2009 Iowa Code
Title 2 - Elections and Official Duties
Subtitle 3 - Public Contracts and Bonds
CHAPTER 76 - PROVISIONS RELATED TO PUBLIC BONDS AND DEBT OBLIGATIONS
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