00SENATE BILL NO. 227                                                                                                   
01 "An Act relating to the limitation of levy of municipal ad valorem taxes in home                                        
02 rule and general law municipalities; and providing for an effective date."                                              
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 29.45.090 is amended by adding a new subsection to read:                                          
05  (e)  The provisions of (a) of this section do not apply in a municipality that,                                       
06 before, on, or after the effective date of this subsection, establishes a different                                     
07 limitation of levy that may not exceed three percent of the assessed value of property                                  
08 in the municipality.  All property in the municipality on which the ad valorem tax is                                   
09 levied shall be taxed at the same rate.  A limitation of levy under this subsection shall                               
10 be set,                                                                                                                 
11   (1)  in a home rule municipality, by home rule charter provision; and                                                
12   (2)  in a general law municipality, by ordinance approved by the voters.                                             
13    * Sec. 2.  AS 29.45.100, as amended by sec. 2(3) of the initiative identified as 99PTAR,                           
14 is amended to read:                                                                                                     

01  Sec. 29.45.100.   Limitations  [NO LIMITATIONS] on taxes to pay bonds.                                              
02 The limitations provided for in AS 29.45.080 - 29.45.090 do not apply to taxes levied                                   
03 or pledged to pay or secure the payment of the principal and interest on bonds issued                                   
04  before  [PRIOR TO] January 1, 2001, but do apply to taxes levied or pledged to pay                                   
05 or secure the payment  of  [OR] principal and interest on bonds , except the principal                               
06 and interest on bonds, notes, or other indebtedness that qualify under                                                  
07 AS 14.11.100 for allocation of state aid,  issued on or after that date.  Taxes to pay                                 
08 or secure the payment of principal and interest on bonds issued  before  [PRIOR TO]                                   
09 January 1, 2001 ,  may continue to be levied without limitation as to rate or amount,                                 
10 regardless of whether the bonds are in default or danger of default.                                                    
11    * Sec. 3.  The uncodified law of the State of Alaska is amended by adding a new section                            
12 to read:                                                                                                                
13  CONDITIONAL EFFECT.  The Act takes effect only if the initiative identified as                                         
14 99PTAR, an initiative proposition relating to the assessment, levy, and collection of property                          
15 taxes by home rule and general law municipalities, is approved because a majority of the votes                          
16 cast on the initiative proposition favors its adoption.                                                                 
17    * Sec. 4.  If, under sec. 3 of this Act, this Act takes effect, it takes effect on the effective                   
18 date of the initiative proposition identified as 99PTAR.