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The commission shall annually levy a tax not to exceed 0.12089 percent of market value on
all the taxable property in the transit area at a rate sufficient to produce an amount necessary for
the purposes of sections 458A.01 to 458A.15, other than the payment of principal and interest
due on any revenue bonds issued pursuant to section 458A.05. Property taxes levied under this
section shall be certified by the commission to the county auditors of the transit area, extended,
assessed, and collected in the manner provided by law for the property taxes levied by the
governing bodies of cities. The proceeds of the taxes levied under this section shall be remitted by
the respective county treasurers to the treasurer of the commission, who shall credit the same to
the funds of the commission for use for the purposes of sections 458A.01 to 458A.15 subject to
any applicable pledges or limitations on account of tax anticipation certificates or other specific
purposes. At any time after making a tax levy under this section and certifying it to the county
auditors, the commission may issue general obligation certificates of indebtedness in anticipation
of the collection of the taxes as provided by section 412.261.
History: 1969 c 1134 s 10; 1975 c 32 s 1; 1989 c 277 art 4 s 56