Promotion of Industrial, Commercial and Agricultural Development in City of Bayou La Batre.

Any provision or limitations in this Constitution or laws to the contrary notwithstanding, the city of Bayou La Batre shall have full and continuing power and authority to do any act hereinafter described or engage in any activity mentioned if the same is first approved by a majority of the qualified electors of the county who vote thereon at a referendum election held for such purpose. The city or governing body thereof may purchase, construct, lease, or otherwise acquire real property, plants, buildings, factories, works, facilities, machinery and equipment of any kind and may lend its credit or grant public money and things of value in aid of, or to, any individual, firm, association, or corporation, to promote local industrial, commercial, or agricultural development and the location of new industries or businesses in the city. The city or the governing body thereof may borrow money and pledge to the payment of any bonds, warrants, notes or other obligations or evidences of indebtedness the annual proceeds from any special tax or taxes and to obligate itself irrevocably to continue to levy and collect such taxes annually until such obligations or evidences of indebtedness are paid in full, and may pledge thereto any rental or sales proceeds of property leased, or sold by it. The provisions of this article of amendment shall be self-executing; however, the governing body of the city shall have power to enact appropriate ordinances to implement and enforce the provisions hereof.