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Relating to proposing a constitutional amendment providing for the abolishment of all state ad valorem taxes, except that there shall continue to be levied a state ad valorem tax of five cents (5¢) on the One Hundred Dollars ($100) property valuation for college building purposes, until all notes and bonds outstanding at the adoption of this amendment are paid, and thereafter one-half (1/2) of the state inheritance tax shall be set aside for such purposes; providing that nothing in this section shall be construed as impairing the obligations incurred by the issuance of any outstanding notes or bonds by any state institution or by the granting of tax donations prior to adoption of this amendment; providing that upon adoption of this amendment all state ad valorem taxes then delinquent, excluding any part of the five cents (5¢) levy which shall become delinquent until all notes and bonds are paid, together with penalties and interest, shall automatically inure to the county in which they were assessed.