AMENDMENT 124 RATIFIED

Special School Tax in Russell County; Tax Anticipation Bonds.

In addition to all taxes now or hereafter authorized by the Constitution and laws of Alabama, Russell county shall have the power to levy and collect a special county-wide school tax of eight mills on each dollar's worth of taxable property in Russell county, the proceeds of which shall be used exclusively for public school purposes; provided that such tax and the purpose or purposes thereof, and the time such tax is proposed to be continued, shall have been first submitted to the vote of the qualified electors of the county and voted for by a majority of those voting at such election. The special tax provided for herein may be renewed from time to time, in the manner provided herein, for such periods of time as are necessary. If any proposal to levy the tax is defeated in any election, subsequent elections thereon may be held at any time. The elections provided for herein shall be called, held, conducted, paid for, and governed otherwise in the manner provided for an election on the school district tax authorized in amendment III [3], article XIX of the Constitution of Alabama, by article 7, chapter 10, Title 52, Code of Alabama (1940). The county tax collector shall collect the tax in the same manner and under the same requirements and laws as the taxes of the state are collected, and he shall keep the proceeds of this tax separate and apart from all other funds, and shall keep clear accounts thereof. The tax collector shall distribute the proceeds of this special tax in such manner as to turn over to the custodian of the county school funds of Russell county the revenue derived from the tax levied on all taxable property situated outside the corporate limits of Phenix City, such revenues to be used by the county board of education for educational purposes in connection with schools located or to be located outside the corporate limits of Phenix City, and to turn over to the custodian of school funds of the city school system of Phenix City the revenue derived from the tax levied on all taxable property situated within the corporate limits of Phenix City, such revenues to be used by the city board of education for educational purposes in connection with schools located or to be located within the corporate limits of Phenix City.

In the event that any special property tax authorized herein shall be authorized by a majority of the qualified electors voting on the question at the election, the county board of education of Russell county and the city board of education of Phenix City may, at such times as to them seem necessary and proper, sell and issue their tax anticipation bonds for the purposes for which the tax was authorized, which bonds shall be in such amounts as the respective board of education shall designate and, except as otherwise provided herein, shall be subject to the provisions of the general laws now pertaining to the issuance by county and city boards of education of capital outlay warrants, and no further election shall be required for the issuance of such bonds. The revenue derived from the sale of these bonds shall be expended by the county board of education and the Phenix City board of education for public school purposes only. Any bonds issued under the authority of this amendment shall be payable solely out of the proceeds of the special property tax hereby authorized, all or any part of which may be pledged therefor. The bonds issued under the authority of this amendment shall constitute negotiable instruments, although payable from a limited source, and shall be eligible for the investment of trust funds. The bonds shall not constitute general obligations of the county and shall be in addition to all other bonds or warrants which the county or city boards of education have heretofore issued or are authorized to issue under the Constitution and laws of Alabama.