So long as obligations are outstanding that the city has designated as being payable from local hospitality taxes, the local hospitality taxes shall continue to be collected by the city in the amount sufficient to pay debt service on the obligations. Obligations shall mean any obligation of the city, including lease purchase agreements or certificates of participation, used to finance projects authorized by S.C. Code §§ 6-1-700 et seq. (S.C. Code Title 6, Chapter 1, Article 7, the “Local Hospitality Tax Act”). If the obligations shall be no longer outstanding, then the city may repeal the local hospitality tax.
(Ord. 2005-14, passed 5-9-05)