§ 331.447 — Taxes to pay bonds

Iowa § 331.447

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 331: COUNTY HOME RULE IMPLEMENTATION

Text

1. Taxes for the payment of general obligation bonds shall be levied in accordance with
chapter 76, and the bonds are payable from the levy of unlimited ad valorem taxes on all the
taxable property within the county through its debt service fund required by section 331.430
except that:
a. The amount estimated and certified to apply on principal and interest for any one
year shall not exceed the maximum rate of tax, if any, provided by this subchapter for
the purpose for which the bonds were issued. If general obligation bonds are issued for
different categories, as provided in section 331.445, the maximum rate of levies, if any, for
each purpose shall apply separately to that portion of the bond issue for that category and
the resolution authorizing the bond issue shall clearly set forth the annual debt service
requirements with respect to each purpose in sufficient detail to indicate compliance with
the rate of tax levy, if any.
b. The amount estimated and certified to apply on principal and interest for any one year
mayonlyexceedthestatutoryrateoflevylimit,ifany,bytheamountthattheregisteredvoters
of the county have approved at a special election, which may be held at the same time as the
general election and may be included in the proposition authorizing the issuance of bonds, if
an election on the proposition is necessary, or may be submitted as a separate proposition at
the same election or at a different election. Notice of the election shall be given as specified
in section 331.305.
(1) If the proposition includes issuing bonds and increasing the levy limit, it shall be in
substantially the following form:
Shall the county of ...................., state of Iowa, be authorized
to ........................................ (here state purpose of project) and
issue its general obligation bonds in an amount not exceeding the
amount of $................ for that purpose, and be authorized to levy
annually a tax not exceeding ............ dollars and ............ cents
per thousand dollars of the assessed value of the taxable property
within the county to pay the principal of and interest on the bonds?
(2) If the proposition includes only increasing the levy limit it shall be in substantially the
following form:
Shall the county of ...................., state of Iowa, be authorized
to levy annually a tax not exceeding ............ dollars and ............
cents per thousand dollars of the assessed value of the taxable
property within the county to pay principal and interest on
the bonded indebtedness of the county for the purpose of
........................................?
2. A statutory or voted tax levy limitation does not limit the source of payment of bonds
and interest, but only restricts the amount of bonds which may be issued.
3. For the sole purpose of computing the amount of bonds which may be issued as the
result of the application of a statutory or voted tax levy limitation, all interest on the bonds in
excess of that accruing in the first twelve months may be excluded from the first annual levy

of taxes, so that the need for including more than one year’s interest on the first annual levy
of taxes to pay the bonds and interest does not operate to further restrict the amount of bonds
which may be issued, and in certifying the annual levies, the first annual levy of taxes shall
be sufficient to pay all principal of and interest on the bonds becoming due prior to the next
succeeding annual levy and the full amount of the annual levy shall be entered for collection
as provided in chapter 76.

Legislative History

[C66, §309.73; C71, 73, §309.73, 346A.3; C75, 77, 79, 81, §309.73, 330.16, 346A.3; S81, §331.447; 81 Acts, ch 117, §446; 82 Acts, ch 1104, §48]