Proposed Constitutional Amendment authorizes the governing authority of New Iberia to enter into contracts to provide for the exemption from ad valorem taxes on property annexed by the city after January 1, 2013, which contracts are effective only if approved by a 2/3 vote of the members of the governing authority of the city. Further provides that a contract shall grant the property owner the exemption for up to five calendar years and the contract may be renewed for up to five additional years if the renewal is approved by a 2/3 vote of the members of the governing authority.

Proposed Constitutional Amendment requires all property exempted pursuant to a contract to be listed on the assessment rolls and submitted to the Louisiana Tax Commission or its successor and that no taxes shall be collected during the period of the exemption; however, the exemption authorized shall in no way affect or impair the security of any bonds payable from the proceeds of the tax. Authorizes the legislature to provide by law for implementation of these provisions.