Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to voters to authorize the issuance of bonds for economic development projects.

Highlights:

• Authorizes a municipality to obtain or appropriate money through voter-approved bonds for a corporation, association, institution or individual to finance “economic development projects” or “economic development services” (Secs. 2 & 4).
• Defines “economic development project” as the land, buildings, furnishings, equipment, facilities, infrastructure, and improvements that are required or are suitable for the development of business facilities, including, but not limited to, the following facilities (Sec. 2):
• Manufacturing, production, and industrial facilities;
• Regional or national corporate headquarters facilities; and
• Research, technology and development facilities.
• Defines “economic development services” as the following services (Sec. 2):
• The planning, marketing, and strategic advice and counsel regarding job recruitment, job development, job retention, and job expansion;
• The supervision and operation of industrial parks or other such properties; and
• The negotiation of contracts for the sale or lease of industrial parks or other such properties.
• Repeals existing law that requires bonds to be issued for an amount no greater than 5 percent of state general revenue for the most recent fiscal year (Sec. 8).
• Authorizes the General Assembly or legislative body to retire bonds through taxes (Sec. 4).

Full Bill Text