275.31 - TAXES AND APPROPRIATION TO EFFECT EQUALIZATION.
275.31 TAXES AND APPROPRIATION TO EFFECT
EQUALIZATION.
If necessary to equalize the division and distribution, the board
or boards may provide for the levy of additional taxes, which shall
be sufficient to satisfy the mandatory levy required in section 76.2
or other liabilities of the districts, upon the property of a
corporation or part of a corporation and for the distribution of the
tax revenues so as to effect equalization. When the board or boards
are considering the equalization levy, the division and distribution
shall not impair the security for outstanding obligations of each
affected corporation. Any owner of bonds of an affected corporation
may bring suit in equity for adjustment of the division and
distribution in compliance with this section. If the property tax
levy for the amount estimated and certified to apply on principal and
interest on lawful bonded indebtedness for a newly formed community
school district is greater than the property tax levy for the amount
estimated and certified to apply on principal and interest in the
year preceding the reorganization or dissolution for a school
district that is a party to the reorganization or dissolution, that
had a certified enrollment of less than six hundred for the year
prior to the reorganization or dissolution, and that approved the
reorganization or dissolution prior to July 1, 1989, the board of the
newly formed district shall inform the department of management. The
department of management shall pay debt service aid to the newly
formed district in an amount that reduces the rate of the property
tax levy for lawful bonded indebtedness in the portion of the newly
formed district where the new rate is higher, to the rate that was
levied in that portion of the district during the year preceding the
reorganization or dissolution.
For the school year beginning July 1, 1987, and succeeding school
years, there is appropriated from the general fund of the state to
the department of management an amount sufficient to pay the debt
service aid under this section. Debt service aid shall be paid in
the manner provided in section 257.16.
Not later than May 1 of each year, the department of management
shall inform the board of the newly formed school district the amount
of debt service aid that the district will receive and the rate of
the property tax levy for the amount estimated and certified to apply
on principal and interest on lawful bonded indebtedness in the
portion of the newly formed district where the new rate would have
been higher, and for the remainder of the newly formed district. The
department of management shall notify the county auditor of each
applicable county of the amount, in dollars and cents per thousand
dollars of assessed valuation, of the property tax levy in each
portion of each applicable newly formed school district in the county
for the amount estimated and certified to apply on principal and
interest on lawful bonded indebtedness, and the boundaries of the
portions within the newly formed district for which the levies shall
be made. The county auditor shall spread the applicable property tax
levy for each portion of a school district over all taxable property
in that portion of the district. Section History: Early Form
[S13, § 2820-g; SS15, § 2794-a; C24, 27, 31, 35, 39, § 4139,
4175; C46, 50, § 274.21, 276.22; C54, 58, 62, 66, 71, 73, 75, 77,
79, 81, § 275.31] Section History: Recent Form
85 Acts, ch 221, §7; 86 Acts, ch 1226, § 3; 89 Acts, ch 135, § 67;
92 Acts, ch 1163, § 62
Referred to in § 256.11, 275.1, 275.28