HB1503: City of Olive Branch; authorize 1% tax on hotels and motels and issuance of bonds for tourism, parks and recreation.

Legislative Summary

An Act To Authorize The Governing Authorities Of The City Of Olive Branch, Mississippi, To Levy A Tax Upon The Gross Sales Of Hotels And Motels Derived From Room Rentals For The Purposes Of Tourism And Parks And Recreation; To Provide For An Election On Whether The Tax May Be Levied; For The Purposes Of Tourism And Parks And Recreation, To Authorize The City To Issue General Obligation Bonds Or Incur Other Indebtedness In An Aggregate Principal Amount Not In Excess Of An Amount For Which Debt Service Is Capable Of Being Funded By The Proceeds Of The Special Sales Tax Levied Under This Act; And For Related Purposes.