AMENDMENT 188 RATIFIED

Economic Development of Greene County.

Any provision of the Constitution or laws of Alabama to the contrary notwithstanding, Greene county shall have full and continuing power and authority, after an election held in accordance herewith, 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, 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 in the county.

4. To become a stockholder in any corporation, association or company.

5. To lend its credit or to grant public moneys and things of value in aid of, or to, any individual, firm, association or corporation whatever.

6. 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 evidence of indebtedness, to a principal amount not exceeding $250,000, in order to secure funds for the purchase, construction, lease or acquisition of any of the property described in subdivision 1 above or to be used in furtherance of any of the other powers or authorities granted in this amendment. Such obligations or evidence of indebtedness may (in addition to any pledge or pledges authorized by subdivision 8 of this amendment) be issued upon the full faith and credit of Greene county, or may be limited as to the source of their payment.

7. To apply the proceeds from taxes levied and collected under the provisions of section 215 of the Constitution and amendments thereto to the purchase, construction, lease, or acquisition of any of the property described in subdivision 1 above or for the furtherance of any of the other powers or authorities granted in this amendment, provided the proceeds from such taxes have not been pledged for debts or liabilities now existing.

8. To pledge to the payment of any bonds, warrants, notes, or other obligations or evidence of indebtedness the annual proceeds from taxes levied and collected under authority of section 215 of the Constitution and amendments thereto which have not been pledged for debts and liabilities now existing, and to obligate itself irrevocably to continue to use the proceeds from such tax until such obligations or evidences of indebtedness are paid in full and to pledge thereto any rental or sales proceeds of property leased or sold by it.

9. 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 Greene county may impose, by approving and filing a certificate to that effect in the office of the judge of probate of the county or 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 the county.

The recital in any bonds, warrants, notes or other obligations or evidence 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 or that proceeds from taxes authorized under section 215 of the Constitution and amendments thereto have been pledged to the payment thereof 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 obligation or evidence of indebtedness shall have been paid in full. The bonds, warrants, notes or other obligations or evidence of indebtedness issued hereunder shall not be considered an indebtedness of Greene county for the purpose of determining the borrowing capacity of the county under sections 224 and 225 of the Constitution.

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.

10. Greene county shall not make any engagement or commitment or undertake any project under the provisions hereof unless and until the proposition has been approved by a majority of the qualified electors of the county. The governing body of the county may provide for holding such election, but in no case shall an election be held until notice of the election and of the substance of the proposition to be voted on has been published for at least three successive weeks.