The Forrest City times., 1912-07-05
FOE AMENDMENT NO 15. AGAINST AMENDMENT NO. Is.

Be 1t 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 I-Neither the State. nor any city. county, town, or other muuiei ipality in this State shall eyer loan it's credit for any purpose whatever. nor shall any county. city, town. or municipality ever issue any ia- 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 tndebt- efness, 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 l 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 a an election held for that par- 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 aEy city of the first or second class or such incorporated towns l incurred prior to the adoption Of this amendment. for the construction of public highways. streets. alleys and bouleyards: for the purchase and equip ment of parks and playsrounds. either inside or outside of the city limits for the construction of drainage or sanitary sewers; for the purchase and construe- ton of city halls. prisons. libraries. hos pitals. fire stations and equipment. via duets and bridges, and Tor any and all public buildings. structures. or grounds that may be required by said city for the proper and economical admintstra- 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 im- provement of q general nature for the use and benefit of said city except 10 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 dlf- ferent purpose.
 Such bonds shall never be sold at less than par and when issued by cities of the first class shall not bear greater rate of interest than five f5-cl per cent per anDum. and when issued by cities of the second class and by such tncor- porated towns. shall net bear a greater rate of interest than SIX t6rc) per cent Der annum; and in orIer to provide for the payment of saeh 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 oy saId city on the taxable property therein; provided that bonds or evi- dences of indebtedness shall not be is- sued for an amount more than ten l0ee9 per cent of the assessed valuation of all real and personal property in the city or town proposing t0 issue same
 Said election shall he held at such time as the city council may designate by ordinance, Specifically stat.ns the purpose for which tHc bonds are t0 be issued and if for mnre than one purpose provision shall be made for balIotin2 on each separate purpose; the sum total of the issue. the dates If maturity tHere- of and fixing the da te of election so that it shall not occur earlier than sixty sGol days after the ad0F ton Of said or dinance Said election shall he 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 least four t41 times in some news paper published in said city. and having ton to be not less than thirty (301 days prior to said election. Only qualified electors in said city shall have the right to vote al said election
 Said votes shall be eanVassed by the mayor and board ef public affairs Of said city, if there he board of public affairs. If there be no board Of public affairs. the canvass shall be made by tie mayor and by three qualified elee- tors of said city who are owners of property. who shall be selected by the county judge of the county in which said aid city or town is located; and the result ef said election. when declared by the mayor and his associates shall be con elusive
 This amendment shall be in force in- mediately after it's acoptiop. and shall not require legislative action to put it into operation. It's adoption shall be complete when the Board Of State Elec- tinn Commissioners shall have canvassei the returns and declared It to have been adopted.
 All of the provisions of this amend ment shall he treated IS mandatory.
 Filed in the office of the Sec
 retary of state on the 2nd day
 of May, 1912
 Each elector may vote for or against the above amendment
 Witness my official signature.
 this 20th day of May. 1a12
 EARLE ". HODGES
 Secretary of State.
 ISeall