Any provision of the Constitution or laws of the state of Alabama to the contrary notwithstanding, the city of Bayou La Batre, Mobile county, Alabama, shall have full and continuing power and authority, subject to the election hereinafter provided for, to promote local industrial, commercial or agricultural development and the location of new industries or businesses in or within 15 miles of said city, and whenever such action shall be deemed by the governing body of said city in its discretion to be in furtherance of such purposes, also full and continuing power and authority to do any one or more of the following:
1. To purchase, construct, lease, or otherwise acquire real property, plants, buildings, factories, works, facilities, machinery and equipment of any kind.
2. To lease, sell for cash or on credit, exchange, or give and convey any such property described in subparagraph 1 above, to any person, firm, association or corporation, which shall locate or agree to locate a new industry or business in or within 15 miles of said city.
3. To become a stockholder in any corporation which shall locate or agree to locate a new industry or business in or within 15 miles of said city.
4. To lend its credit or grant public monies and things of value in aid of, or to, any individual, firm, association, or corporation, which shall locate or agree to locate a new industry or business in or within 15 miles of said city.
5. To become indebted and to issue and sell interest bearing bonds, warrants (which may be payable from funds to be realized in future years), notes, evidences of indebtedness, or other obligations (all of which are hereinafter referred to as "obligations"), to a principal amount not exceeding 50% of the assessed valuation of taxable property therein as determined for state taxation, in order to secure funds for the purchase, construction, lease or acquisition of any of the property described in subparagraph 1 above or to be used in furtherance of any of the other powers or authorities granted in this amendment. Such obligations may (in addition to any pledge or pledges authorized by subparagraph 7 of this amendment) be issued upon the full faith and credit of said city or may be limited as to the source of their payment.
6. To levy and collect annually, in addition to all other taxes now authorized or permitted, a special tax or taxes not exceeding 2% on the value of all taxable property therein as determined for state taxation in the same manner as other municipal taxes are levied and collected.
7. To pledge to the payment of any of its obligations the annual proceeds of any such special tax or taxes and to obligate itself irrevocably to continue to levy and collect such taxes annually until such obligation shall have been paid in full and to pledge thereto any rental or sales proceeds of property leased or sold by it.
The recital in any obligations that they were issued pursuant to this amendment or that they were issued to provide funds to be used in furtherance of any power or authority herein granted or that any special tax herein authorized has been levied and pledged to the payment of such obligations shall be conclusive; no purchaser or holder thereof need inquire further; and the levy and collection of such tax shall continue until the principal of and interest on such obligations shall have been paid in full. The obligations which may be issued hereunder shall not be considered an indebtedness of said city for the purposes of determining its borrowing capacity under section 225 of the Constitution; and the taxes herein authorized shall be in addition to those provided for or permitted in section 216 of the Constitution, as amended.
The exercise of the powers and authority hereinabove set forth are subject to the prior approval thereof at an election called by the governing body of said city at which a majority of the qualified electors voting at said election shall vote in favor of such proposal. Notice of such election shall be given by publication for three consecutive weeks, the first publication to be at least thirty days before the date of the election, in a newspaper circulated in the city. The notice and ballot shall briefly summarize the proposal and in so doing may make reference to documents on file and available for public inspection in the office of the city clerk. In the event that the proposal shall include the issuance of any obligations, the principal amount of such obligations, the maturities thereof, and the maximum rate or rates of interest which they shall bear shall be set forth in the notice and on the ballot. In the event that the proposals shall include the levy and collection of any tax, the notice and ballot shall state the maximum rate of such tax. No further or other election shall be required by section 222 of the Constitution for the issuance of bonds herein authorized to be issued.
This amendment shall be self-executing; but the legislature shall have the right and power by general, special or local act, to adopt laws supplemental to this amendment or in furtherance of the purposes and objectives hereinabove set forth.