The Harrison times., 1912-09-07
AMENDMENT NO. IS TO
BE VOTED ON REPT. 9
Measure, II Adopted VIII Give Cities
and Towns the Right to
Issue Bonds.

ment NO, 10, giving CltleS ana lnCOT-
porated towns Of more than 1000 popu-
lation, the right to issue bonds for
public improvements, which will be
submitted at the general election on
September 8,
Be 1t Enacted by the People of the
State Of Arkansas:
That Section one OF Article 16 to the
Constitution Of the State of Arkansas
be amended so as 20 read as follows;
Article l6, Section 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 or a
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 refunding OF any
existing debt OF any city OF the first or
second class or such Incorporated towns
incurred prior to the adoption or this
amendment for the CONSTRUCTION or
public highways, streets, alleys ana
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
pitals, 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 I'M
pTOYement OF a general nature Tor the
use and benefit OF said city except TO
aid In the construction OF railroads or
enterprises operated by any private cor
poration,
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 greater
rate OF interest than five (bSs) per cent
per Annum, and when issued by cities
OF the second class and by such ineor'
porated towns shall not bear greater
rate OF interest than six (6%) per cent
per annum and In order TO provide for
the payment OF such bonds and interest
a special tax, not TO exceed five (b) mile
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 eyi-
dences OF indebtedness shall not be IL"
sued for an amount more than ten NO%l
per cent OF the assessed valuation or AL
real and personal property IN the city
or town proposing to issue same,
Said election shall be held at such
time NJ the city council may designate
by ordinance specifically stating the
purpose for which the bonds are to be
Issued and II for more than one purpose,
provision shall be made for balloting on
eACh separate purp0Aei the sum total
OF the issue the dates OF maturity thero-
Of and fixing tho date OF election NO
that II shall not occur earlier than sixty
600 days after the adoption OF said or.
dlnance, said election shall be held at
the same precincts, and with judges
and clerks az other city, elections are
held, and under the general eloe Ton laws
except Rs herein provided, Notice OF
such election under the hand OF tho
mayor, shall be given by advertisements
at least four 90 times In some news
paper published In said CITY, ana having
a circulation therein, the last publica-
ton 70 be not less than thirty t3O) days
prior TO said election, only qualified
electors IN said city shall have the right
70 vote at saId election,
Said votes shall be canyassed by the
mayor and board OF public affairs OF
said city, II there be q board OF public
affairs, II there be no board OF public
affairs the canvass shall be made by
the mayor and by three qualified eleo.
tors Of said city who are owners OF
pr0per$y, who shall be selected by the
county Judge OF the county In which said
city or town II located ana the result
Of snid election when declared by the
mayor ana his associates, shall be CON
clul We
This amendment shall be In force i'm.
mrdlntcly after lts adoption ana shall
not require Legislative action 10 put II
into operation It's adoption shall be
complete when the Board or state Elees
tIOn Commissioners shan have eahVAssed
the returns aud declared IL to have been
All Of the provisions Of this amend.
.nsnt shall be treated an mandatory