CSSB 186(FIN): "An Act relating to municipal taxes on oil and gas production and pipeline property; establishing a limit on the general obligation debt that may be authorized and issued by home rule and general law municipalities; and providing for an effective date."
00 CS FOR SENATE BILL NO. 186(FIN) 01 "An Act relating to municipal taxes on oil and gas production and pipeline property; 02 establishing a limit on the general obligation debt that may be authorized and issued by 03 home rule and general law municipalities; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 29.10.200 is amended by adding a new paragraph to read: 06 (60) AS 29.47.185 and 29.47.305 (limitations on new or additional 07 general obligation debt). 08 * Sec. 2. AS 29.45.080 is amended by adding a new subsection to read: 09 (f) A municipality may not levy and collect taxes on property taxable under 10 AS 43.56 in excess of 1.9 percent of the assessed value of the property. This 11 subsection only applies to a municipality if the assessed value of all taxable property 12 in the municipality equals or exceeds $500,000 multiplied by the number of residents 13 in the municipality. 14 * Sec. 3. AS 29.45.080(f) is amended to read:
01 (f) A municipality may not levy and collect taxes on property taxable under 02 AS 43.56 in excess of 1.8 [1.9] percent of the assessed value of the property. This 03 subsection only applies to a municipality if the assessed value of all taxable property 04 in the municipality equals or exceeds $500,000 multiplied by the number of residents 05 in the municipality. 06 * Sec. 4. AS 29.45.080(f) is amended to read: 07 (f) A municipality may not levy and collect taxes on property taxable under 08 AS 43.56 in excess of 1.7 [1.8] percent of the assessed value of the property. This 09 subsection only applies to a municipality if the assessed value of all taxable property 10 in the municipality equals or exceeds $500,000 multiplied by the number of residents 11 in the municipality. 12 * Sec. 5. AS 29.45.080(f) is amended to read: 13 (f) A municipality may not levy and collect taxes on property taxable under 14 AS 43.56 in excess of 1.6 [1.7] percent of the assessed value of the property. This 15 subsection only applies to a municipality if the assessed value of all taxable property 16 in the municipality equals or exceeds $500,000 multiplied by the number of residents 17 in the municipality. 18 * Sec. 6. AS 29.45.080(f) is amended to read: 19 (f) A municipality may not levy and collect taxes on property taxable under 20 AS 43.56 in excess of 1.5 [1.6] percent of the assessed value of the property. This 21 subsection only applies to a municipality if the assessed value of all taxable property 22 in the municipality equals or exceeds $500,000 multiplied by the number of residents 23 in the municipality. 24 * Sec. 7. AS 29.45.080(f) is amended to read: 25 (f) A municipality may not levy and collect taxes on property taxable under 26 AS 43.56 in excess of 1.4 [1.5] percent of the assessed value of the property. This 27 subsection only applies to a municipality if the assessed value of all taxable property 28 in the municipality equals or exceeds $500,000 multiplied by the number of residents 29 in the municipality. 30 * Sec. 8. AS 29.45.080(f) is amended to read: 31 (f) A municipality may not levy and collect taxes on property taxable under
01 AS 43.56 in excess of 1.3 [1.4] percent of the assessed value of the property. This 02 subsection only applies to a municipality if the assessed value of all taxable property 03 in the municipality equals or exceeds $500,000 multiplied by the number of residents 04 in the municipality. 05 * Sec. 9. AS 29.45.080(f) is amended to read: 06 (f) A municipality may not levy and collect taxes on property taxable under 07 AS 43.56 in excess of 1.2 [1.3] percent of the assessed value of the property. This 08 subsection only applies to a municipality if the assessed value of all taxable property 09 in the municipality equals or exceeds $500,000 multiplied by the number of residents 10 in the municipality. 11 * Sec. 10. AS 29.45.080(f) is amended to read: 12 (f) A municipality may not levy and collect taxes on property taxable under 13 AS 43.56 in excess of 1.1 [1.2] percent of the assessed value of the property. This 14 subsection only applies to a municipality if the assessed value of all taxable property 15 in the municipality equals or exceeds $500,000 multiplied by the number of residents 16 in the municipality. 17 * Sec. 11. AS 29.45.080(f) is amended to read: 18 (f) A municipality may not levy and collect taxes on property taxable under 19 AS 43.56 in excess of one [1.1] percent of the assessed value of the property. This 20 subsection only applies to a municipality if the assessed value of all taxable property 21 in the municipality equals or exceeds $500,000 multiplied by the number of residents 22 in the municipality. 23 * Sec. 12. AS 29.45.090(a) is amended to read: 24 (a) A municipality may not, during a year, levy an ad valorem tax for any 25 purpose in excess of three percent of the assessed value of property in the 26 municipality. Except for property that is subject to the limitation provided for in 27 AS 29.45.080(f), all [ALL] property on which an ad valorem tax is levied shall be 28 taxed at the same rate during the year. 29 * Sec. 13. AS 29.45.100 is amended to read: 30 Sec. 29.45.100. Application of [NO] limitations on taxes to pay bonds. 31 Except as provided in (b) of this section, the [THE] limitations provided for in
01 AS 29.45.080 - 29.45.090 do not apply to taxes levied or pledged to pay or secure the 02 payment of the principal and interest on bonds. Taxes to pay or secure the payment of 03 principal and interest on bonds may be levied without limitation as to rate or amount, 04 regardless of whether the bonds are in default or in danger of default. 05 * Sec. 14. AS 29.45.100 is amended by adding a new subsection to read 06 (b) The limitation provided for in AS 29.45.080(f) applies to ad valorem taxes 07 levied or pledged to pay or secure the payment of the principal or interest on bonds 08 issued on or after January 1, 2002, regardless of whether the bonds are in default or in 09 danger of being in default. 10 * Sec. 15. AS 29.47 is amended by adding a new section to read: 11 Sec. 29.47.185. Limitations on new or additional general obligation bonds. 12 (a) Except as provided in (b) of this section, a municipality may not incur new or 13 additional general obligation bond debt for a purpose described in AS 29.47.180 or for 14 another purpose for which a municipality may authorize and issue its general 15 obligation bonds if the proposed new or additional general obligation bond debt, when 16 added to the current total general obligation bonded indebtedness of the municipality, 17 including the authorized but unsold bonds of the municipality, would cause the total 18 general obligation bonded indebtedness of the municipality to exceed $15,000 per 19 capita based on the number of residents of the municipality. 20 (b) If a municipality has a total general obligation bonded indebtedness that, 21 on July 1, 2001, exceeds $15,000 per capita based on the number of residents of the 22 municipality, the municipality may only incur additional general obligation debt 23 during each state fiscal year thereafter in an amount that does not exceed $1,000 per 24 capita based on the number of residents of the municipality on the first day of the 25 fiscal year during which the indebtedness is incurred. This subsection no longer 26 applies to a municipality when the total general obligation bonded indebtedness of the 27 municipality reaches an amount that does not exceed $15,000 per capita based on the 28 number of residents of the municipality. 29 (c) For purposes of (a) and (b) of this section, the population of the 30 municipality shall be determined under AS 29.45.080(e) and 29.45.090(d). 31 (d) The limitations of (a) and (b) of this section apply to the entire general
01 obligation bonded indebtedness of a unified municipality or borough, whether incurred 02 as areawide debt, nonareawide debt, or debt involving a service area. 03 * Sec. 16. AS 29.47 is amended by adding a new section to read: 04 Sec. 29.47.305. Limitations on new or additional bonds to refund general 05 obligation bonds of the municipality. (a) A municipality with a total general 06 obligation bonded indebtedness that exceeds $15,000 per capita based on the number 07 of residents of the municipality may only issue general obligation refunding bonds if 08 the principal and interest on the refunding bonds must be entirely repaid on or before 09 the date the final payment would have been due on the bonds being refunded. 10 (b) For purposes of (a) of this section, the population of the municipality shall 11 be determined under AS 29.45.080(e) and 29.45.090(d). 12 (c) The limitation of (a) of this section applies to the entire general obligation 13 bonded indebtedness of a unified municipality or borough, whether incurred as 14 areawide debt, nonareawide debt, or debt involving a service area. 15 * Sec. 17. Sections 1, 15, and 16 of this Act take effect immediately under 16 AS 01.10.070(c). 17 * Sec. 18. Sections 2 and 12 - 14 of this Act take effect January 1, 2002. 18 * Sec. 19. Section 3 of this Act takes effect January 1, 2003. 19 * Sec. 20. Section 4 of this Act takes effect January 1, 2004. 20 * Sec. 21. Section 5 of this Act takes effect January 1, 2005. 21 * Sec. 22. Section 6 of this Act takes effect January 1, 2006. 22 * Sec. 23. Section 7 of this Act takes effect January 1, 2007. 23 * Sec. 24. Section 8 of this Act takes effect January 1, 2008. 24 * Sec. 25. Section 9 of this Act takes effect January 1, 2009. 25 * Sec. 26. Section 10 of this Act takes effect January 1, 2010. 26 * Sec. 27. Section 11 of this Act takes effect January 1, 2011.