99.1054. Debt service levies, computation of. - Missouri Statutes

Debt service levies, computation of.

99.1054. In each of the twenty-five calendar years following theadoption of an ordinance adopting development financing for a developmentproject area, unless and until development financing for such developmentproject area is terminated by ordinance of the municipality, then, inrespect to every taxing district containing such development project area,the county clerk, or any other official required by law to ascertain theamount of the equalized assessed value of all taxable property within suchdevelopment project area for the purpose of computing any debt servicelevies to be extended upon taxable property within such development projectarea, shall in every year that development financing is in effect ascertainthe amount of value of taxable property in such development project area byincluding in such amount the certified total initial equalized assessedvalue of all taxable real property in such development project area in lieuof the equalized assessed value of all taxable real property in suchdevelopment project area. For the purpose of measuring the size ofpayments in lieu of taxes under sections 99.1000 to 99.1060, all tax leviesshall then be extended to the current equalized assessed value of allproperty in the development project area in the same manner as the tax ratepercentage is extended to all other taxable property in the taxingdistrict.

(L. 2003 H.B. 289)