76.3 - TAX LIMITATIONS.
76.3 TAX LIMITATIONS.
Tax limitations in any law or proposition for the issuance of
bonds or obligations, including any law or proposition for the
issuance of bonds or obligations in anticipation of levies or
collections of taxes or both, shall be based on the latest equalized
actual valuation then existing and shall only restrict the amount of
bonds or obligations which may be issued. For the sole purpose of
computing the amount of bonds which may be issued as a result of the
application of a tax limitation, all interest on the bonds or
obligations 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 in the first annual levy of
taxes to pay the bonds or obligations and interest does not operate
to further restrict the amount of bonds or obligations which may be
issued, and in certifying the annual levies to the county auditor or
auditors the first annual levy of taxes shall be sufficient to pay
all principal of and interest on the bonds or obligations becoming
due prior to the next succeeding annual levy and the full amount of
the first annual levy shall be entered for collection by the auditor
or auditors, as provided in this chapter. Section History: Early Form
[C31, 35, § 1179-c1; C39, § 1179.3; C46, 50, 54, 58, 62, 66,
71, 73, 75, 77, 79, 81, § 76.3] Section History: Recent Form
83 Acts, ch 90, § 7
Referred to in § 76.5, 331.512, 423A.7, 423B.9