If a district doesn't have a revenue purpose statement, how must the proceeds be expended?
A district that does not have a valid revenue purpose statement must expend its revenue for property tax relief in the order specified in Code:
A. Revenues shall be used to reduce the levies in this order:
- Bond levies under sections 298.18 and 298.18A and all other debt levies until the moneys received or the levies are reduced to zero (debt service levy for general obligation school bonds).
- The regular physical plant and equipment levy (PPEL) under section 298.2, until the moneys received or the levy is reduced to zero.
- The voter-approved physical plant and equipment levy (VPPEL) and income surtax, if any, under section 298.2, until the moneys received or the levy and income surtax, if any, are reduced to zero.
- The public educational and recreational levy under section 300.2 (PERL), until the moneys received or the levy is reduced to zero.
- The school house 67.5 cent tax levy under section 278.1, subsection 7, Code 1989, until the moneys received or the levy is reduced to zero [this levy has expired].
B. Any money remaining after the reduction of the levies specified may be used for any authorized school infrastructure purpose of the school district as defined in section 423E.1, subsection 3, Code 2007.
C. However, these required uses shall not prevent the district from using its revenues first to pay principal and interest when due on revenue bonds issued pursuant to 423E.5 or 423F.4.