The Nevada County picayune., 1912-07-05
FOR AMENDMENT NO Is. AGAINST AMENDMENT NO. Is.
Be it Enacted by the People of the

Be it Enacted by the People of the State of Arkansas:
 That Section One of Article 16 to the Consultation of the State of Arkansas be amended so to read as follows:
 Article 16, Section I.-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 fndebt- edness. and the State shall never isAue any interest bearing treasury warraAts 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 majority of the qualified electors within the corporate limits thereof, voting thereon at an election held for that pur- 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 gs of any city of the first or second cl; ,~ or such incorporated towns incurred ior to the adoption of this amendme for the construction of public ways. streets. alleys and boulevar for the purchase and equip ment e! &rks and playgrounds. either inside ltSde of the city limits; for the col S' Iction of drainage or sanitary sewers. the purchase and cOnStruc- ton of cit. 9alls, prisons. libraries hos fitals. fife stations and equipment. via ducts and ridges, and for any and all public buildu.lS. structures, or grounds that may be required by said city for the proper an economical admnistra- ton of it's government; and for the pur- chase. acquirement or construction or waterworks, lighting plants and street railways. and for any other public irn- provement of a general nature for tho use and benefit of said city. except to aid in the construction of railroads or enterprises operated by any private cor porati
 No money raised for a specific pur- pose shall be used for any other or dif- 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 65fo) per cent per annum and when issued by cities of the second class and by such tncor- porated towns shall not bear d greater rate of interest than six t6#) per cent per annum; and in order to provide for the payment of such bonds and interest q special tax. not to exceed five t5) mills 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 (i0@o) 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 dinance Said election shall be held at 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 (4) times in some news paper published in said city. and having a circulation therein, the last publiea- tion to be not less than thirty (30t 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 a board of public affairs If there be no board of public affairs. the canvass shall be made by 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 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 inn mediately after its adoption. and shall not require legislative action to put 1t Into operation It's adoption shall bs complete when the Board of State Elec- ton Comm issioners shall have CanVassed the returns and declared 1t to have been adopted.
 All of the provisions of this amend ment shall be treated as mandatory.
 Na1 l, fhA RFf nf hn
 retary of State on the End day
 of May. 1912
 Each elector may vote for or against the above amendment
 Witness my official signature.
 this goth day Of May. 1912.
 EARLE W HODGES.
 Secretary of State.
 tSeall