Ad Valorem Tax in Morgan County.

(a) In lieu of the ad valorem taxes otherwise authorized by Section 269 and Amendment 3 to the Constitution of Alabama of 1901, and enabling statutory provisions thereto, the Morgan County Commission may levy annually, commencing with the tax year beginning October 1, 1995, an ad valorem tax on all taxable property located in Morgan County, Alabama at a rate of 5.8 mill per dollar assessed value of the property, the proceeds of which shall be distributed to the Board of Education of Morgan County in proportions as the proceeds would be distributable if the taxes were levied under the authority of Section 269 and Amendment 3 and enabling statutory provisions relating thereto.

(b) The authority conferred by this constitutional amendment shall be self-executing in the event this amendment is duly adopted and ratified at the election required by the act which this amendment is proposed.