For the promotion of local economic and industrial development of Marengo County, Marengo County Commission and each municipality having its corporate limits located wholly in the county, other provisions of law or this constitution notwithstanding, shall have, independently or in cooperation with one or more of such governmental entities, without an election, full and continuing power to do all 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, give and convey any such property described in subdivision (1) above, to any person, firm, association, or corporation.
(3) To promote local industrial, commercial, or agricultural development and the location of new industries or businesses therein.
(4) To lend its credit or to grant public moneys and things of value in aid of, or to any individual, firm, association, or corporation whatsoever.
(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 or other obligations or evidences of indebtedness, to a principal amount not exceeding 50 percent of the assessed value 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 subdivision (1) or to be used in furtherance of any of the other powers or authorities granted in this amendment. Such obligations or evidences of indebtedness may be issued upon the full faith and credit of the municipality or may be limited as to the source of their payment.
(6) To create a public authority or corporation having such powers, managed and governed by such board or governing body and subject to such limitations as the governing body of the municipality may impose, by approving and filing a certificate to that effect in the office of the Judge of Probate or the Secretary of State, or their respective successors in function, and to delegate to such public authority or corporation and its board or governing body all powers and authority conferred in this amendment upon any such municipality.
The recital in any bonds, warrants, notes, or other obligations or evidences of indebtedness 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 authorized shall be conclusive, and no purchaser or holder thereof need inquire further. The bonds, warrants, notes, or other obligations or evidences or indebtedness issued hereunder shall not be considered an indebtedness of the county or any such municipality for the purpose of determining the borrowing capacity of the county or any such municipality under Section 224 or 225 of the Constitution of Alabama of 1901.
In carrying out the purposes of this amendment, neither the county nor any such municipality shall be subject to the provisions of Section 94 of the Constitution of Alabama of 1901. This amendment shall be self-executing, but notwithstanding any contrary provisions of Section 104 of the Constitution of Alabama of 1901, 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. No such special or local act shall be subject to the provisions of Section 106 of the Constitution of Alabama of 1901.
Any actions authorized in this Amendment to be taken by the municipality which have been taken subsequent to January 1, 1998, are hereby ratified, approved, and confirmed.