59-2-924.3 - Adjustment of the calculation of the certified tax rate for a school district imposing a capital outlay levy in a county of the first class.
59-2-924.3. Adjustment of the calculation of the certified tax rate for a school districtimposing a capital outlay levy in a county of the first class.
(1) As used in this section:
(a) "Capital outlay increment" means the amount of revenue equal to the difference between:
(i) the amount of revenue generated by a levy of .0006 per dollar of taxable value within aschool district during a fiscal year; and
(ii) the amount of revenue the school district received during the same fiscal year from thedistribution described in Subsection 53A-16-107.1(1).
(b) "Contributing school district" means a school district in a county of the first class that in afiscal year receives less revenue from the distribution described in Subsection 53A-16-107.1(1) than itwould have received during the same fiscal year from a levy imposed within the school district of .0006per dollar of taxable value.
(c) "Receiving school district" means a school district in a county of the first class that in a fiscalyear receives more revenue from the distribution described in Subsection 53A-16-107.1(1) than itwould have received during the same fiscal year from a levy imposed within the school district of .0006per dollar of taxable value.
(2) For fiscal year 2009-10, a receiving school district shall decrease its capital outlay certifiedtax rate under Subsection 59-2-924(3)(g)(ii) by an amount required to offset the receiving schooldistrict's estimated capital outlay increment for the current fiscal year.
(3) Beginning with fiscal year 2010-11, a receiving school district shall decrease its capitaloutlay certified tax rate under Subsection 59-2-924(3)(g)(ii) by the amount required to offset thereceiving school district's capital outlay increment for the prior fiscal year.
(4) For fiscal year 2009-10, a contributing school district is exempt from the notice and publichearing provisions of Section 59-2-919 for the school district's capital outlay levy certified tax ratecalculated pursuant to Subsection 59-2-924(3)(g)(ii) if:
(a) the contributing school district budgets an increased amount of ad valorem property taxrevenue exclusive of new growth as defined in Subsection 59-2-924(4) for the capital outlay levydescribed in Section 53A-16-107; and
(b) the increased amount of ad valorem property tax revenue described in Subsection (4)(a) isless than or equal to that contributing school district's estimated capital outlay increment for the currentfiscal year.
(5) Beginning with fiscal year 2010-11, a contributing school district is exempt from the noticeand public hearing provisions of Section 59-2-919 for the school district's capital outlay levy certifiedtax rate calculated pursuant to Subsection 59-2-924(3)(g)(ii) if:
(a) the contributing school district budgets an increased amount of ad valorem property taxrevenue exclusive of new growth as defined in Subsection 59-2-924(4) for the capital outlay levydescribed in Section 53A-16-107; and
(b) the increased amount of ad valorem property tax revenue described in Subsection (5)(a) isless than or equal to that contributing school district's capital outlay increment for the prior year.
(6) Beginning with fiscal year 2011-12, a contributing school district is exempt from the noticeand public hearing provisions of Section 59-2-919 for the school district's capital outlay levy certifiedtax rate calculated pursuant to Subsection 59-2-924(3)(g)(ii) if:
(a) the contributing school district budgets an increased amount of ad valorem property tax
revenue exclusive of new growth as defined in Subsection 59-2-924(4) for the capital outlay levydescribed in Section 53A-16-107; and
(b) the increased amount of ad valorem property tax revenue described in Subsection (6)(a) isless than or equal to the difference between:
(i) the amount of revenue generated by a levy of .0006 per dollar of taxable value imposedwithin the contributing school district during the current taxable year; and
(ii) the amount of revenue generated by a levy of .0006 per dollar of taxable value imposedwithin the contributing school district during the prior taxable year.
(7) Regardless of the amount a school district receives from the revenue collected from the.0006 portion of the capital outlay levy required in Subsection 53A-16-107(3), the revenue generatedwithin the school district from the .0006 portion of the capital outlay levy required in Subsection53A-16-107(3) shall be considered to be budgeted ad valorem property tax revenues of the schooldistrict that levies the .0006 portion of the capital outlay levy for purposes of calculating the schooldistrict's certified tax rate in accordance with Subsection 59-2-924(3)(g)(ii).
Amended by Chapter 204, 2009 General Session