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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />The governing body may, at its discretion, at any time after the obligation have been authorized, adopt a resolu- <br />tion levying only a portion of such taxes, to be filed, assessed, extended, collected and remitted as hereinafter <br />provided, and the amount or amounts therein levied shall be credited against the tax required to be levied prior <br />to delivery of the obligations. <br /> <br />The recording officer of the municipality shall file in the office of the county auditor of each county in which <br />any part of the municipality is located a certified copy of the resolution, together with full information regarding <br />the obligations for which the tax is levied. No further action hy the municipality is required to authorize the ex- <br />tension, assessment and collection of the tax, but the municipality's liability on the obligations is not limited <br />thereto and its governing body shall levy and cause to be extended, assessed and collected any additional taxes <br />found necessary for full payment of the principal and interest. The auditor shall annually assess and extend upon <br />the tax rolls the amount specified for such year in the resolution, unless the amount has been reduced as author- <br />ized below or, if the municipality is located in more than one county, the portion thereof that bears the same ra- <br />tio to the whole amount as the tax capacity value of taxable property in that part of the municipality located in <br />his county bears to the tax capacity value of all taxable property in the municipality. <br /> <br />Tax levies so made and filed shall be irrevocable, except that if the governing body in any year makes an ir- <br />revocable appropriation to the debt service fund of moneys actually on hand or if there is on hand any excess <br />amount in the debt service fund, the recording officer may certifY to the county auditor the fact and amount <br />thereof and the auditor shall reduce by the amount so certified the amount otherwise to be included in the rolls <br />next thereafter prepared. <br /> <br />All such taxes shall be collected and remitted to the municipality by the county treasurer as other taxes are col- <br />lected and remitted, and shall be used only for payment of the obligations on account of that levied or to repay <br />advances from other funds used for such payments, except that any surplus remaining in the debt service fund <br />when the obligations and interest thereon are paid may be appropriated to any other general purpose by the <br />municipality. <br /> <br />Class Rate <br /> <br />The factors (class rates) for converting estimated market value to net tax capacity represent a basic element of <br />the State's property tax relief system and are therefore subject to annual revisions by the State Legislature. <br /> <br />(Remainder of page left intentionally blank) <br /> <br />I <br />I <br /> <br />- 20- <br />
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