Sec. 1-k.  EXEMPTION FROM AD VALOREM TAXATION OF PROPERTY OWNED BY NONPROFIT CORPORATIONS SUPPLYING WATER OR PROVIDING WASTEWATER SERVICES.  The legislature by general law may exempt from ad valorem taxation property owned by a nonprofit corporation organized to supply water or provide wastewater service that provides in the bylaws of the corporation that on dissolution of the corporation, the assets of the corporation remaining after discharge of the corporation's indebtedness shall be transferred to an entity that provides a water supply or wastewater service, or both, that is exempt from ad valorem taxation, if the property is reasonably necessary for and used in the acquisition, treatment, storage, transportation, sale, or distribution of water or the provision of wastewater service.
(Added Nov. 5, 1991.)