AMENDMENT 447 RATIFIED

General Obligation Bonds of Mobile County.

Section A. As used in this amendment the following terms shall be given the following respective meanings:

"COUNTY" means Mobile county.

"OUTSTANDING SECURITIES" means any bonds, warrants, notes or other securities issued by the county subsequent to September 30, 1979, and prior to February 1, 1984, that are payable in whole or in part out of proceeds received by the county from the ad valorem tax authorized by Section 215 of the Constitution of Alabama of 1901, as amended.

"OUTSTANDING SPECIAL TAX SECURITIES" means any securities at the time outstanding that are payable in whole or in part out of proceeds of the special tax.

"SPECIAL TAX" means the annual ad valorem tax on each dollar of the assessed valuation of taxable property in the county authorized to be levied by the county by the amendment known as Amendment XVIII [18] to the Constitution of Alabama, as amended by the amendment to the Constitution known as Amendment CLII [152], and also provided for in the amendments to the Constitution known as Amendments C, CXXII, CLI, CXCIII, CXCV and CCC [100, 122, 151, 193, 195 and 300], and by procedures taken under the amendments to the Constitution known as Amendments CCCXXV and CCCLXXIII [325 and 373].

Section B. Mobile county is hereby authorized to apply proceeds of the special tax to the payment of the principal of and interest on and premium, if any) that will hereafter mature or otherwise become payable on the outstanding securities. The right of the county to apply the proceeds of the special tax for payment of the outstanding securities shall be subject to the provisions of this Constitution respecting the special tax and the pledge thereof for the benefit of the outstanding special tax securities. The proceeds of the special tax may be used for payment of the principal and interest on (and premium, if any) the outstanding securities, whether or not any bonds are issued hereunder.

Section C. Mobile county is hereby authorized to issue from time to time its bonds for the purpose of refunding all or any one or more of the issues of outstanding securities. The aggregate principal amount of all bonds at any time issued under this amendment, when added to the aggregate principal amount of all then outstanding bonds theretofore issued by the county under any other amendment to the Constitution of Alabama that are payable from or secured by the special tax shall not exceed 6 1/2 per centum of the assessed valuation of taxable property situated in the county as assessed for county taxation for the fiscal year of the county next preceding that during which any bonds herein authorized shall be issued.

No bonds may be issued under the authority of this amendment until after the question of the issuance of such bonds shall have been submitted to the qualified electors of the county at an election called for that purpose by the governing body of the county and a majority of the said qualified electors voting at the said election shall have voted in favor of the issuance of such bonds; provided, that if a majority of the qualified electors of the county participating in the election on the adoption of this amendment shall vote for the adoption thereof, then the approval of this amendment expressed by the said vote in favor of its adoption shall of itself authorize the issuance of the bonds provided for in the first sentence of this amendment and no additional election by the electors of the county shall be required to authorize the issuance of those bonds. If the majority of the qualified electors of the county participating in the election on the adoption of this amendment should not vote in favor of the adoption of this amendment, or if the majority of the qualified electors of the county voting at any election called by the governing body of the county under the provisions of this amendment should not vote in favor of the issuance of the bonds proposed at an election so called, the governing body of the county may from time to time call other elections hereunder on the issuance of such bonds, but not more than one such election shall be held during any period of twelve consecutive months. Any such election called by the governing body of the county shall be called, held, conducted and canvassed, and may be contested, in the manner and within the time provided by the then existing general laws of Alabama pertaining to elections on the issuance of bonds by counties.

The bonds issued hereunder shall be general obligations of the county for the payment of the principal of and interest on which the full faith and credit of the county shall be irrevocably pledged, and in addition thereto there shall be irrevocably pledged for payment of the said principal and interest so much of the special tax as may be necessary to pay the said principal and interest at their respective maturities, each such pledge to be on a parity with all valid pledges of the special tax at any time heretofore or hereafter made, to such extent as shall not impair the obligations of any then existing valid prior pledges.

All bonds issued under this amendment may be in such aggregate principal amounts, may be in such form and denominations and of such tenor and maturities, may be payable in such installments and at such time or times, not exceeding in the case of each such bond 30 years from its date, and may contain such provisions not inconsistent with this amendment as shall be provided in the proceedings of the governing body of the county whereunder such bonds shall be authorized to be issued. Except as herein otherwise provided, all bonds issued under this amendment shall be issued in accordance with, and shall be subject to, the provisions of the general laws of Alabama existing at the time of the issuance of such bonds respecting the sale, execution, issuance and redemption of bonds by counties. The indebtedness evidenced by the bonds issued under this amendment or under any other amendment to the Constitution which are payable out of or are secured by a pledge of the special tax shall be in addition to and shall not be charged against the limitation on the indebtedness of the county provided for in Section 224 of the Constitution.

So long as the principal of or interest on any of the bonds issued under this amendment remains unpaid, the governing body of Mobile county shall continue the levy of the special tax at such rate as may be sufficient to pay the said principal and interest at their respective maturities. The rate at which the county may levy the special tax is hereby fixed at 6 1/2 mills on each dollar of the assessed valuation of properties subject to taxation by the county as assessed for county taxation, which rate shall be the maximum rate at which the county may levy the special tax except to the extent that the said rate may be increased pursuant to provisions of this constitution hereafter adopted. Such rate shall not be subject to adjustment pursuant to the provisions of amendment 195 to the constitution.

Section D. The provisions of this amendment shall be self-executing, and authorization from or other action by the legislature shall not be a prerequisite to the issuance of bonds hereunder, the levy of the special tax for payment thereof, or the use of the proceeds of the special tax for the purpose of paying the principal of or interest on the outstanding securities.