(a) All sixteenth section school and school land located in Cullman County is vested in the Cullman County Board of Education. The board may manage, sell, lease, and control the land and any timber, minerals, or other natural resources of the land.
(b) Any proceeds from the sale of sixteenth section or school land shall be distributed as follows:
(1) Ninety percent shall be deposited into a trust account in Cullman County.
(2) Ten percent shall be deposited into the Cullman County Board of Education General Fund.
(c) Any interest earned on the funds deposited pursuant to subdivision (1) of subsection (b) and the funds deposited under subdivision (2) of subsection (b) shall be annually distributed to the Cullman County school system and the Cullman City school system based on the number of students residing within the then existing boundaries of each system. The number of students residing in a school system shall be based on the then existing enrollment of students in each system, adjusted by the number of students enrolled in the system who reside outside of the system, as identified by the Cullman City Board of Education. The annual distribution of interest for each of the five years immediately following ratification of this amendment shall be calculated using 2010-2011 school year student enrollment data. Thereafter, the distribution formulation shall be recalculated and updated for each five-year period based upon student enrollment data at the beginning of the five-year period.
(d) Any proceeds generated from the sale of timber, minerals, or other natural resources of the land, or from the lease of sixteenth section or school land shall be paid directly to the Cullman County Board of Education and deposited into the Cullman County Board of Education General Fund.
(e) It is the intent of the Legislature that this amendment supersede any other provision of this constitution which may be construed as being in conflict with this amendment as it relates to sixteenth section or school lands in Cullman County and the rights, power, and control of the property relating to the sale, lease, or other disposition of the land or the sale of timber, minerals, or other natural resources generated by the land, or any proceeds or interest earned therefrom.
(f) Upon ratification of this amendment, all proceeds realized from the sale, lease, or other disposition of sixteenth section or school land or the sale of timber, minerals, or other natural resources generated by Cullman County sixteenth section or school lands occurring before ratification of this amendment, and held in trust by the State of Alabama, shall continue to be held in trust and any revenue and interest derived from those transactions shall be paid to the custodian of funds of the Cullman County Board of Education.