Pocahontas star herald., 1912-06-28
FOR AMENDMENT NO. is.
AGAINST AMENDMENT NO. Is.

BE it Enacted by the People of the
State of Arkansas
That Section One of Article 10 to the
Constitution Of the State of Arkansas
be amended so as to read as follows
Article 16, Section l.-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
terest bearing evidences of Indebtedness,
except such bonds as may be authorized
by law to provide for and secure the
payment of the present existing indebt-
edness, and the State shall never issue
any interest bearing treasury warrants
or scrip.
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 a
majority of the qualified electors within
the corporate limits thereof, voting
thereon at an election held for that ppr-
pose, negotiable coupon bonds for such
cities, payable to order or bearer, in
sum and for the purpose, approved by
such majority, at such election, may be
issued:
For the funding or refunding of any
existing debt of any city of the first or
second class or such incorporated towns
incurred prior to the adoption of this
public highways, streets alleys and
boulevards; for the purchase and equip
ment of parks and Fairgrounds, 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
pitfalls, fire stations and equipment, Via
ducts and bridges, and for any and all
public buildings, structures, or grounds
that may be required by said city for
the proper and economical administra-
tion of it's government; and for the pur
chase, requirement or construction of
waterwOrks lighting plants and street
railways; and for any other public inn
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
poration.
No money raised for specific pur-
pose shall be used for any other or diff
ferent purpose.
Such bonds shall never be sold at less
than par and when issued by cities of
the first class shall not bear a greater
rate of interest than five (59o) per cent
per annum, and when issued by cities
Of the second class and by such incor-
porated towns, shall not bear q greater
rate of interest than six (6qo) per cent
per annum and in order to provide for
the payment of such bonds and interest
q special tax, not to exceed five 90 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 evil
dences of Indebtedness shall not be is
sued for an amount more than ten (1OTo)
per cent of the assessed valuation of all
real 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 to be
issued: and if for more than one purpose,
provision shall be made for balloting on
each separate purpose the sum total
of the issue; the dates of maturity there
of, and fixing the date of election so
that it shall not occur earlier than sixty
(60l days after the adoption of said or
dinance Said election shall be held at
the 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
at least four (4) times in some news
paper published in said city, and having
a circulation therein, the last publica-
tion to be not less than thirty (30) days
prior to said election. Only qualified
electors in said city shall have the right
to vote at said election.
Said votes shall be canvassed by the
said city, If there be a board of public
affairs. If there be no board of public
affairs, the canvass shall be made by
the mayor and by three qualified cleo
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-
elusive
This amendment shall be in force i'm
mediately after its aGoption, and shall
not require legislative action to put 1t
into operation. Its adoption shall be
complete when the Board of State Elec-
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 in 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 goth day of May, 1912.
EARLE w. HODGES,
Secretary Of Stats.