In addition to all taxes now or hereafter authorized by the Constitution and laws of Alabama, the city of Auburn shall have the power to levy and collect a special property tax, at a rate of not exceeding one-half of one per cent in any one year, on the value of the property in the city, as assessed for state taxation during the preceding year, the proceeds of which tax shall be used exclusively for the support and furtherance of education but may be pledged to the payment of the principal of and interest on bonds, warrants, or other evidences of indebtedness issued for educational purposes. Any such pledges shall take priority as provided in such bonds, warrants, or other evidences of indebtedness. Before any such tax may be levied, the maximum rate of such tax, the purpose or purposes thereof and the time such tax is proposed to be continued, shall have been first submitted to a vote of the qualified electors of the city of Auburn and voted for by a majority of such electors voting at such election. The maximum rate, the purpose or purposes and the duration of such special tax provided for herein may be renewed, extended, revoked, or amended from time to time by like vote of the qualified electors of the city of Auburn; provided, however, that no revocation or amendment shall be effective as to any tax pledged to the payment of any bonds, warrants, or other evidences of indebtedness. If any proposal to levy a tax is defeated in any election, subsequent elections thereon may be held at any time. Each election held under the provisions hereof shall be ordered, held, paid for, canvassed and may be contested in the same manner as is or may be provided by the law applicable to municipal corporations for elections to authorize the issuance of municipal bonds.