58.1-3825 - Additional transient occupancy tax in Rockbridge County and the Cities of Lexington and Buena Vista.
§ 58.1-3825. Additional transient occupancy tax in Rockbridge County and theCities of Lexington and Buena Vista.
In addition to such transient occupancy taxes as are authorized by thischapter, Rockbridge County and the Cities of Lexington and Buena Vista mayimpose an additional transient occupancy tax not to exceed two percent of theamount of charge for the occupancy of any room or space occupied. Theauthority to impose such tax is hereby individually granted to the localgoverning bodies of such county and cities. However, if such tax is adopted,the local governing body of such county or cities adopting the tax shallappropriate the revenues collected therefrom to the Virginia Horse CenterFoundation to be used by the Foundation for the sole purpose of makingprincipal and interest payments on a promissory note or notes signed orexecuted by the Virginia Horse Center Foundation or the Virginia EquineCenter Foundation prior to January 1, 2004, with the Rockbridge IndustrialDevelopment Authority as the obligee or payee, as part of an agreement forthe Authority to issue bonds on behalf of or for improvements at the VirginiaHorse Center Foundation, Virginia Equine Center Foundation, or VirginiaEquine Center.
For purposes of this section, such note or notes signed or executed prior toJanuary 1, 2004, shall include any notes or other indebtedness incurred torefinance such note or notes, regardless of the date of refinancing, providedthat such refinancing shall not include any debt or the payment of any debtfor any activity relating to the Virginia Horse Center Foundation, VirginiaEquine Center Foundation, or Virginia Equine Center that occurs on or afterJanuary 1, 2004.
The tax imposed hereunder shall not apply to rooms or spaces rented andcontinuously occupied by the same individual or same group of individuals for30 or more days. Such tax may no longer be imposed in such county or suchcities after final payment of the note or notes described herein.
(2004, c. 598; 2007, c. 61.)