MS HB1734

George County Board of Supervisors authorized to issue up to $10 million in general obligation bonds for acquiring, constructing, equipping, and maintaining a county sports and recreation complex.

Issuance of bonds and any tax requires approval by at least 60% of county voters in a special election with at least three weeks' notice.

County may levy a 0.50% sales tax on gross proceeds of sales in George County to pay principal and interest on bonds, with specific exemptions including automobiles, food, drugs, and farm equipment.

State Tax Commission collects the sales tax and remits proceeds to George County by the 15th of the following month; tax continues until all bonds are fully paid.

If sales tax revenue is insufficient, George County may levy a special property tax to cover remaining bond obligations; act expires July 1, 2013.