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2006 SESSION

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SB 655 Retail Sales and Use Tax; revenue from certain public facilities for certain designated cities.

Introduced by: Nick Rerras | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Entitlement to certain sales tax revenues.  Entitles the City of Norfolk to all sales tax revenues generated by transactions taking place in certain public facilities to pay the cost of bonds issued to pay for such public facilities. Such entitlement shall continue for the lifetime of such bonds, which entitlement shall not exceed 35 years, and all such sales tax revenues shall be applied to repayment of the bonds. The bill also clarifies that a public facility does not include any residential condominiums, town homes, or residential units.


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