certain public trust property. All public trusts hereafter issuing revenue bonds, notes or other evidences of indebtedness for industrial development purposes, including but not limited to rail transportation projects, shall require the lessee of each industrial project owned by the public trust, excluding nonprofit health care facilities, to pay an annual sum in lieu of ad valorem taxes for each year following the tenth anniversary date of the issuance of such revenue bonds, notes or other evidences of indebtedness. The lease or other agreement between the public trust and the lessee shall provide that the amount of the annual in lieu of payments shall be equal to the amount which such lessee would be obligated to pay were it the title owner of such industrial project during such annual period according to the assessment and valuation methods and procedures then provided by law. Prior to the tenth anniversary date of the issuance of such revenue bonds, notes or other evidences of indebtedness, the public trust shall elect, pursuant to a written notice of election filed with the county assessor and the county treasurer of the county in which the project property is located, either (a) to cause said annual in lieu of payments to be paid directly to said county and collected and distributed by said county treasurer in the manner then provided by law for ad valorem tax payments, or (b) to cause said annual in lieu of payments to be paid to said public trust and distributed as received by it to the local units of government in the impact area of the project supplying services and facilities to the industrial project and its employees in the proportions that the public trust shall determine to be equitable under the circumstances, with total distribution to all impacted school districts of not less than the percentage that would have been received in ad valorem taxes, by the school districts in the county where the facility is located, if imposed, and with said distribution based upon enrollment figures provided annually, in writing, within thirty (30) days after enrollment, to the trust. If said enrollment figures are not submitted in writing within said time period, then said school district is permanently barred after said thirty (30) days from receiving in lieu of payments for that annual distribution period. The term "industrial project" as used in this section shall include an expansion of an existing industrial facility; provided, however, no such arrangement shall operate to remove any property from the tax rolls except unimproved land then owned by the lessee to be acquired by the trust or additional unimproved land to be acquired by the trust to provide such improvements. The term "lessee" as used in this section shall include any individual, association, partnership, corporation or other entity engaged in any trade or business for profit and not otherwise exempt from ad valorem taxation under the laws of the state and shall include any purchaser or obligor under an installment sale agreement or other underlying financing agreement. The provisions of this section shall not apply to any project financed, or formally committed to be financed, by any public trust prior to the effective date hereof. Provided, further, that nothing contained in this section shall prevent any public trust from requiring in lieu of payments to be made by a lessee to the trust for public use, prior to the tenth anniversary date of the issuance of bonds, notes or other evidences of indebtedness hereafter issued for industrial development purposes.
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