06 LC
18 4760
House
Bill 1667
By:
Representatives Davis of the
109th,
Hatfield of the
177th,
Walker of the
107th,
May of the
111th,
Loudermilk of the
14th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 48 of the Official Code of Georgia Annotated, relating to revenue
and taxation, so as to abolish the state income tax; to increase the rate of tax
on the retail purchase, retail sale, rental, storage, use, or consumption of
certain tangible property and on certain services; to provide for applicability
with respect to building and construction materials and to certain services; to
provide for application of sales and use taxes with respect to certain sales of
motor fuels; to provide for conforming changes with respect to certain tax
ceilings, imposition of taxes, collection from dealers, disposition of certain
excess taxes, compensation of dealers for reporting and paying taxes, and
payment of taxes by certain contractors; to provide for editorial revision; to
provide for other matters relative to the foregoing; to provide for an effective
date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
48 of the Official Code of Georgia Annotated, relating to revenue and taxation,
is amended by repealing in its entirety Chapter 7, relating to income
taxes.
SECTION
2.
Said
title is further amended by adding a new Chapter 7 to read as
follows:
"CHAPTER
7
48-7-1.
On
and after January 1, 2007, there shall be no income taxes whatsoever levied or
collected by the state or any political subdivision thereof and no income tax
returns are
required."
SECTION
3.
Said
title is further amended by adding a new Code section immediately following Code
Section 48-8-1, to be designated Code Section 48-8-1.1, to read as
follows:
"48-8-1.1.
(a)
As used in this Code section, the term 'building and construction materials'
means all building and construction materials, supplies, fixtures, or equipment,
any combination of such items, and any other leased or purchased articles when
the materials, supplies, fixtures, equipment, or articles are to be utilized or
consumed during construction or are to be incorporated into construction work
pursuant to a bona fide written construction contract.
(b)
The increased rate of state sales and use taxation from 4 percent to 8 percent
shall not apply with respect to the sale or use of building and construction
materials when the contract pursuant to which the materials are purchased or
used was advertised for bid prior to January 1, 2007, and the contract was
entered into as a result of a bid actually submitted in response to the
advertisement prior to January 1, 2007; provided, however, that any such sale or
use shall remain fully taxable at the prior rate of taxation.
(c)
With respect to services which are regularly billed on a monthly basis, the
increased rate of state sales and use taxation from 4 percent to 8 percent shall
apply to services billed on or after January 1, 2007; provided, however, that
any such services billed prior to such date shall remain fully taxable at the
prior rate of
taxation."
SECTION
4.
Said
title is further amended by striking subsections (a) and (b) of Code Section
48-8-3.1, relating to sales tax exemptions as applied to motor fuels, in their
entirety and inserting in their respective places new subsections (a) and (b) to
read as follows:
"(a)
Except as provided in subsection (b) of this Code section, sales of motor fuels
as defined in paragraph (9) of Code Section 48-9-2 shall be exempt from the
first 3 percent of the sales and use taxes levied or imposed by this article and
shall be subject to the remaining
1
5
percent of the sales and use taxes levied or imposed by this
article.
(b)
Sales of motor fuel other than gasoline which motor fuel other than gasoline is
purchased for purposes other than propelling motor vehicles on public highways
as defined in Article 1 of Chapter 9 of this title shall be fully subject to the
4
8
percent sales and use taxes levied or imposed by this article unless otherwise
specifically exempted by this
article."
SECTION
5.
Said
title is further amended by striking Code Section 48-8-30, relating to the rate
and imposition of the state sales and use tax, in its entirety and inserting in
its place a new Code Section 48-8-30 to read as follows:
"48-8-30.
(a)
There is levied and imposed a tax on the retail purchase, retail sale, rental,
storage, use, or consumption of tangible personal property and on the services
described in this article.
(b)(1)
Every purchaser of tangible personal property at retail in this state shall be
liable for a tax on the purchase at the rate of
4
8
percent of the sales price of the purchase. The tax shall be paid by the
purchaser to the retailer making the sale, as provided in this article. The
retailer shall remit the tax to the commissioner as provided in this article
and, when received by the commissioner, the tax shall be a credit against the
tax imposed on the retailer. Every person making a sale or sales of tangible
personal property at retail in this state shall be a retailer and a dealer and
shall be liable for a tax on the sale at the rate of
4
8
percent of the gross sale or gross
sales,
or the amount of taxes collected by him
or
her from his
or
her purchaser or purchasers, whichever is
greater.
(2)
No retail sale shall be taxable to the retailer or dealer which is not taxable
to the purchaser at retail.
(c)(1)
Upon the first instance of use, consumption, distribution, or storage within
this state of tangible personal property purchased at retail outside this state,
the owner or user of the property shall be a dealer and shall be liable for a
tax at the rate of
4
8
percent of the cost price, except as provided in paragraph (2) of this
subsection.
(2)
Upon the first instance of use, consumption, distribution, or storage within
this state of tangible personal property purchased at retail outside this state
and used outside this state for more than six months prior to its first use
within this state, the owner or user of the property shall be a dealer and shall
be liable for a tax at the rate of
4
8
percent of the cost price or fair market value of the property, whichever is the
lesser.
(3)
This subsection shall not be construed to require a duplication in the payment
of the tax. The tax imposed by this subsection shall be subject to the credit
otherwise granted by this article for like taxes previously paid in another
state.
(c.1)(1)
Every purchaser of tangible personal property at retail outside this state from
a dealer, as defined in subparagraph (H) of paragraph (3) of Code Section
48-8-2, when such property is to be used, consumed, distributed, or stored
within this state, shall be liable for a tax on the purchase at the rate of
4
8
percent of the sales price of the purchase. It shall be prima-facie evidence
that such property is to be used, consumed, distributed, or stored within this
state if that property is delivered in this state to the purchaser or agent
thereof. The tax shall be paid by the purchaser to the retailer making the
sale, as provided in this article. The retailer shall remit the tax to the
commissioner as provided in this article and, when received by the commissioner,
the tax shall be a credit against the tax imposed on the retailer. Every person
who is a dealer, as defined in subparagraph (H) of paragraph (3) of Code Section
48-8-2,
and who makes any sale of tangible personal property at retail outside this
state which property is to be delivered in this state to a purchaser or
purchaseŕs
agent shall be a retailer and a dealer for purposes of this article and shall be
liable for a tax on the sale at the rate of
4
8
percent of such gross sales or the amount of tax as collected by that person
from purchasers having their purchases delivered in this state, whichever is
greater.
(2)
No retail sale shall be taxable to the retailer or dealer which is not taxable
to the purchaser at retail. The tax imposed by this subsection shall be subject
to the credit otherwise granted by this article for like taxes previously paid
in another state. This subsection shall not be construed to require a
duplication in the payment of the tax.
(d)(1)
Every person to whom tangible personal property in the state is leased or rented
shall be liable for a tax on the lease or rental at the rate of
4
8
percent of the gross lease or rental charge. The tax shall be paid to the
person who leases or rents the property by the person to whom the property is
leased or rented. A person who leases or rents property to others as a dealer
under this article shall remit the tax to the
commissioner,
as provided in this article. When received by the commissioner, the tax shall
be a credit against the tax imposed on the person who leases or rents the
property to others. Every person who leases or rents tangible personal property
in this state to others shall be a dealer and shall be liable for a tax on the
lease or rental at the rate of
4
8
percent of the gross lease or rental
proceeds,
or the amount of taxes collected by him
or
her from persons to whom he
or
she leases or rents tangible personal
property, whichever is greater.
(2)
No lease or rental shall be taxable to the person who leases or rents tangible
property to another which is not taxable to the person to whom the property is
leased or rented.
(3)
The lessee of both taxable and exempt property in this state under a single
lease agreement containing a lease period of ten years or more shall have the
option to discharge in full all sales and use taxes imposed by this article
relating to the tangible personal property by paying in a lump sum
4
8
percent of the fair market value of the tangible personal property at the date
of inception of the lease agreement in the same manner and under the same
conditions applicable to sales of the tangible personal property.
(e)
Upon the first instance of use within this state of tangible personal property
leased or rented outside this state, the person to whom the property is leased
or rented shall be a dealer and shall be liable for a tax at the rate of
4
8
percent of the rental charge paid to the person who leased or rented the
property, subject to the credit authorized for like taxes previously paid in
another state.
(e.1)(1)
Every person who leases, as lessor, or rents tangible personal property outside
this state for use within this state shall be liable for a tax at the rate of
4
8
percent of the rental charge paid for that lease or rental if that person is a
dealer, as defined in subparagraph (H) of paragraph (3) of Code Section
48-8-2,
and title to that property remains in that person. It shall be prima-facie
evidence that such property is to be used within this state if that property is
delivered in this state to the lessee or renter of such property, or to the
agent of either. The tax shall be paid by the lessee or renter and payment of
the tax shall be made to the lessor or person receiving rental payments for that
property, which person shall be the dealer for purposes of this article. The
dealer shall remit the tax to the commissioner as provided in this
article;
and, when received by the commissioner, the tax shall be a credit against the
tax imposed on the dealer. Every person who is a dealer, as defined in
subparagraph (H) of paragraph (3) of Code Section
48-8-2,
and who leases or rents tangible personal property outside this state to be
delivered in this state to the lessee, renter, or agent of either shall be a
dealer and shall be liable as such for a tax on the lease or rental at the rate
of
4
8
percent of the gross proceeds from such leases or rentals or the amount of taxes
collected by that dealer for leases or rentals of tangible personal property
delivered in this state, whichever is greater.
(2)
No lease or rental shall be taxable to the dealer which is not taxable to the
lessee or renter. The tax imposed by this subsection shall be subject to the
credit granted by this article for like taxes previously paid in another state.
This subsection shall not be construed to require a duplication in the payment
of the tax.
(f)(1)
Every person purchasing or receiving any service within this state, the purchase
of which is a retail sale, shall be liable for tax on the purchase at the rate
of
4
8
percent of the gross charge or charges made for the purchase. The tax shall be
paid by the person purchasing or receiving the service to the person furnishing
the service. The person furnishing the service, as a dealer under this article,
shall remit the tax to the commissioner as provided in this article; and, when
received by the commissioner, the tax shall be a credit against the tax imposed
on the person furnishing the service. Every person furnishing a service, the
purchase of which is a retail sale, shall be a dealer and shall be liable for a
tax on the sale at the rate of
4
8
percent of the gross charge or charges made for furnishing the
service,
or the amount of taxes collected by him
or
her from the person to whom the service is
fsurnished, whichever is greater.
(2)
No sale of services shall be taxable to the person furnishing the service which
is not taxable to the purchaser of the service.
(g)
Whenever a purchaser of tangible personal property under subsection (b) or (c.1)
of this Code section, a lessee or renter of the property under subsection (d) or
(e.1) of this Code section, or a purchaser of taxable services under subsection
(f) of this Code section does not pay the tax imposed upon him or her to the
retailer, lessor, or dealer who is involved in the taxable transaction, the
purchaser, lessee, or renter shall be a dealer himself or herself and the
commissioner, whenever he or she has reason to believe that a purchaser or
lessee has not so paid the tax, may assess and collect the tax directly against
and from the purchaser, lessee, or renter, unless the purchaser, lessee, or
renter shows that the retailer, lessor, or dealer who is involved in the
transaction has nevertheless remitted to the commissioner the tax imposed on the
transaction. If payment is received directly from the purchaser, it shall not
be collected a second time from the retailer, lessor, or dealer who is
involved.
(h)
The tax imposed by this Code section shall be collected from the dealer and paid
at the time and in the manner provided in this article. Any person engaging or
continuing in business as a retailer and wholesaler or jobber shall pay the tax
imposed on the gross proceeds of retail sales of the business at the rate
specified when proper books are kept showing separately the gross proceeds of
sales for each business. If the records are not kept separately, the tax shall
be paid as a retailer or dealer on the gross sales of the business. For the
purpose of this Code section, all sales through any one vending machine shall be
treated as a single sale. The gross proceeds for reporting vending sales shall
be treated as if the tax is included in the sale and the taxable proceeds shall
be net of the tax included in the sale.
(i)
The tax levied by this Code section is in addition to all other taxes, whether
levied in the form of excise, license, or privilege taxes, and shall be in
addition to all other fees and taxes
levied."
SECTION
6.
Said
title is further amended by striking Code Section 48-8-32, relating to
collection of the tax from dealers, in its entirety and inserting in its place a
new Code Section 48-8-32 to read as follows:
"48-8-32.
The
tax at the rate of
4
8
percent of the retail sales price at the time of sale or
4
8
percent of the cost price at the time of purchase, as the case may be, shall be
collectable from all persons engaged as dealers in the sale at retail, or in the
use, consumption, distribution, or storage for use or consumption in this state
of tangible personal
property."
SECTION
7.
Said
title is further amended by striking Code Section 48-8-43, relating to the
disposition of certain excess taxes, in its entirety and inserting in its place
a new Code Section 48-8-43 to read as follows:
"48-8-43.
When
the tax collected for any period is in excess of
4
8
percent, the total tax collected shall be paid over to the commissioner less the
compensation to be allowed the
dealer."
SECTION
8.
Said
title is further amended by striking subsection (d) of Code Section 48-8-63,
relating to the payment of the tax by certain contractors, in its entirety and
inserting in its place a new subsection (d) to read as follows:
"(d)(1)
Any subcontractor who enters into a construction contract with a general or
prime contractor shall be liable under this article as a general or prime
contractor. Any general or prime contractor who enters into any construction
contract or contracts with any subcontractor, where the total amount of such
contract or contracts between such general or prime contractor and any
subcontractors on any given project equals or exceeds
$250,000.00,
shall withhold up to
4
8
percent of the payments due the subcontractor in satisfaction of any sales or
use taxes owed this state.
(2)
The prime or general contractor shall withhold payments on all contracts that
meet the criteria specified in paragraph (1) of this subsection until the
subcontractor furnishes such prime or general contractor with a certificate
issued by the commissioner showing that all sales taxes accruing by reason of
the contract between the subcontractor and the general or prime contractor have
been paid and satisfied. If the prime or general contractor for any reason
fails to withhold up to
4
8
percent of the payments due the subcontractor under their contract, such prime
or general contractor shall become liable for any sales or use taxes due or owed
this state by the
subcontractor."
SECTION
9.
Said
title is further amended by striking paragraphs (3.1), (4.1), and (5.1) of
subsection (a) of Code Section 48-13-51, relating to the excise tax on rooms,
lodgings, and accommodations, and inserting in their place new paragraphs (3.1),
(4.1), and (5.1), respectively, to read as follows:
"(3.1)
Notwithstanding any other provision of this subsection, a county (within the
territorial limits of the special district located within the county) and the
municipalities within a county in which a trade and convention center authority
has been created by intergovernmental contract between a county and one or more
municipalities located therein, and which trade and convention center authority
is in existence on or before March 21, 1988, and which trade and convention
center authority has not constructed or operated any facility before March 21,
1988, may levy a tax under this Code section at a rate of 6 percent. A county
or municipality levying a tax pursuant to this paragraph shall expend (in each
fiscal year during which the tax is collected under this paragraph (3.1)) an
amount equal to at least 62 1/2 percent of the total taxes collected at the rate
of 6 percent for the purpose of: (A) promoting tourism, conventions, and trade
shows; (B) funding, supporting, acquiring, constructing, renovating, improving,
and equipping buildings, structures, and facilities, including, but not limited
to, a trade and convention center, exhibit hall, conference center, performing
arts center, accommodations facilities including food service, or any
combination thereof, for convention, trade show, athletic, musical, theatrical,
cultural, civic, and performing arts purposes and other events and activities
for similar and related purposes, acquiring the necessary property therefor,
both real and personal, and funding all expenses incident thereto, and
supporting, maintaining, and promoting such facilities owned, operated, or
leased by or to the local trade and convention center authority; or (C) for some
combination of such purposes; provided, however, that at least 50 percent of the
total taxes collected at the rate of 6 percent shall be expended for the
purposes specified in subparagraph (B) of this paragraph (3.1). Amounts so
expended shall be expended only through a contract or contracts with the state,
a department of state government, a state authority, a convention and visitors
bureau authority created by local Act of the General Assembly for a
municipality, a local building authority created by local constitutional
amendment, and a trade and convention center authority created by
intergovernmental contract between a county and one or more municipalities
located therein, or a private sector nonprofit organization or through a
contract or contracts with some combination of such entities. The aggregate
amount of all excise taxes imposed under this paragraph (3.1) and all sales and
use taxes, and other taxes imposed by a county or municipality, or both, shall
not exceed
13
17
percent. Any tax levied pursuant to this paragraph (3.1) shall terminate not
later than December 31, 2029, provided that during any period during which there
remains outstanding any obligation issued to fund a facility as contemplated by
this paragraph (3.1), secured in whole or in part by a pledge of a tax
authorized under this Code section, the powers of the counties and
municipalities to impose and distribute the tax imposed by this paragraph (3.1)
shall not be diminished or impaired by the state and no county or municipality
levying the tax imposed by this paragraph (3.1) shall cease to levy the tax in
any manner that will impair the interests and rights of the holder of any such
obligation. This proviso shall be for the benefit of the holder of any such
obligation and, upon the issuance of any such obligation by a building authority
created by local constitutional amendment, shall constitute a contract with the
holder of such obligation. Notwithstanding any other provision of this Code
section to the contrary, as used in this paragraph (3.1), the term: 'fund' or
'funding' shall include the cost and expense of all things deemed necessary by a
building authority created by local constitutional amendment for the
construction and operation of a facility or facilities including but not limited
to the study, operation, marketing, acquisition, construction, financing,
including the payment of principal and interest on any obligation of the
building authority created by local constitutional amendment and any obligation
of the building authority created by local constitutional amendment to refund
any prior obligation of the building authority created by local constitutional
amendment, development, extension, enlargement, or improvement of land, waters,
property, streets, highways, buildings, structures, equipment, or facilities and
the repayment of any obligation incurred by an authority in connection
therewith; 'obligation' shall include bonds, notes, or any instrument creating
an obligation to pay or reserve moneys and having an initial term of not more
than 37 years; and 'facility' or 'facilities' shall mean any of the buildings,
structures, and facilities described in subparagraph (B) of this paragraph (3.1)
and any associated parking areas or improvements originally owned or operated
incident to the ownership or operation of such facility used for any purpose or
purposes specified in subparagraph (B) of this paragraph (3.1) by a building
authority created by local constitutional
amendment."
"(4.1)
Notwithstanding any other provision of this subsection, a county (within the
territorial limits of the special district located within the county) or
municipality within a county in which a coliseum authority has been created by
local Act of the General Assembly and which authority is in existence on or
before July 1, 1963, for the purpose of owning or operating a facility, may levy
a tax under this Code section at a rate of 7 percent. A county or municipality
levying a tax pursuant to this paragraph shall expend (in each fiscal year
during which the tax is collected under this paragraph (4.1)) an amount equal to
at least 62 1/2 percent of the total taxes collected at the rate of 7 percent
for the purpose of: (A) promoting tourism, conventions, and trade shows; (B)
funding and supporting a facility owned or operated by such coliseum authority;
or (C) for some combination of such purposes. Amounts so expended shall be
expended only through a contract or contracts with the state, a department of
state government, a state authority, a convention and visitors bureau authority
created by local Act of the General Assembly for a municipality, a local
coliseum authority, or a private sector nonprofit organization, or through a
contract or contracts with some combination of such entities, except that
amounts expended for purpose (B) may be so expended in any otherwise lawful
manner without the necessity of a contract. The aggregate amount of all excise
taxes imposed under this paragraph (4.1) and all sales and use taxes, and other
taxes imposed by a county or municipality, or both, shall not exceed
12
16
percent. Any tax levied pursuant to this paragraph (4.1) shall terminate not
later than December 31, 2028, provided that during any period during which there
remains outstanding any obligation which is incurred prior to January 1, 1995,
issued to fund a facility as contemplated by this paragraph (4.1), and secured
in whole or in part by a pledge of a tax authorized under this Code section, the
powers of the counties and municipalities to impose and distribute the tax
imposed by this paragraph (4.1) shall not be diminished or impaired by the state
and no county or municipality levying the tax imposed by this paragraph (4.1)
shall cease to levy the tax in any manner that will impair the interest and
rights of the holders of any such obligation. This proviso shall be for the
benefit of the holder of any such obligation and, upon the issuance of any such
obligation by a coliseum and exhibit hall authority, shall constitute a contract
with the holder of such obligations. Notwithstanding any other provision of this
Code section to the contrary, as used in this paragraph (4.1), the term: 'fund'
and 'funding' shall include the cost and expense of all things deemed necessary
by a local coliseum authority for the construction, renovation, and operation of
a facility including but not limited to the study, operation, marketing,
acquisition, construction, finance, development, extension, enlargement, or
improvement of land, waters, property, streets, highways, buildings, structures,
equipment, or facilities, and the repayment of any obligation incurred by a
local coliseum authority in connection therewith; 'obligation' shall include
bonds, notes, or any instrument creating an obligation to pay or reserve moneys
incurred prior to January 1, 1995, and having an initial term of not more than
30 years; and 'facility' shall mean a coliseum or other facility and any
associated parking areas or improvements originally owned or operated incident
to the ownership or operation of a facility used for convention and trade show
purposes or amusement purposes, educational purposes, or a combination thereof
and for fairs, expositions, or exhibitions in connection therewith by a local
coliseum
authority."
"(5.1)
Notwithstanding any other provision of this subsection, a county (within the
territorial limits of the special district located within the county) and the
municipalities within a county in which a coliseum and exhibit hall authority
has been created by local Act of the General Assembly for a county and one or
more municipalities therein, and which local coliseum and exhibit hall authority
is in existence on or before January 1, 1991, and which local coliseum and
exhibit hall authority has not constructed or operated any facility before
January 1, 1991, may levy a tax under this Code section at a rate of 8 percent.
A county or municipality levying a tax pursuant to this paragraph shall expend
(in each fiscal year during which the tax is collected under this paragraph
(5.1)) an amount equal to at least 62 1/2 percent of the total taxes collected
at the rate of 8 percent for the purpose of: (A) promoting tourism, conventions,
and trade shows; (B) funding, supporting, acquiring, constructing, renovating,
improving, and equipping buildings, structures, and facilities, including, but
not limited to, a coliseum, exhibit hall, conference center, performing arts
center, or any combination thereof, for convention, trade show, athletic,
musical, theatrical, cultural, civic, and performing arts purposes and other
events and activities for similar and related purposes, acquiring the necessary
property therefor, both real and personal, and funding all expenses incident
thereto, and supporting, maintaining, and promoting such facilities owned,
operated, or leased by or to the local coliseum and exhibit hall authority or a
downtown development authority; or (C) for some combination of such purposes;
provided, however, that at least 50 percent of the total taxes collected at the
rate of 8 percent shall be expended for the purposes specified in subparagraph
(B) of this paragraph (5.1). Amounts so expended shall be expended only
through a contract or contracts with the state, a department of state
government, a state authority, a convention and visitors bureau authority
created by local Act of the General Assembly for a municipality, a local
coliseum and exhibit hall authority, a downtown development authority, or a
private sector nonprofit organization or through a contract or contracts with
some combination of such entities, notwithstanding any provision of paragraph
(8) of this subsection to the contrary. The aggregate amount of all excise
taxes imposed under this paragraph (5.1) and all sales and use taxes, and other
taxes imposed by a county or municipality, or both, shall not exceed
13
17
percent; provided, however, that any sales tax for educational purposes which is
imposed pursuant to Article VIII, Section VI, Paragraph IV of the Constitution
shall not be included in calculating such limitation. Any tax levied pursuant
to this paragraph (5.1) shall terminate not later than December 31, 2028,
provided that during any period during which there remains outstanding any
obligation issued to fund a facility as contemplated by this paragraph (5.1),
secured in whole or in part by a pledge of a tax authorized under this Code
section, the powers of the counties and municipalities to impose and distribute
the tax imposed by this paragraph (5.1) shall not be diminished or impaired by
the state and no county or municipality levying the tax imposed by this
paragraph (5.1) shall cease to levy the tax in any manner that will impair the
interests and rights of the holder of any such obligation. This proviso shall
be for the benefit of the holder of any such obligation and, upon the issuance
of any such obligation by a local coliseum and exhibit hall authority or a
downtown development authority, shall constitute a contract with the holder of
such obligation. Notwithstanding any other provision of this Code section to
the contrary, as used in this paragraph (5.1), the term: 'fund' or 'funding'
shall include the cost and expense of all things deemed necessary by a local
coliseum and exhibit hall authority or a downtown development authority for the
construction and operation of a facility or facilities including but not limited
to the study, operation, marketing, acquisition, construction, financing,
including the payment of principal and interest on any obligation of the local
coliseum and exhibit hall authority or the downtown development authority and
any obligation of the local coliseum and exhibit hall authority or the downtown
development authority to refund any prior obligation of the local coliseum and
exhibit hall authority or the downtown development authority, development,
extension, enlargement, or improvement of land, waters, property, streets,
highways, buildings, structures, equipment, or facilities and the repayment of
any obligation incurred by an authority in connection therewith; 'obligation'
shall include bonds, notes, or any instrument creating an obligation to pay or
reserve moneys and having an initial term of not more than 37 years; 'facility'
or 'facilities' shall mean any of the buildings, structures, and facilities
described in subparagraph (B) of this paragraph (5.1) and any associated parking
areas or improvements originally owned or operated incident to the ownership or
operation of such facility used for any purpose or purposes specified in
subparagraph (B) of this paragraph (5.1) by a local coliseum and exhibit hall
authority or a downtown development authority; and 'downtown development
authority' shall mean a downtown development authority created by local Act of
the General Assembly for a municipality pursuant to a local constitutional
amendment."
SECTION
10.
This
Act shall become effective on January 1, 2007.
SECTION
11.
All
laws and parts of laws in conflict with this Act are repealed.
