The legislature may by general, special, private or local laws authorize the formation in any manner of a public corporation for the development of Bear Creek, its tributaries and watershed, for the purposes of navigation, water conservation and supply, flood control, irrigation, industrial development, public recreation, and related purposes, and may authorize the counties of Marion, Colbert, Franklin and Winston and all municipalities lying within Marion, Colbert, Franklin and Winston counties to donate or contribute public funds to such public corporation and may authorize such public corporation to enter into contracts with the United States of America or any agency thereof, and with the several states or political subdivisions thereof, and with other public or private corporations organized within any of the several states, for the development of the Bear Creek watershed, and may authorize such public corporation to acquire by purchase, construction, lease, gift, condemnation, or otherwise property of any kind, real, personal or mixed, to mortgage or sell its property and to issue revenue bonds and other revenue securities payable solely out of revenues accruing to such public corporation, and may exempt such public corporation from all taxation in the state of Alabama, and may grant such public corporation all other powers and privileges which may be necessary and proper for the full development of said Bear Creek watershed. The provisions of sections 106, 222 and 225 of the Constitution of Alabama shall not apply to any public corporation which may be organized pursuant to enabling legislation herein authorized or to any revenue bonds and other revenue securities at any time issued by such public corporation. Such public corporation shall be deemed a political subdivision of the state of Alabama. Nothing herein shall authorize any such public corporation to engage in or finance, directly or indirectly the production, transmission, or sale of electric power. The area comprising the Bear Creek watershed shall include such land defined in enabling legislation herein authorized as shall lie within the counties of Marion, Colbert, Franklin and Winston.