Article 62, § 2 — Issuance of Bonds to Secure and Develop Industry -- Levy of Tax -- Suspension of Collection -- Limit on Tax Levy

(a) In addition to the authority for bonded indebtedness set forth in Section 1, any municipality or county may, with the consent of the majority of the voters voting on the question at an election held for that purpose, issue bonds in sums approved by such majority at that election for the purpose of financing economic development projects within or near the county or municipality holding the election. (b) To provide for payment of principal and interest of the bonds issued pursuant to the section, as they mature, the municipality or county may levy a special tax, not to exceed five (5) mills on the dollar of the taxable real and personal property therein. However, the municipality or county may, from time to time, suspend the collection of such annual levy when not required for the payment of its bonds. In no event shall any parcel of real and personal taxable property be subject to a special tax levied under the authority of this Section in excess of five (5) mills for bonds issued under this Section. (c) Other taxes may be authorized by the General Assembly or the legislative body to retire the bonds. (d) As used in this section: (1) “Economic development projects” means the land, buildings, furnishings, equipment, facilities, infrastructure, and improvements that are required or suitable for the development, retention, or expansion of: (A) Manufacturing, production, and industrial facilities; (B) Research, technology, and development facilities; (C) Recycling facilities; (D) Distribution centers; (E) Call centers; (F) Warehouse facilities; (G) Job training facilities; (H) Regional or national corporate headquarters facilities; and (I) Sports complexes designed to host local, state, regional, and national competitions, including without limitation baseball, softball, and other sports tournaments; and (2) “Infrastructure” means: (A) Land acquisition; (B) Site preparation; (C) Road and highway improvements; (D) Rail spur, railroad, and railport construction; (E) Water service; (F) Wastewater treatment; (G) Employee training which may include equipment for such purpose; and (H) Environmental mitigation or reclamation. (e) The General Assembly, by a three-fourths vote of each house, may amend the provisions of subsection (d) of this section so long as the amendments are germane to this section and consistent with its policy and purposes.