Section 21.(A)  Authorization.  In order to (1) induce and encourage the location of or addition to industrial enterprises therein which would have economic impact upon the area and thereby the state, (2) provide for the establishment and furnishing of such industrial plant, (3) facilitate the operation of public ports, or (4) provide movable or immovable property, or both, for pollution control facilities, the legislature by law may authorize, subject to restrictions it may impose, any political subdivision, public port commission, or public port, harbor, and terminal district to:

(a)  issue bonds, subject to approval by the State Bond Commission or its successor, and use the funds derived from the sale of the bonds to acquire and improve industrial plant sites and other property necessary to the purposes thereof;

(b)  acquire, through purchase, donation, exchange, and expropriation, and improve industrial plant buildings and industrial plant equipment, machinery, furnishings, and appurtenances, including public port facilities and operations which relate to or facilitate the transportation of goods in domestic and international commerce; and

(c)  sell, lease, lease-purchase, or demolish all or any part of the foregoing.

(B)  Property Expropriated; Sale to Aliens Prohibited.  No property expropriated under the authority of this Section shall ever, directly or indirectly, be sold or donated to any foreign power, any alien, or any corporation in which the majority of the stock is controlled by any foreign power, alien corporation, or alien.

(C)  Exception.  This Section shall not apply to a school board.

(D)  Property excepted. The bona fide homestead, as defined by Article VII, Section 20(A)(1), shall not be subject to expropriation pursuant to this Section.

Acts 2006, No. 851, §1, approved Sept. 30, 2006, eff. Oct. 31, 2006.