(1) Effective January 1, 1999, there is hereby created in the Fourth Judicial District an additional circuit-chancery judgeship, which shall have jurisdiction in law, equity, and probate.
(2) The qualified electors of the Fourth Judicial District shall elect the additional circuit-chancery judge created in subsection (a) of this section at the November 1998 general election to take office on January 1, 1999. The additional judge shall be elected in the same manner and shall satisfy the same qualifications for holding office and shall receive the same salary, expenses, and other allowances as provided by law for judges of the circuit-chancery courts. The judge shall serve for elected terms of four (4) years.