(a) For the promotion of local commercial development, the City of Hartselle (City) shall have, in addition to all other powers from time to time vested in or granted to it by law, full and continuing power to perform the following:
(1) Purchase, construct, lease, and otherwise acquire, and to own and develop, commercial projects, including real and personal property, buildings, facilities, machinery, and equipment of any kind whatsoever.
(2) Subject to succeeding provisions of this amendment, operate all or any part of any such project.
(3) Convey, whether by sale, lease, exchange, or otherwise, all or any part of any such project to any person, firm or corporation.
(4) Subject to succeeding provisions of this amendment, sell and issue, without any election, special or limited obligation bonds, warrants, notes, certificates of participation, or other securities of the City, for the purpose of financing the acquisition or construction of any such project, including particularly, but without limitation, the extension and installation of streets and roadways, utility services, and storm water sewers or other drainage facilities. In carrying out the purposes of this amendment, the City shall not be subject to the provisions of Section 94 of this Constitution, and neither the City nor the State of Alabama shall be subject to the provisions of Section 93 of this Constitution, in connection with the acquisition, ownership, development, operation, conveyance, or financing of any such commercial project.
(b) Nothing in this amendment shall, however, be construed to authorize the City to do any of the following:
(1) Acquire any property through the exercise of the power of eminent domain, whether for public use or for private use, otherwise than subject to, and in accordance with, all other applicable provisions of this Constitution and the general laws of the State.
(2) Operate any commercial or retail establishment, including, without limitation, any shopping center or similar facility suitable for use by two or more commercial enterprises engaged in any business, trade, profession, occupation, or activity, except that the City may operate restaurants, food and other concessions, and other incidental commercial or retail facilities, in connection with, and ancillary to, the operation by it of any of the facilities described in subsection (d).
(3) Provide electric utility service to any commercial project authorized hereunder, or within the boundaries of any "commercial development district," as defined in this amendment, except as may then be authorized by the general laws of the State.
(4) Construct or locate, or to authorize the construction or location of, any commercial project in violation of either the general laws of the state pertaining to municipal zoning and planning or any master plan or zoning regulation or plan then in effect in or for the City.
(c) Nothing in this amendment shall be construed either to exempt from state or local property taxation any real or personal property that is owned, or is treated for federal income tax purposes as being owned, by one or more individuals, partnerships, or for-profit corporations, and that is otherwise subject to such taxation under the general laws of the state, or to subject to state or local property taxation any real or personal property of the City that is otherwise exempt from taxation pursuant to either Section 91 or Section 217 of this Constitution.
(d) Any commercial project authorized hereunder shall be located entirely within the corporate limits of the City. Any such project may include any land or interest therein, any building or other improvement thereon, and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, including, without limitation, any of the following:
(1) Any hotel, motel, conference center, meeting center, or convention facility, including, without limitation, facilities for meetings, auditoriums, exhibition halls, facilities for food preparation and serving, and facilities suitable for rental to persons engaged in any business, trade, profession, occupation, or activity, and administrative offices in connection therewith, but excluding specifically any home, apartment, town house, or condominium for residential purposes, and any public dormitory or student housing facility for any institution of higher learning.
(2) Any shopping center or similar facility suitable for use by two or more commercial enterprises engaged in any business, trade, profession, occupation, or activity.
(3) Any amusement park or entertainment facility, any recreational or athletic facility, and all buildings, facilities and improvements incident thereto or useful in connection therewith, including, without limitation, athletic fields, beaches, docks and marinas, and boating facilities.
(4) Any stadium, baseball field or park, arena, grandstand, auditorium, meeting hall, pavilion, amphitheater, or center for cultural entertainment, music, drama, exhibitions and exhibits, and any administrative building in connection therewith.
(5) Any infrastructure improvements of any sort, including, without limitation, parking facilities available for use in connection with any building, facility or property described hereinabove, electric, water, natural gas, and sanitary sewer utilities, storm water sewers and other drainage facilities, and public or private streets, roads, and parking facilities. It is expressly provided, however, that no commercial project authorized hereunder may include any facility or location for casino gambling or any other game of chance, or any facility or location for the conduct of any lottery or other similar enterprise, so long as such lottery or other enterprise is prohibited by other applicable law.
(d) Nothing in this amendment shall be construed to amend, modify, alter, or repeal the provisions of Amendment 599 to this Constitution, respecting the operation of bingo games in Morgan County.
(e) Prior to exercising any powers herein granted to the City with respect to a commercial project authorized hereunder, the governing body of the City, by ordinance or resolution, shall establish a "commercial development district" consisting of the site of such project and such geographic area contiguous thereto as may be described in such ordinance or resolution, and provide a legal description of the boundaries of such district; provided, that every such district shall be located entirely within the corporate limits of the City.
(f) Any securities issued under the authority of this amendment with respect to a commercial project authorized hereunder must be made payable solely out of, and shall be secured solely by a pledge of, (I) the amount by which (A) the proceeds of any municipal sales and use taxes collected by the City in each of its fiscal years, in or with respect to the commercial development district in which such project is situated, exceeds (B) the proceeds of such sales and use taxes collected by the City in or with respect to such district in the fiscal year of the City immediately preceding the fiscal year in which such district was established or such lesser portion of any such tax proceeds as may be specified by the governing body of the City in the proceedings of such governing body under which such securities are authorized to be issued.
No such securities, and no contract made by the City in connection with any commercial project authorized hereunder, whether or not such contract is made under the authority of this amendment, and whether or not any agreement or obligation for the payment of money under such contract is payable out of proceeds of the sales and use taxes, shall be considered indebtedness of the City within the meaning of Section 225 of this Constitution or bonds of the City within the meaning of either Section 222 or Section 104(17) of this Constitution.
(g) The City may apply the proceeds of any such securities for any or all of the following purposes:
(1) Pay costs of any project authorized hereunder.
(2) Fund any reserve fund established in connection with an issue of such securities if the City deems the establishment of such reserve fund to be necessary and desirable.
(3) Pay costs of obtaining credit enhancement for such securities.
(4) Pay costs of issuing such securities.
(5) Pay interest accruing on such securities prior to, during and for a period of not exceeding twelve months following the estimated completion of the acquisition or construction of such project.
(6) With respect to any refunding securities issued pursuant to the provisions of this amendment, pay debt service on, and the redemption price of, any securities to be refunded.
(h) The City may at any time and from time to time issue refunding securities for the purpose of refunding any other securities, including, without limitation, other refunding securities, issued pursuant to the provisions of this amendment and then outstanding, whether such refunding shall occur before, at or after the maturity of the securities to be refunded, and such refunding securities shall be governed by the provisions of this amendment as and to the same extent applicable to securities authorized hereinabove.
(i) All securities issued by the City under the authority of this amendment shall be sold at public or private sale, as the governing body of the City may determine; provided, that refunding securities issued hereunder may be issued in exchange for the instruments evidencing the securities to be refunded or they may be sold and the proceeds thereof applied to the purchase, redemption or payment of such instruments.
(j) This amendment shall be self-executing, and no further authorization from the Legislature shall be a prerequisite to the validity of any securities issued hereunder; but notwithstanding any contrary provision of either Section 104 or Section 105 of this Constitution, the Legislature shall have the power to enact general, special, or local laws supplemental hereto or in furtherance of the purposes hereof; provided, that no such special or local law shall be subject to the provisions of Section 106 of this Constitution.
(k) Notwithstanding any contrary provision of either Section 284 of this Constitution or Amendment 555 to this Constitution if the election on the ratification of this amendment is held on the date specified in the act of the Legislature under which this amendment was proposed for ratification, and all other applicable requirements of this Constitution, including, without limitation, Amendment 555, with respect to such election are satisfied in accordance with their respective terms.