AMENDMENT 761 RATIFIED
Promotion of Economic and Industrial Development in Etowah County.
Promotion of Economic and Industrial Development in Etowah County and any Municipality Located Therein.
(a) For the promotion of local economic and industrial development within Etowah County and any municipality located therein, any other provisions of law or the Constitution of Alabama of 1901 notwithstanding, the county and any municipality located therein shall have, without an election, full and continuing power to do any or 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, transfer, or 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 Etowah County or such municipality or may be limited as to the source of their payment.
(6) To create a public authority, corporation, agency, or board having such powers, managed and governed by such board or governing body and subject to such limitations as the governing body of Etowah County or such municipality may impose, by approving and filing a certificate to that effect in the office of the Judge of Probate of Etowah County or the Secretary of State, or their respective successors in function, and to delegate to such public authority, corporation, agency, or board and its board or governing body all powers and authority conferred in this amendment upon the governing body of Etowah County or such municipality.
(7) To delegate all powers and authority conferred in this amendment upon the governing body of Etowah County or such municipality to an existing public authority, corporation, agency, or board having similar powers to those provided herein, which public authority, corporation, agency, or board is managed and governed by a board or governing body and is subject to such limitations as the governing body of Etowah County or such municipality may have imposed or, subsequent to the ratification of this amendment, may impose.
(b) The powers granted in this amendment may be exercised as an alternative to, or cumulative with, and are not in derogation of, the powers otherwise granted by law or the Constitution of Alabama of 1901, to the governing body of Etowah County or such municipality, or to any public authority, corporation, agency, or board created or approved thereby pursuant to the laws of this state and the Constitution of Alabama of 1901, and nothing in this amendment shall be deemed to have repealed any powers of the governing body of Etowah County or such municipality or any such public authority, corporation, agency, or board that have previously been granted to the governing body of Etowah County or such municipality or any such public authority, corporation, agency, or board including, without limitation, those contained within Amendment No. 429 to the Constitution of Alabama of 1901.
(c) 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 Etowah County or such municipality for the purpose of determining the borrowing capacity of Etowah County or such municipality under Section 224 or Section 225 of the Constitution of Alabama of 1901.
(d) In carrying out the purposes of this amendment, neither the governing body of Etowah County, such municipality, nor any public authority, corporation, agency, or board delegated the powers set forth herein, shall be subject to the provisions of Section 93 or 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 general, special, or local act shall be subject to the provisions of Section 106 of the Constitution of Alabama of 1901.
