CODE OF VIRGINIA

ADDITIONAL TRANSIENT OCCUPANCY TAX IN ROCKBRIDGE COUNTY AND THE CITIES OF
LEXINGTON AND BUENA VISTA (§ 58.1-3825)

In addition to such transient occupancy taxes as are authorized by this chapter,
Rockbridge County and the Cities of Lexington and Buena Vista may impose an
additional transient occupancy tax not to exceed two percent of the amount of
charge for the occupancy of any room or space occupied. The authority to impose
such tax is hereby individually granted to the local governing bodies of such
county and cities. However, if such tax is adopted, the local governing body of
such county or cities adopting the tax shall appropriate the revenues collected
therefrom to the Virginia Horse Center Foundation to be used by the Foundation
for the sole purpose of making principal and interest payments on a promissory
note or notes signed or executed by the Virginia Horse Center Foundation or the
Virginia Equine Center Foundation prior to January 1, 2004, with the Rockbridge
Industrial Development Authority as the obligee or payee, as part of an
agreement for the Authority to issue bonds on behalf of or for improvements at
the Virginia Horse Center Foundation, Virginia Equine Center Foundation, or
Virginia Equine Center.For purposes of this section, such note or notes signed
or executed prior to January 1, 2004, shall include any notes or other
indebtedness incurred to refinance such note or notes, regardless of the date of
refinancing, provided that such refinancing shall not include any debt or the
payment of any debt for any activity relating to the Virginia Horse Center
Foundation, Virginia Equine Center Foundation, or Virginia Equine Center that
occurs on or after January 1, 2004.The tax imposed hereunder shall not apply to
rooms or spaces rented and continuously occupied by the same individual or same
group of individuals for 30 or more days. Such tax may no longer be imposed in
such county or such cities after final payment of the note or notes described
herein.

HISTORY: 2004, c. 598; 2007, c. 61.