As Amended
SEC. 21-33-509. Rate of tax levied; agreements limiting or restricting issuance of bonds by municipality.
(1) (a) The governing authority of a municipality exercising the authority to levy a special tax as set forth in Section 21-33-503(1) shall levy such tax at the maximum rate specified in the resolution provided for in Section 21-33-503(1) against all property in such special local improvement taxing district unless a lesser rate will provide revenues sufficient to pay debt service on all bonds payable from such tax and to pay costs of exercising the powers authorized pursuant to Section 21-33-505(1), and if a municipality has delegated to an urban renewal agency or redevelopment authority any of its authority under this article, the governing authority of such urban renewal agency or redevelopment authority shall have certified to the municipality that a lesser tax rate will be sufficient to make such payments, in which event the governing authority of the municipality shall levy such tax at such lesser rate.
(b) The governing authority may also enter into agreements for the benefit of holders of bonds issued by an urban renewal agency or redevelopment authority of the municipality pursuant to Section 21-33-511 including, without limitation, agreements limiting or restricting issuance of bonds by the municipality which would be payable from such special tax, to the extent that such governing authorities shall determine that such agreements are necessary or desirable in connection with the issuance of bonds by an urban renewal agency or redevelopment authority pursuant to Section 21-33-511.
(2) The governing authorities of a municipality exercising the authority to levy a special tax as set forth in Section 21-33-503(2) shall levy such tax at the maximum rate specified in the resolution provided for in Section 21-33-503(2) against all taxable property in such special local improvement taxing district unless a lesser rate will provide revenues sufficient to pay the costs of improvements included in the plan submitted to the municipality under Section 21-33-503(2)(b).
SOURCES: Laws, 1993, ch. 573, Sec. 5, eff from and after passage (approved April 19, 1993) and shall stand repealed July 1, 1998; reenacted without change, Laws, 1998, Ch. 502, § 5, HB 652, eff July 1, 1998, and shall stand repealed July 1, 2001. Amended by Laws 2000, Ch. 459, Sec. 5, HB1545, eff. from and after effectuation under Section 5 of the Voting Rights Act of 1965, as amended and extended.
PREVIOUS VERSIONS: Pre-2000