The legislature of Alabama may authorize Mobile county to issue bonds from time to time, not exceeding in the aggregate $1,600,000.00, which bonds, or the proceeds thereof, shall be used exclusively for paying valid and enforceable unbonded obligations of Mobile county, and unbonded obligations of Mobile county which would be valid and enforceable but for the provision or provisions of the Constitution of Alabama of 1901 fixing the debt limit of said county, and all past due interest and principal on any valid and enforceable bonded obligations of said county, existing on September 30th, 1936. In September of each year after the adoption of this amendment to the Constitution, the governing body of Mobile county shall adopt a budget based on 95 percent of the gross receipts of the general fund of the preceding year for the succeeding fiscal year beginning October 1st, and the expenses of such county for any such fiscal year shall not exceed the revenues of the county for that year. All debts contracted or liabilities incurred by the said county in excess of such revenues shall be void. The governing body of Mobile county may, during any such fiscal year, borrow additional money to the extent of twenty-five (25%) percent of the general revenues of such county for the preceding fiscal year, and pledge to secure the payment thereof the general revenues of the county for such current fiscal year only, such loans to be paid within that fiscal year or from the pledged general revenues of the county subsequently collected for that year, and any loan so made and not paid out of the general revenues of the county pledged to secure the same shall be void as to any amount remaining unpaid. The legislature shall not, after the adoption of this amendment, pass any law making any claim a preferred claim against said county, and all laws, or parts of laws, now in force and effect, making a claim a preferred claim against said county, are hereby annulled as to any future claim. The words "governing body of Mobile county" as herein used shall include any board or officer which is now or which may hereafter be vested with the powers and duties now or formerly exercised by the board of revenue and road commissioners of Mobile county, Alabama. Any person violating any of the provisions of this amendment shall, upon conviction, be punished by a fine not exceeding $5,000.00, or by imprisonment in the penitentiary for not more than two years, one or both, at the discretion of the jury trying the same, and the violation of any of the provisions of this amendment shall also be ground for impeachment.