The Forrest City times., 1912-06-28
FOR ANIEEDMErTT NO Is. AGAIN ST AMENDMENT NO. Is.
Enacted by the People of the

Be it Enacted by the People of the State of Arkansas:
 That Section One Of Article l6 to the Constitution of the state Of Arkansas be amended so as 10 read as follows:
 Article Is. Section I.-Neither the State, nor any city. county town. or other municipality in this state shall ever loan its credit for any purpose whatever; nor shall any county. city town or municipality ever issue any in- tefest bearing evidences of indebtedness, except such bonds as may be authorized by law to provide for and secure the Iaymert of the present existing indebt- eihess, and the State shall never issue any interest bearing treasury warrants
 Provided. that in cities of the first and second class and in incorporated towns of 1000 or more population. as sHoWn by the next preceding Federal census. by and with the consent of d majority of the qualified electors within the corporate limits thereof. voting thereon at an election held for that pur- pose. negotiable coupon bonds for such cities, payable to order or bearer in q sum and for the purpose, approved by such majority, at such election may be issued.
 For the funding or refundlng of any existing debt of any city of the first or second class or such incorporated towns incurred prior to the adoption of this amendment; for the construction of public highways. streets, alleys and ment of parks and playgrounds. either inside or outside of the city limits. for the construction of drainage or sanitary sewers; for the purchase and construc- tion of city halls prisons. libraries. hos pltaIs, fire stations and equipment via duets and bridges, and for any and all public buildings. structures, or grounds that may be required by said city for the proper aEd economical administra- ton of its government. and for the pur- chase requirement or construction of waterworks, lighting plants and street
 
 provement of a general nature for the use and benefit of said city, except to aid in the construction of railroads or enterprises operated by any private cor pora ation-
 No money raised fer a specific pur- pose shall be used for any other or diff ferent purpose.
 Such bonds shall never he sold at less than par. and when issued by cities of the tIFst class shall not bear a greater rate of interest than five (5go) per cent per annum. and when issued by cities of the second class and by such tneor- porated towns. shall not bear q greater rate of interest than six f6at1 per cent per annum. and in order to provide far the payment of such bonds and interest a special tax, not to exceed five (51 mills on the dollar, In addition to the rate of taxation now authorized. may be levied by said city on the taxable property therein; provided, that bonds or evi- denCes of indebtedness shall not be is- sued for an amount more than ten (t6G3 per cent of the assessed valuation of all feat and personal property in the city or town proposing to issue same
 Said election shall be held at such time as the city council may designate by ordinance. specifically stating the purpose for which the bonds are L. be issued. and if for more than one purpose. provision shall be made for haII0tins on each separate purpose; the sum total of the issue; the dates of maturity there- of. and fixing the date of election so that ii shall not occur earlier than sixty tf0t days after the adoption of said or dlnance. Said election shall he hel1 at me same precincts, and with judges and clerks as other city elections are held. and under the general election laws except as herein provided Notice of such election. under the hand of the mayor. shall be given by advertisements al least four t43 times in some news paper published in said city. aud having a circulation therein. the last publica- tion to be not less than thirty e301 GaVs Pflor to said election. Only qualified electors in said city shall have the right 10 vote at said election.
 Said votes shall he canVassed by the mayor and board of public affairs of said city. if there be d board of pabllo affairs. If there be no board of public affairs. the canvass shall be made by tAe mayor and by three qualified elee- tors of said city who are owners of property. who shall be selected by the county judge of the county in which said city or town is located. and the result Of said election. when declared by the mayor and his associates, shall be con
 This amendment shall be in force im- mediately after its adoption. and shah not require legislative action to put it into operation. It's adoption shall be complete when the Board of State EIec- tion Commissioners shall have canvassed the returns and declared it to have been adopted
 All of the provisions of this amend ment shall be treated as mandatory.
 Filed iii the office of the Sec
 retary of State on the End day
 of May. 1912
 Each elector may vote for or against the above amendment
 Witness my official signature
 this 20th day of May. 1a12.
 EARLE w HODGES
 Secretary of State
 [Seall