The Van Buren press., 1912-09-07
AMENDMENT NO. 10 TO ~
Be VOTED ON SEPT. 9
Measure, II Adopted, viii Give Cities
and Towns the Right to
Issue Bonds.

The following is the text OF Amend
ment No. Is, giving cities and incor-
porated towns of more than l,OOO popu'
lation, the right to issue bonds for
public improvements, which Will be
submitted at the general election on
September 8;
Be II Enacted by the People OF the
State Of Arkansas:
That secuon one of Article l6 to the
Constitution of the State of Arkansas
be amended so as to read as follows
Article l6, Section Neither the
State, nor any city, county, town or
other municipality in this state shaI
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 900 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 a
sum and for the purpose, approved by
such majority, at such election, may De
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 or
public highways, streets, alleys ana
bouevards; 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
pitfalls, 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 its government and for the pur-
chase, requirement or construction or
waterworks, lighting plants and street
railways; and for any other pubic i'm
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.
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 $50 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 $50 per cent
per annum; and in order to provide for
the payment Of such bonds and interest
a special tax, not to 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 evil
denCes Of Indebtedness shall not be is
sued for an amount more than ten GO3oD
per cent Of tho 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 II 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 thcre-
Of, and fixing the date Of election so
that it shall not occur earlier than sixty
600 days after the adoption OF said or
dinanCe, 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 (D times in some ncws-
paper published in said city, and having
circulation therein, the last publica-
tion to be not less than thirty 600 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 II 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 I'm 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 its adoption, and shall
not require legislative action to put II
into operation Its adoption shall be
complete when the Board OF state Elec.
tion Commissioners shall have canvassed
the returns and declared IT to have been
adopted
All Of the provisions Of this amend,
ment shall he treated as mandatory