§ 8. 1. The money of the state shall not be given or loaned to or in\naid of any private corporation or association, or private undertaking;\nnor shall the credit of the state be given or loaned to or in aid of any\nindividual, or public or private corporation or association, or private\nundertaking, but the foregoing provisions shall not apply to any fund or\nproperty now held or which may hereafter be held by the state for\neducational, mental health or mental retardation purposes.\n 2. Subject to the limitations on indebtedness and taxation, nothing in\nthis constitution contained shall prevent the legislature from providing\nfor the aid, care and support of the needy directly or through\nsubdivisions of the state; or for the protection by insurance or\notherwise, against the hazards of unemployment, sickness and old age; or\nfor the education and support of the blind, the deaf, the dumb, the\nphysically handicapped, the mentally ill, the emotionally disturbed, the\nmentally retarded or juvenile delinquents as it may deem proper; or for\nhealth and welfare services for all children, either directly or through\nsubdivisions of the state, including school districts; or for the aid,\ncare and support of neglected and dependent children and of the needy\nsick, through agencies and institutions authorized by the state board of\nsocial welfare or other state department having the power of inspection\nthereof, by payments made on a per capita basis directly or through the\nsubdivisions of the state; or for the increase in the amount of pensions\nof any member of a retirement system of the state, or of a subdivision\nof the state; or for an increase in the amount of pension benefits of\nany widow or widower of a retired member of a retirement system of the\nstate or of a subdivision of the state to whom payable as beneficiary\nunder an optional settlement in connection with the pension of such\nmember. The enumeration of legislative powers in this paragraph shall\nnot be taken to diminish any power of the legislature hitherto existing.\n 3. Nothing in this constitution contained shall prevent the\nlegislature from authorizing the loan of the money of the state to a\npublic corporation to be organized for the purpose of making loans to\nnon-profit corporations or for the purpose of guaranteeing loans made by\nbanking organizations, as that term shall be defined by the legislature,\nto finance the construction of new industrial or manufacturing plants,\nthe construction of new buildings to be used for research and\ndevelopment, the construction of other eligible business facilities, and\nfor the purchase of machinery and equipment related to such new\nindustrial or manufacturing plants, research and development buildings,\nand other eligible business facilities in this state or the acquisition,\nrehabilitation or improvement of former or existing industrial or\nmanufacturing plants, buildings to be used for research and development,\nother eligible business facilities, and machinery and equipment in this\nstate, including the acquisition of real property therefor, and the use\nof such money by such public corporation for such purposes, to improve\nemployment opportunities in any area of the state, provided, however,\nthat any such plants, buildings or facilities or machinery and equipment\ntherefor shall not be (i) primarily used in making retail sales of goods\nor services to customers who personally visit such facilities to obtain\nsuch goods or services or (ii) used primarily as a hotel, apartment\nhouse or other place of business which furnishes dwelling space or\naccommodations to either residents or transients, and provided further\nthat any loan by such public corporation shall not exceed sixty per\ncentum of the cost of any such project and the repayment of which shall\nbe secured by a mortgage thereon which shall not be a junior encumbrance\nthereon by more than fifty per centum of such cost or by a security\ninterest if p
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