(1)

(A) Chancellors, circuit court judges, criminal court judges and law and equity judges shall receive seventy-eight thousand dollars ($78,000) per annum. Judges of the court of appeals and the court of criminal appeals shall receive a salary three thousand five hundred dollars ($3,500) per annum in excess of that received by the trial judges. Justices of the supreme court shall receive a salary seven thousand five hundred dollars ($7,500) per annum in excess of that received by the trial judges; and

(B)

(i) Chancellors, circuit court judges, and criminal court judges shall receive a base salary of one hundred forty thousand dollars ($140,000) per annum beginning September 1, 2006. Judges of the court of appeals and the court of criminal appeals shall receive a salary that is five thousand dollars ($5,000) per annum in excess of that received by the trial judges effective September 1, 2006. Justices of the supreme court shall receive a salary that is ten thousand dollars ($10,000) per annum in excess of that received by trial judges effective September 1, 2006. Beginning on July 1, 2007, and on each July 1 thereafter, subdivision (2) shall be applied to determine what, if any, adjustments are to be made to the base salaries set out in this subdivision (1)(B)(i).

(ii) In addition to the base salary effective September 1, 2006, as set out in subdivision (1)(B)(i), the chief justice of the supreme court shall receive five thousand dollars ($5,000) per annum, and the presiding judges of the court of appeals and the court of criminal appeals shall receive two thousand five hundred dollars ($2,500) per annum.

(2) On July 1, 1991, the base salaries fixed in this section shall be adjusted in accordance with the formula contained in § 8-23-101(d)(3) reflecting the percentage of change between calendar year 1989 and calendar year 1990. Each succeeding July 1, a similar adjustment shall be made based upon the percentage of change in the average consumer price index between the two (2) calendar years preceding July 1 of the year in which the adjustment is made. However, no reduction shall be made by way of adjustment on account of any decrease in the average consumer price index between two (2) successive calendar years. No adjustment provided for herein shall exceed five percent (5%) per annum except when the change in the average consumer price index exceeds ten percent (10%), in which event the adjustment shall be equal to five percent (5%) plus one percent (1%) for each one percent (1%) or fraction thereof beyond ten percent (10%).