Iowa Code r. 701-273.5 - End of deposits-district dissolution
(1)
Cessation of deposits.
a. The department shall cease to deposit
state sales tax revenues and state hotel and motel revenues once the
limitations described in either Iowa Code section
15J.8(1) or
15J.8(2) are
met.
b. The department shall cease
to deposit new tax revenues into a district's account within the fund once the
maximum benefit amount approved by the board for the district has been reached.
If a district reaches the maximum benefit amount, the department shall notify
the municipality and the board within a reasonable amount of
time.
(2)
District dissolution.
a. If
a municipality dissolves a district pursuant to Iowa Code section
15J.8(2), the
municipality must notify the department as required by Iowa Code section
15J.8(2).
b. When a municipality is notified that its
maximum benefit amount has been reached, the municipality shall dissolve the
district by ordinance as soon as practicable after notification.
This rule is intended to implement Iowa Code section 15J.8.
Notes
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