MS SB2863

Authorizes the City of Corinth, Mississippi to impose a special sales tax of up to 1/4 of 1% on gross proceeds of sales and business income taxed at 7% or more under Mississippi Sales Tax Law.

Requires the city to hold an election with at least three weeks' notice, and the tax becomes effective only if at least 3/5 of qualified electors voting approve it.

Revenue from the special sales tax must be deposited in a separate fund and used exclusively for improvements, repairs, restoration, and resurfacing of Shiloh Road, Harper Road, and Tate Street, including related infrastructure, utilities, and professional fees.

Allows the City of Corinth to incur indebtedness up to an amount that can be serviced by the special sales tax revenue, which does not count toward the city's debt limitations.

The special sales tax automatically ceases after 9 years or upon project completion, whichever comes first; the city must annually audit receipts and expenditures with an independent certified public accountant.