Text of "Amendment One" to appear on the November 2004 ballot in North Carolina:
"[ ] FOR [ ] AGAINST
Constitutional amendment to promote local economic and community development projects by
(i) permitting the General Assembly to enact general laws giving counties, cities, and towns the power to finance public improvements associated with qualified private economic and community improvements within delopment districts, as long as the financing is secured by the additional tax revenues resulting from the enhanced property value within the development district and is not secured by a pledge of the local government's faith and credit or general taxing authority, which financing is not subject to a
referendum; and
(ii) permitting the owners of property in the
development district to agree to a minimum tax value for their property, which is binding on future owners as long as the development district is in existence."
