The Van Buren press., 1912-06-01
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. Is.


BE IL Enacted by the People or the
state or Arkansas.
Ihat Section one or Article 10 10 the
constitution OF the STATE OF ARKANSAS
be amended so as 10 read as follows.
Article lb, section l'-NeltheI ue
state, nor any city, county, town, or
other municipality IN inns state shau
ever loan llS CIeult TOT any puIPuSe
whatever nor shau any county, city
town, or munclpalliy ever issue any M
tercSt bearing evidences or Indebtedness,
except such bonds as may be dulhpilHei
by law 10 provide Tor ana secure iue
payment ol the present existing lhHeut-
edhesS, ana inc state ShaIl never ISSUE
any interest bearing treasury warrants
or scrip
Provided, that In cities of the iiIst
and second class ana IN incorporated
towns OF 1000 or more population, as
shown by the next preceding Federal
census. 10y ana win the consent or
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 a
sum and for the purpose, approved by
ouch majority, at such election, may be
issued.
For the funding or refundlng or any
existing debt of any city Of the first or
second class or such Incorporated towns
Incurred prior TO the adoption of TINS
Amendments for the construction OF
W q
boulcyards, for the purchase and equip
mout 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-
ton of city halls, prisons, Libraries, hos
pltals fire stations ana equipment yia-
ducts and bridges ana for any and all
public buildings structures or grounds
that may De required by said city for
the proper and economical adminlstra-
ton Of It's government; and for the pur-
chase, requirement or construction Of
watorwurks, lighting plants and street
railways, and for any other public im-
rruvcment of general nature Tor the
use and benefit OF said city except TO
aid I'm 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
fcrcut purpose
Such bonds shall never be sold nt less
than par, and when issued by cities of
the first class shall not bear a greater
rate Of Interest than five $50 per cent
per auuum, aud when issued by cities
! Of the second class ana by such luCur-
poratcl towns shall not bear u greater
| rate Of interest than siN tGG) per cent
per nnnum, and In order 10 provide for
| tho payment Of such bonds and interest
! special tax, not 10 exceed five tj) mills
on the dollar In addition ~ the rate OF
| taxation now authorized. may Doe levied
.
! therein, provided that bonds or evil
/ douccs of indebtedness shall not bc is.
| sued for an amount moro than ten ll0DD
| per cent Of tho agscascd valuation Of all
| real ana personal property I'm 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 bullOtng on
| each separate purpose; the sum total
! Of the Issue, the dates " maturity there.
! or and fixing the date of election so
/ thnt il ghan not occur earlier than alXty
| 600 DAYS after the adoption of said OF.
| dnancc Sud election shall be held at
| the same precincts, aud with Judges
| and clcrl,s as other city elections are
| held, and undur the urnprnl election laws.
! oNpopt nN herein provided Notice Of
| such election uudor the hand OF tho
/ mayor shall be glyon by advertisements
| nj longt Four 90 tlmoa I'm aomo news
| paper published I'm said city uud having