MS HB1556

Authorizes George County Board of Supervisors to issue up to $6,250,000 in general obligation bonds to acquire, construct, equip and furnish a county recreational complex.

Requires approval by at least 60% of county electors voting in a special election before bonds can be issued or tax imposed.

Imposes a one-half of one percent (0.5%) sales tax on gross proceeds of sales in George County to retire the bonds, collected by the Department of Revenue.

Sales tax exemptions include farm tractors, manufacturing machinery, vehicles, construction contracts, mineral products, and wholesale transactions.

Tax proceeds collected monthly shall be deposited into a special county fund and used to pay principal, interest and expenses of the bonds until fully paid, with ad valorem tax backup if sales tax revenue is insufficient.