Local Amendment 2 - Road, Bridge, and Drainage Bonds

Shall Mobile County in the State of Alabama be authorized to issue from time to time and in one or more series its Pay-As-You-Go Road, Bridge and Drainage Facilities Bonds, not exceeding $69,000,000 in principal amount, for the purpose of raising funds for the construction and improvement, or either, of hard surfaced roads, hard surfaced bridges, and surface water drainage facilities, or any thereof in the county, which bonds shall bear interest at a rate or rates to be fixed when they are sold, not exceeding eight percent (8%) per annum, payable semiannually until their respective maturities, and shall mature and become payable on December 1 in the aggregate principal amount of $6,900,000 in each of the years 2026 through 2035, and shall the said county be authorized to continue to levy annually a special tax, on all taxable property in the county, at a rate not exceeding six and one-half mills on each dollar of the assessed valuation of such property, for the purpose of paying at their respective maturities the principal of and interest on the said bonds and all other bonds at any time outstanding which may be payable out of or constitute a charge on the said special tax, all pursuant to the provisions of Amendment 18, as amended and modified, to the Constitution of Alabama?