MS SB2990

Authorizes the City of Flowood to levy a 2% tax on gross proceeds of sales of hotel and motel room rentals within city limits.

Tax revenue shall be collected by the Department of Revenue using state sales tax procedures and paid to the city monthly, with separate accounting and annual independent audits required.

Authorizes the city to issue bonds not to exceed $20,000,000 to finance acquisition, construction, and improvement of a conference center and related facilities.

Bonds are limited obligations payable solely from the authorized hotel/motel tax and a prior 1996 tax authorization, with no claim against the city's general credit or taxing powers.

Tax authority and related provisions expire July 1, 2017, and the tax automatically repeals upon full payment of all bond principal and interest; remaining funds revert to the city's general fund.