3.0. SR 08-30-1999 - Laserfiche WebLink

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\~f the county board or the governing body of a city intends to impose a "levY certification ' .) ((~8){~te': for al~,Pl1.rpo~es o~er than general obligation bonds .at a rat~ higher than the x:at~ '."certlfie4 byJhe county audItor above, the county board or the governIng body of the cIty' U!~~s;~.,~r.s!l1o.ld,.a-l"ub~ic l1~m;ingon the ~rate increase, adopta.tesolution approving the ta!~tat.eJ.~~[~as~;arid file' a copy of theresolutiOl! .\Vi~Jh~.co.~ty' a~ditor on or before :,' bctc5ber'2Q,.1999;" or on or before October 20 of each year thereafter. ,Tberesolution':' :ifioesnothllvetospecif~'tbellmount of increase in the rate. Itonlv has to affirm that ~'E tli~"rate'l\'iil increase.'. .~.^~ ."..... ..' ' . ~'.;,,",I' . -,' ....~CKi._<~-,\ilWi'~".3,(Ji;~.i,J1).t:jJ:~'~;~ The county auditor is prohibited from extending a levy for the county or for a city for purposes other than general obligation bonds that would produce a "levy certification tax rate" that is higher than the rate that was certified by the county auditor in accordance with the procedures described above unless the required resolution has been received from the county board or from the governing body of the city. A "levy certification tax rate" increase without a resolution is allowable if the tax rate increase is due solely to a reduction in the taxing authority's final taxable net tax capacity from the taxable net tax capacity that was certified on October 1, resulting from property tax classification provision changes, tax exemptions, tax court judgments, or clerical or administrative errors made by the county. fiAll'cities'are's1ibjecffo'thislle\\; 'law, including the cities of 500 population or less that are exempt from the Truth in Taxation hearing requirements. School districts and special ) taxing districts are exempt from this new law. . "General obligation bonds" means regular GO bonds, general obligation special assessment bonds payable in part by a property tax levy, and GO revenue bonds that require a property tax levy to cover a shortage in the non-tax revenues pledged to pay the debt service on the bonds. "General obligation bonds" includes bonds payable by a property tax levy on referendum market value as well as bonds payable by a property tax lev)' on taxable net tax capacity. "General obligation bonds" does not include capital notes, certificates of indebtedness, or certificates of participation. It does not include payments made to the State Armory Building Commission to pay the principal and interest on armory construction bonds. It also does not include the bonds of another political subdivision. For example, payments by a county under a lease/purchase agreement with a county HRA that are used by the HRA to pay the debt service on bonds issued by the HRA to construct the facilities leased by the county would not be deducted from the county's final total certified levy for payable 1999 in determining its "levy certification tax rate." For the purpose of this new law, "public hearing" includes, but is not limited to, regularly scheduled city council hearings and county board meetings. This means that the required hearing under this law does not have to be a special hearing scheduled solely for the purpose of discussing a proposed tax rate increase and for adopting the required \ resolution. ! An example of how the county auditor is to determine a "le\'y certification tax rate" is enclosed. 2 . ...~ ~. .' . " .