“Special tax” means the annual ad valorem tax at the rate of of 1 per centum (equivalent to 5 mills on each dollar) of the assessed valuation of the taxable property in the county authorized to be levied by the county by the amendment known as Section 49–3.00, as amended, and also provided for in the amendments to the Constitution known as Sections 49–3.03, 49–3.04, 49–3.05, 49–3.06, and 49–3.40.
(b) 4 mills on each dollar (equivalent to of 1%) of the said assessed valuation shall be levied for payment of the principal of and interest on all bonds of the county heretofore and hereafter issued that are payable out of or secured by a pledge of the special tax; provided, that the said rate of 4 mills on each $1.00 of the said assessed valuation shall be reduced for each tax year for which the special hospital tax authorized in paragraph G of the amendment to the Constitution known as Section 49–10.40 shall have been levied at a rate exceeding 1 mill on each dollar of the taxable property in the county, any such reduction to be by mill on each dollar of the assessed valuation of the taxable property in the county or by rate of millage equal to the rate by which the said special hospital tax levied for that tax year exceeds one mill on each dollar of the assessed valuation of such taxable property, whichever shall be the lesser reduction.
