AN ORDINANCE PROVIDING FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE BUSINESS PARK URBAN RENEWAL AREA OF SHELBY, IOWA, PURSUANT TO SECTION 403.19 OF THE CODE OF IOWA

BE IT ENACTED by the Board of Supervisors of Shelby County, Iowa: 

Section 1.  PURPOSE.  The purpose of this ordinance is to provide for the division of taxes levied on the taxable property in the Business Park Urban Renewal Area of Shelby County, Iowa, each year by and for the benefit of the state, city, county, school districts or other taxing districts after the effective date of this ordinance in order to create a special fund to pay the principal of and interest on loans, moneys advanced to or indebtedness, including bonds proposed to be issued by Shelby County to finance projects in such area.

Section 2.  DEFINITIONS.  For use within this ordinance the following terms shall have the following meanings:

“County”  shall mean the County of Shelby, Iowa. 

“Urban Renewal Area” shall mean the Business Park Urban Renewal Area of Shelby County, Iowa, the boundaries of which are set out below, such area having been identified in the Business Park Urban Renewal Plan approve by the Board of Supervisors by resolution adopted August 22, 1995.

            A parcel of land in the NE ¼ of Section 25, Township 79 North, Range 39 West of the 5^th P.M., Shelby County, Iowa, commencing at the SE Corner of the NE ¼  of Section 25-70-39, thence S 89°44’30” W 1,095.8 feet along the South line of said NE ¼, thence N 00°05’30” E 1.9 feet to the point of beginning, thence continuing N 00°05’30” E 1,330.9 feet, thence S 89°24’05” W 1,063.8 feet to a point on the Easterly right-of-way line of U.S. Highway 59, thence S 11°46’25” W 257.0 feet along said right-of-way, thence S 05°01’20” W 600.1 feet along said right-of-way, thence S 06°11’30” W 475.2 feet along said right-of-way, thence N 89°54’30” E 1,217.8 feet to the point of beginning.  Said parcel contains 35.00 acres, more or less.

Section 3.  PROVISIONS FOR THE DIVISION OF TAXES LEVIED ON TAXABLE PROPERTY IN THE URAN RENEWAL AREA.  After the effective date of this ordinance, the taxes levied on the taxable property in the Business Park Urban Renewal Area each year by and for the benefit of the State of Iowa, the county and any school district or other taxing district in which the urban renewal area is located, shall be divided as follows:

(a)     that portion of taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the urban renewal area, as shown in the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the county auditor certifies the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by and for the taxing district into which all other property taxes are paid.  For the purpose of allocating taxes levied by or for any taxing district which did not include the territory in an urban renewal area on the effective date of the ordinance or initial adoption of the plan, but to which the territory has been annexed or otherwise included after the effective date, the assessment roll applicable to property in the annexed territory as of January 1 of the calendar year preceding the effective date of the ordinance, which amends the plan to include the annexed area, shall be used in determining the assessed valuation of the taxable property in the annexed area. 

(b)     That portion of the taxes each year in excess of such amount shall be allocated to and when collected be paid into a special fund of the county to pay the principal of and interest on loans,  moneys advanced to, or indebtedness, whether funded, refunded assumed or otherwise, including bonds issued under the authority of Section 403.9(1), incurred by the county to finance or refinance, in whole or in part, an urban renewal project within the area, except that the taxes for the payment of bonds and interest of each taxing district must be collected against all taxable property within the taxing district without limitation by provisions of this ordinance.  Unless and until the total assessed valuation of the taxable property in the Business Park Urban Renewal Area exceeds the total assessed value of the taxable property in such area, all of the taxes levied and collected upon the taxable property in the urban renew area shall be paid into funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other taxes.  When such loans, advances, indebtedness, and bonds, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the Business Park Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. 

(c)     That portion of taxes mentioned in subsection (b) above and the special fund into which they shall be paid, may be irrevocably pledged by the county for the payment of the principal and interest on loans, advances, bonds issued under the authority of Section 403.9(1) of the Code of Iowa, or indebtedness incurred by the county to finance or refinance, in whole or in part, a project within the Business Park Urban Renewal Area.

(d)    As used in this section, the word “taxes” includes, but is not limited to, all levies on an ad valorem basis upon land or real property.

(e)     Upon certification of the amount of loans, advances, indebtedness, or bonds which qualify for payment for the special fund referred to in subsection (b) above, and the filing of the certificate shall make it a duty of the auditor to provide for the division of taxes in each subsequent year until the amount of the loans, advances, indebtedness, or bonds is paid to the special fund.

Section 4.  REPEALER.  All other ordinances or parts of ordinances in conflict with the provisions of this ordinance are hereby repealed.

Section 5.  SAVING CLAUSE.  If any section, provision, or part of this ordinance shall be adjudged invalid or unconstitutional, such adjudication shall not affect the validity of the ordinance as a whole or any section, provision or part thereof not adjudged invalid or unconstitutional.

Section 6.  EFFECTIVE DATE.  This ordinance shall be effective after its final passage, approval and publication as provided by law.

Passed and approved by the Board of Supervisors of Shelby County this 22^nd  day of August, 1995.

SHELBY COUNTY BOARD OF SUPERVISORS

/s/ GAYLE PETERSEN

Vice-Chairman 

/s/ NORMAN MATHIASEN

ATTEST:         /s/ MARSHA  J. CARTER, SHELBY COUNTY AUDITOR