90-5-112. Economic development levy. (1) Subject to 15-10-420, the governing body of a city, county, or town is authorized to levy up to 1 mill upon the taxable value of all the property in the city, county, or town subject to taxation for the purpose of economic development. The governing body may:
     (a) submit the question of the mill levy to the qualified voters voting in a city, county, or town election; or
     (b) approve the mill levy by a vote of the governing body.
     (2) Funds derived from this levy may be used for purchasing land for industrial parks, constructing buildings to house manufacturing and processing operations, conducting preliminary feasibility studies, promoting economic development opportunities in a particular area, and other activities generally associated with economic development. These funds may not be used to directly assist an industry's operations by loan or grant or to pay the salary or salary supplements of government employees.
     (3) The governing body of the county, city, or town may use the funds derived from this levy to contract with local development companies and other associations or organizations capable of implementing the economic development function.
     (4) A tax authorized by a vote of the electorate, as provided in subsection (1)(a), may be levied for a period not to exceed 6 years.

     History: En. 11-4111 by Sec. 1, Ch. 311, L. 1975; amd. Sec. 32, Ch. 566, L. 1977; R.C.M. 1947, 11-4111; amd. Sec. 2, Ch. 5, Sp. L. June 1989; amd. Sec. 1, Ch. 457, L. 1991; amd. Sec. 1, Ch. 386, L. 1993; amd. Sec. 1, Ch. 279, L. 1995; amd. Sec. 163, Ch. 584, L. 1999.