The Van Buren press., 1912-06-22
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 lG, Section Neither the
State nor any city county, town, or
other municipality in this State shall
ever loan It's 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 pur-
pose, negotiable coupon bonds Tor 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
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-
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 adminlstra-
tion Of It's government and for VIE pur-
chase requirement or construction or
waterworks, lighting plants and street
railways, and for any other public im-
provement OF general nature for the
use and benefit OF said city. except 70
aid in the construction OF railroads or
enterprises operated by any private cor
poration,
No money raised for a speQlfic pur-
pose shall be used for any other or diff
ferens 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 tb9t) per cent
per annum, and when issued by cities
OF the second class and by such incor-
porated towns, shall not bear n greater
rate Of interest than six tGfo) per cent
per 0nnum, and In order 10 provide Tor
the payment Of such bonds ana interest
n special tax, not 90 exceed five tb) mills
ou the dollar, IN addition TO the rate Of
taxation now authorized, may he levied
by said city on the taxable property
therein, provided that bonds or evil
dences Of Indebtedness shall not be ls-
sued for an amount more than ten O0Gl
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 Ap 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 bulloting on
! each separate purpose, the sum total
! OF the Issue the dates OF maturity there
| Of, and fixing the de'r OF election so
! that Il shall not occur earlier than sixty
| GOO days after the adoption OF said or
| dlnnnce, SAID election shall De held at
| the Same precincts, ana with Judges
nnd clerks ps other city elections arc
! held and under the general election laws
except NJ herein provided Notice OF
! such election, under the hand OF the
! mayor shall be given ny advertisements
nj least four 90 times In some news.
| paper published IN said city ana having
n circulation therein, the last publlca.
! tioa TO be not less than thirty t30) days
! prior TO said election only qualified
! electors IN said city shall have the right
10 vote nt said election
said votes shall be oOnvOssod by the
mayor Nnd board OF public affairs OF
s99id city, + there be a board Of public
affairs, the canvass shall be made by
! the mayor and by three qualified elees
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 Ii 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,
medlately after ~ adoption, and shall
not require Legislative action to put it
into operation itH adoption shall be
complete when the Hoard ~ state tilec-
| tlon Commissioners shall have cAhvasHo1
the returns ana declared II to have been
adopted
All Of the provisions ~ this amend.
| inont shall be treated uH mandatory
! riitt IN the n'fiee ~ the Iaes
fetery Of state ON the end day
OF May 1914
| Each eleetur may vote for or against
| The above amendment
witness my official signature,
this goth day Of May 1919.
| EARLE ", HODGES
ISeul Secretary OF Rtnta,