Notwithstanding any other provision of the Constitution the General Assembly may enact general laws to authorize the creation of an agency to issue revenue bonds to finance the cost of capital projects consisting of agricultural facilities, and to refund such bonds.
In no event shall such revenue bonds be secured by or payable from any public moneys whatsoever, but such revenue bonds shall be secured by and payable only from revenues or property derived from private parties. All such capital projects and all transactions therefor shall be subject to taxation to the extent such projects and transactions would be subject to taxation if no public body were involved therewith; provided, however, that the General Assembly may provide that the interest on such revenue bonds shall be exempt from income taxes within the State.
The power of eminent domain shall not be exercised to provide any property for any such capital project.
(1983, c. 765, s. 1.)
Editor's Note. - This section was added by constitutional amendment adopted by vote of the people at the election held May 8, 1984.
Session Laws 1985 (Reg. Sess., 1986), c. 814, s. 1 and c. 933, s. 1 both added new sections to N.C. Const., Art. V. These amendments were adopted by vote of the people at the election held Nov. 4, 1986, and have been designated N.C. Const., Art. V, §§ 12 and 13 at the direction of the Revisor of Statutes.
Defeated Amendment Proposals. - An amendment proposed by Session Laws 1981, c. 808, s. 1, as amended by Session Laws 1981, c. 987, s. 1, and defeated at the election held June 29, 1982, would have added a new G.S. 11 to this Article, relating to seaport and airport facilities.
An amendment proposed by Session Laws 1981, c. 887, s. 1, and defeated at the election held June 29, 1982, would have added a new G.S. 11 to this Article, relating to higher education facilities.
An amendment proposed by Session Laws 1981 (Reg. Sess. 1982), c. 1247, s. 1, and defeated at the election held in 1982 would have added a new G.S. 11 to this Article, relating to the definition of territorial areas in or near the central business district of a city or town and the borrowing of money to finance development projects therein.