MS SB3029

Authorizes the City of Vicksburg to levy a special sales tax of 1/2 of 1% on gross proceeds of sales or gross income from activities taxed at 7% or more under Mississippi Sales Tax Law to fund a state-of-the-art sports complex and/or recreational facility.

Authorizes the city to issue general obligation bonds in an aggregate principal amount not to exceed $20,000,000.00 for property acquisition and construction of the sports complex and related facilities.

Requires the city to adopt a resolution declaring intent to levy the tax and call an election where qualified voters must approve the tax by a 60% majority vote before implementation.

Requires tax revenue to be collected by the Department of Revenue using standard sales tax procedures, placed in a special fund separate from general revenues, and expended solely for the authorized project purposes.

Tax must be discontinued once all project indebtedness and obligations are paid, with annual independent audits of all receipts and expenditures required.