The Sentinel=record., 1912-08-25
AMENDMENT NO. l5 10
 BE VOTED ON SEPT. g
Measure, If Adopted, Will Give Cities and Towns the Right to
 Issue Bonds.

The following is the text of Amend ment No 15, giving cities and incor- 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 9:
 Be ii E,nanted 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 Is. Section 1.--Neither the 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- 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 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- cities. payable to order or bearer in a 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 piavgronnds either inside or outside of the city limits: for the construction of drainage or sanitary sewers, for the purchase and construe- tion of city halls. prisons, libraries. hos pttals. fire stations and equipment, via duets 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, acquirement or construction Of waterworks. lighting plants and street railways; and for any other public im- 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 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 (5g5) per cent per annum, and when issued by cities of the second class and by such incor- porated towns, shall not bear a greater rate of interest than six (6T) per cent per annum; and in order to provide for tile payment of such bond6 and interest a special tax, not 10 exceed five (5) 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 evi- dences of indebtedness shall not be s- sued for an amount more than ten (l0eol 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 t60) days after the adoption of said or dinanee 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 t4) times in some news paper published in said city, and having a circulation therein. the last publica- ton 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 mayor and board of public affairs of said city, if there be board of public affairs If there be no board of public affairs. the canvass shall be made by the mayor and by three qualified elec- tors of said city who are owners of property. who shall be selected hy 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 he con cluk tve
 This amendment shall he in force i'm mediately after its adoption and shall not require legislative action Co put it Into operation. It's adoption shall be complete when the Board of State Elee- ton Commissioners shait have canvasseh the returns and declared it to have been adopted.
 Ail of the provisions of this amend ment shall be treated as mandatory.
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