Iowa Code 15J.8 – End of deposits — district dissolution
Current as of: 2023 | Check for updates
|
Other versions
1. As of the date twenty years after the district‘s commencement date, the department shall cease to deposit state sales tax revenues and state hotel and motel tax revenues into the district’s account within the fund, unless the municipality dissolves the district by ordinance or resolution prior to that date. Following the expiration of the twenty-year period, the district shall be dissolved by ordinance or resolution of the municipality adopted within twelve months of the conclusion of the twenty-year period.
Terms Used In Iowa Code 15J.8
- Board: means the same as defined in section 15. See Iowa Code 15J.2
- Commencement date: means the date established for each district by the board under section 15J. See Iowa Code 15J.2
- Department: means the department of revenue. See Iowa Code 15J.2
- District: means the area that is designated a reinvestment district pursuant to section 15J. See Iowa Code 15J.2
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Fund: means the state reinvestment district fund created in section 15J. See Iowa Code 15J.2
- Municipality: means any of the following:a. See Iowa Code 15J.2
- Project: means a vertical improvement constructed or substantially improved within a district using sales tax revenues and hotel and motel tax revenues received by a municipality pursuant to this chapter. See Iowa Code 15J.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- State hotel and motel tax: means the state-imposed tax under section 423A. See Iowa Code 15J.2
- State sales tax: means the sales and services tax imposed pursuant to section 423. See Iowa Code 15J.2
2. If the municipality dissolves the district by ordinance or resolution prior to the expiration of the twenty-year period specified in subsection 1, the municipality shall notify the director of revenue of the dissolution as soon as practicable after adoption of the ordinance or resolution, and the department shall, as of the effective date of dissolution, cease to deposit state sales tax revenues and state hotel and motel tax revenues into the district’s account within the fund.3. Upon request of the municipality prior to the dissolution of the district, and following a determination by the board that the amounts of new state sales tax revenue and new state hotel and motel tax revenue deposited in the municipality’s reinvestment project fund under section 15J.7 are substantially lower than the amounts established by the board under section 15J.4, subsection 3, paragraph “e”, the board may extend the district’s twenty-year period of time for depositing and receiving revenues under this chapter by up to five additional years if such an extension is in the best interest of the public.