12-1742. Conditions of leases and lease-purchase agreements; origination fee; apportionment of payments in lieu of taxes; administrative costs.
12-1742
12-1742. Conditions of leases and lease-purchase
agreements; origination
fee; apportionment of payments in lieu of taxes; administrative costs.
Such agreements shall provide for a rental sufficient to repay the principal
of and the interest on the revenue bonds. Such agreements also
may provide that the lessee shall reimburse the city or county for
its actual costs of administering and supervising the issue. The
city or county may charge an origination fee. Such fee
shall not be deemed a payment in lieu of taxes hereunder. Such fee shall
be used exclusively for local economic development activities but shall not
be used to pay any administrative costs of the city or county. Except for
the origination fee, all other fees paid
in excess of such actual costs and any other obligation assumed under the
contract shall be deemed payments in lieu of taxes and distributed as provided
herein. If the agreement provides
for a payment in lieu of taxes to the
city or county, such payment, immediately upon receipt of
same, shall be transmitted
by the city or county to the county treasurer of the county in which the
city is located. Payments in lieu of taxes received pursuant to agreements
entered into after the effective date of this act shall include all fees
or charges paid for services normally and customarily paid from the proceeds
of general property tax levies, except for extraordinary services provided for
the facility or an extraordinary level of services required by a facility.
Payments
in lieu of taxes may be required only upon property for which an exemption
from ad valorem property taxes has been granted by the state
court of tax appeals. The county treasurer shall apportion such payment
among the
taxing subdivisions of this state in the territory in which the facility is
located. Any payment in lieu of taxes shall be divided by the county treasurer
among
such taxing subdivisions in the same proportion that the amount of the total
mill levy of each individual taxing subdivision bears
to the aggregate of such levies of all the taxing subdivisions among
which the division is to be made. The county treasurer shall pay such
amounts to the taxing subdivisions at the same time or times
as their regular operating tax rate mill levy is paid to them.
Based upon the assessed valuation which such facility would have if it were
upon the tax rolls of the county, the county clerk shall compute the total
of the property taxes which would be levied upon such facility by all taxing
subdivisions within which the facility is located if such property were
taxable.
History: L. 1961, ch. 81, § 3; L. 1967, ch. 92, § 1; L. 1981,
ch. 74, § 6; L. 1982, ch. 298, § 20;
L. 1987, ch. 72, § 1;
L. 1992, ch. 280, § 51;
L. 2008, ch. 109, § 28; July 1.