The Sentinel=record., 1912-08-25
GET MORE IMPROVEMENTS
Amendment No. is to Be Voted Upon September Restricts Amount
 That May Be Borrowed.


 eral election on September g, and which, if adopted, will give cities and incorporated towns of more than 1000 inhabitants, the right to issue bonds for public improvements.
 It is pointed out that under the present system of improvement dis tricts, the city or town is compelled to pay not less than per cent inter. est upon its time warrants which are issued to pay for improvements. Cities which are able to issue bonds, backed by the credit of the municipality, can secure all the money they need for public improvements at and per cent interest. The difference between the four or five per cent and eight per cent in interest, represents many thousands of dollars annually which could be expended for public improve. ments in the cities and towns of the state, if bonds could be issued.
 Amendment No. IS guarantees that this saving will result to the cities and towns for there is a provision in the proposed measure which requires that bonds issued by cities of the first class shall not bear a greater rate of interest than five per cent per annum and that bonds issued by cities of the second class and incorporated towns shall not bear a greater rate of inter est than six per cent. II is also pro vided that the bonds can never be sold at less than par. These two pro- visions preclude any possibility of a city of the first class ever paying more than five per cent for It's money put into public Improvements or of city of the second class or incorporated town paying more than 6 per cent per annum.
 The situation in which Little Rock finds itself is given as an example of the conditions in other cities throughout the state. Little Rock owes less money than any city of it's size in the United States. It would be expected, therefore, that on account of her small indebtedness, she should be able to borrow money at the lowest rate of interest, but Little Rock. in common with other cities of Arkansas, is compelled to issue time warrants, payable in three. four or five years, and can scarcely place them at bet ter rate of interest than 8 per cent per annum. On the other hand the city Of Memphis owes approximately $11,- 100000 spent for public improve ments In spite of her large indebted ness and because of her ability to is- Sue bonds and place her affairs on a business basis, Memphis has been able to place her bonds at 4, IA, and 1-2 per cent per annum, as against the s per cent that Little Rock and other Arkansas cities are forced to pay with their small Indebtedness.
 Amendment No. Is restricts the amount of bonds that can be issued to 10 Der cent Of the assessed valua- tion of all real and personal property in the city or town proposing to Issue the bonds. As the basis of assess ment Is about 30 per cent of the real value of the property, the actual amount of bonds that could be issued by any city or town would be about s per cent of its property value.
 The amendment also provides that the special tax to provide for the pay ment of the bonds and interest shall not exceed five mills on the dollar, in addition to the rate of taxation now authorized.
 The adoption of Amendment No. 15 viii not affect at all the taxes of any one outside the cities and towns.
 The executive committee in charge of the campaign for Amendment No. 15 declares that the object desired cannot be reached by improvement districts.
 "The method of organizing improve ment districts is so cumbersome that there can never be enough of them to accomplish the end desired" the com mittee says in Q statement which 1t has issued.
 Moreover, under that system, all the cost is thrown on the owners of real property. This Is unjust. so much so that frequently these owners re- fuse to assume the burden. Why should the property owners of today be forced to pay all the cost of i'm provements which are to be enjoyed by generations to come? Why should not an arrangement be reached, as pro vlded in proposed Amendment No. 15, so that all those who enjoy the benefits of the improvements shall pay their proportionate part of the cost thereof! It Is not right, it is not equitable, 1t is not just that the citizens of today should pay all the cost of the improve ments which are to be enjoyed long after they shall have passed away.
 "Arkansas is making more rapid progress. educationally. than anJ other state in the Union This could not be lf our school districts in cities ! and towns were prohibited from uslus tHa4. ..aA4t tk E...a..4 .tuF4E far tfl