The log cabin Democrat. [volume] (Conway, Ark.) 1901-1982, 1912-06-20
FOR AMENDMENT no. Is.
AGAINST AMENDMENT NO. Is.

Be it 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 to read as follows:
Article 16, Section Neither the
State. nor any city, county. town, OF
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,
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
| shown by the next preceding Fedora
census, by and with the consent of a
majority of the qualified electors within
the corporate limits thereof, voting
thereon al an election held for that pur-
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 such incorporated towns
incurred prior to the adoption of this
amendment; for the construction Of
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-
ton of city halls. prisons. libraries, hos
pitfalls. fire sta lions 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'
ton 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 a specific pur-
pose shall be used for any other or dlt-
ferent purpose.
Such bonds shall never be sold at less
than par. and when issued by cities or
the first class shall not bear a greater
rate of interest than five $50 per cent
per annurn. and when issued by cities
| of the second class and by such incor-
porated towns. shall not bear greater
rate of interest than six 800 per cent
PER annum; and in order to provide for
the payment of such bonds and interest
a special tax, not to exceed five Cd 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 cyl
| denceS of Indebtedness shall not be is
sued for an amount more than ten Q0fa)
per cent of the assessed valuation of q y
real and personal property in the G
or town proposing to issue same.
Said election shall be held at ,
time as the city council may designa
by ordinance, specifically stains 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 =
! that it shall not occur earlier than 81, ]
| 600 days after the adoption of said
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 % times in some news
paper published in said city, and having
a circulation therein the last publica-
ton to be not less than thirty 600 DAYS
prior to said election. Only qualified
electors in said city shall have the right
Said votes shall be canvassed by the
mayor and board of public affairs of
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 it's adoption. and shall
not require legislative action to put II
| into operation. Its adoption shall be
complete when the Board of State Elec-
! ton Commissioners shall have canvassed
the returns and declared 1t to have been
| adopted.
All of the provisions of this amend
| ment shall be treated mandatory.
| Filed in the office of the Sec
| rotary 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 State.