, may mature and be retired in a period
19not exceeding thirty years from date of issue specified in
20subparagraph (1), (2), or (3).
21 Sec. 2. APPLICABILITY. This Act applies to bonds issued
22before, on, or after the effective date of this Act.
23EXPLANATION
24The inclusion of this explanation does not constitute agreement with
25the explanation’s substance by the members of the general assembly.
26This bill amends provisions governing the property tax
27levy imposed by a city to retire bonds. The bill provides
28that general obligation bonds issued by a city for specified
29flood-related purposes and bonds issued to refund or
30refinance such bonds may mature and be retired in a period
31not exceeding 30 years from the date of issue, instead of a
3220-year retirement period. However, the 30-year period is
33only applicable if the bonds are issued in conjunction with
34a project approved by the flood mitigation board under Code
35chapter 418 and if the estimated useful life of the project,
-1-1independently determined by a licensed professional engineer,
2is at least 200 percent of the maturity and retirement period
3for the bonds.
4The bill applies to bonds issued before, on, or after the
5effective date of this Act.
-2-md/jh