Section 7.

Any law heretofore or hereafter enacted which provides that railroad companies shall pay a certain percentage of their gross earnings in lieu of all other taxes and assessments on their real estate, roads, rolling stock and other personal property may be amended or repealed only by a law ratified by a majority of the electors of the state voting at the election at which it is submitted.

Change of Form of Taxation of Railroads to be Voted Upon

Any law providing for the repeal or amendment of any law or laws heretofore or hereafter enacted, which provides that any railroad company now existing in this state, or operating its road therein, or which may be hereafter organized, shall in lieu of all other taxes and assessments upon their real estate, roads, rolling stock and other personal property at and during the time and periods therein specified, pay into the treasury of this state a certain per centage therein mentioned of the gross earnings of such railroad companies now existing or hereafter organized, shall before the same shall take effect or be in force, be submitted to a vote of the people of the state, and be adopted and ratified by a majority of the electors of the state voting at the election at which the same shall be submitted to them.