Paragraph III. - Development authorities.

The development of trade, commerce, industry, and employment opportunities being a public purpose vital to the welfare of the people of this state, the general assembly may create development authorities to promote and further such purposes or may authorize the creation of such an authority by any county or municipality or combination thereof under such uniform terms and conditions as it may deem necessary. The general assembly may exempt from taxation development authority obligations, properties, activities or income and may authorize the issuance of revenue bonds by such authorities which shall not constitute an indebtedness of the state within the meaning of section V of this article.