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H0679...............................................by REVENUE AND TAXATION
LIBRARY DISTRICTS - Amends existing law to provide that a library district
may issue bonds in an amount not to exceed two percent of the market value
for assessment purposes of property within the district, less any aggregate
outstanding indebtedness.
03/25 House intro - 1st rdg - to printing
Rpt prt - to Rev/Tax
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 679 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO BONDS OF LIBRARY DISTRICTS; AMENDING SECTION 33-2728, IDAHO CODE, 3 TO PROVIDE THAT A LIBRARY DISTRICT MAY ISSUE BONDS IN AN AMOUNT NOT TO 4 EXCEED TWO PERCENT OF THE MARKET VALUE FOR ASSESSMENT PURPOSES OF PROPERTY 5 WITHIN THE DISTRICT, LESS ANY AGGREGATE OUTSTANDING INDEBTEDNESS. 6 Be It Enacted by the Legislature of the State of Idaho: 7 SECTION 1. That Section 33-2728, Idaho Code, be, and the same is hereby 8 amended to read as follows: 9 33-2728. BOND ELECTION. (1) The purposes for which bonds may be issued 10 shall be: To acquire, purchase, or improve a library site or sites; to build a 11 library or libraries, or other building or buildings; to demolish or remove 12 buildings; to add to, remodel or repair any existing building; to furnish and 13 equip any building or buildings, including all facilities and appliances nec- 14 essary to maintain and operate the buildings of the library; and to purchase 15 motor vehicles for use as bookmobiles. 16 The library district may issue bonds in an amount not to exceedfour-17tenthstwo percent (.42%) of the market value for assessment purposes of prop- 18 erty within the district, less any aggregate outstanding indebtedness. 19 The board of trustees of any library district, upon approval of a majority 20 thereof, may call a bond election on the question as to whether the board 21 shall be empowered to issue bonds of the district in an amount and for a 22 period of time to be stated in the notice of election. The notice of bond 23 elections, the qualification of bond electors, the conduct of the election, 24 and the canvass of election and determination of the result of election shall 25 be in accordance with chapter 14, title 34, Idaho Code, and with the general 26 election laws of the state of Idaho. The majority required to pass a bond 27 issue shall be two-thirds (2/3) of those voting in the election. The issuance 28 of bonds, the expenditure of bond proceeds and the repayment of the bonds 29 shall all be as specified in school district law. 30 (2) District library bond funds may not be used to purchase or expand a 31 building for a contracting agency providing library services unless the dis- 32 trict library gains an ownership share in the building proportional to the 33 percentage of district bond funds used to purchase or expand the building.
STATEMENT OF PURPOSE
RS 18137
This legislation increases the bond limit for library
districts from 4/10th of one percent (1%) up to two percent (2%)
of assessed value within the district.
This new cap will provide library districts a larger value
base from which to request voters to approve general obligation
bonds for library capital projects.
All library district bonds must be held on either the
primary or general election dates and require a super majority of
sixty-six and two-thirds percent (66 2/3%) to pass.
FISCAL NOTE
No fiscal impact to the general fund.
Contact
Name: John Watts, Veritas Advisors on behalf of Idaho Library
Association
Phone: 208.385.7070
STATEMENT OF PURPOSE/FISCAL NOTE H 679