357H.9 - INCREMENTAL PROPERTY TAXES.

        357H.9  INCREMENTAL PROPERTY TAXES.         The board of trustees shall provide by resolution that taxes      levied on the taxable property in a rural improvement zone each year      by or for the benefit of the state, city, county, school district, or      other taxing district after the effective date of the resolution      shall be divided as provided in section 403.19, subsections 1 and 2,      in the same manner as if the taxable property in the rural      improvement zone was taxable property in an urban renewal area and      the resolution was an ordinance within the meaning of those      subsections.  The taxes received by the board of trustees shall be      allocated to, and when collected be paid into, a special fund and may      be irrevocably pledged by the trustees to pay the principal of and      interest on the certificates, contracts, or other obligations      approved by the board of trustees to finance or refinance, in whole      or in part, an improvement project.  As used in this section,      "taxes" includes, but is not limited to, all levies on an ad      valorem basis upon land or real property located in the rural      improvement zone.  
         Section History: Recent Form
         97 Acts, ch 152, §9; 98 Acts, ch 1168, §4         Referred to in § 357H.8