The Dermott news., 1914-07-09
Const itutional
Amendment No. IA
MUNICIPAL BOND AMENDMENT.


Re II Enacted by the People of the
State of Arkansas:
That Section ! OF Article Is Of the
Constitution OF the State of Arkansas
be amended so as to read as follows:
Article 16. Section l.. Neitler the
State nor any city. county. town or other
municipality in this State shall YER loar
its credit for any purpose whatever. nor
snail any county, city. town or nuntci-
pality ever issue any interest -SeariuE
evidences of Indebtedness. except such
bonds as may be authorized by law te
provide for and secure the payment of
the Indebtedness existing at the tim.
of the adoption of the Constitution OF
fS1t and the State shall never issue any
Understanding treasury warrants or
scrip.
Provided. that Incorporated towns Of
1000 or more population. as shown by
the next preceding Federal census. or
by a census taken for that purpose by
the municipal authorities OF said towns,
and cities of the first and second class
may issue 10y and with the consent OF
majority of the qualified electors o.
said municipalities voting on the ques=
ton at an election held for that pur-
pose, bonds other interest bearing
evidences Of Indebtedness in sums and
Tor the purposes approved by such ma
Jointly a: such election. as follows
towit:
For the funding or refunding OF any
existing Indebtedness incurred prior to
tne adoption of this amendment, for the
requirement construction or matnten-
ance of public highways, streets. alleys
or houtevards. for the purchase OF equip
ment Of parks or plav-grounds, for the
construction of sewers, for the purchase
or construction of city or town halls.
anditor'ums, prisons. libraries hospitals.
flre stations or eQuinmeut Niadrcts or
pfidGes; and for any and all ruhie
buildings. structures or grounds that
may be required by said municipality
Tor the proper and economical aHmtHiS-
frD ttpu of It's - and for
other public improvements Of a general
nature for the use and benefit of said
immortality.
Provided, that no municipality shall
eyer grant financial aid towards TITO
construction of railroads or other prt-
vate enterprises operated by any pri-
Natc person or corporation. ana. r'"-
vtded further. that any Of the aforesaid
improvements may be within or with
out the corporate limits of said munich
palities
No money raised for specific pur-
pose shall be used for any other or
different purpose
No bonds or other interest Len ring
evidences of Indebtedness issued unde-
the authority of this amersiment shall
ever he sold at less than par. and when
issued by cities or the first class they
shnll not bear greater rate of interest
than five go per cent per annum. and
when issued by cities of the second
class and by such Incorporated towns
as aforesaid shall not bear a greater
rate OF interest than six co per cent
~ niiI."' IN ',uer |" PrpNlue t"f 'I.e
irt ~ notuS @'t 49, tu1e'eSt
the interest thereon n special tax. not
70 1891 SeN'I - hnI'lS on t,e aelIal.
IA 49, '1h l" tie iait 81 'hNt, 'h Iow
ralittes on the taxable property therein;
and any Of said municipalities issuing
any "on"S or oth"t interest rearing cyl.
= ~ 1i'l''o9titteNN snail. ottofe or
"A - q = 10 "a he
toI''S Ion OF uireet annual tax not
N.'tHtuE s7e a1"ti' i'naitep ~ "ooNts
5tit, t'h' |" "a ,1. lu."f'Si % Su'n
i .'"'Ht@ ~
't', - "t ltdtpleuieSS as in'N -ifil uu'
'Hu .iS' 10 pay ana dlN'NatA" luN
pil1clPal tR"teet, Wltah thtrtN=tlNe
20 S'S,S rom nc tne OF lsSn'nE the
sum" i'eNlhti ihfihtt. th"t bohdS or
oth"r interest hearing evidences ef In
deHt"ineSS shall not d" ISSUED Tor nm
"ll'l"t VA tli', "s'ft'tate or more thail
So" Pet I'ht on me aSSeSS"d Va "a
ION -. ~ t'9I ana l''N'NaI pt"N'ftV IN
~. '''itit'' t|.lN I''t'"Nti5s 10 is ~, I'M
., 49, s,It3 ~ ta' laS' tyu-'4I 1S-
81 h.,.i,,.. o,.t5{,..,s ,,L,,'t,'-,
.falt -, s,,rf,1 ~ sh,tf IA - ~
III. 80, - -, - w s - -
n, ~ - a.. "a pre,.t, Wv" -, -
- - - ,,t ~ - ~. ~, ~
,,ittfgs a. tI,o r,,r,,o - ul5'r','.
- 70. 49, ~ ~ ,'lH ''S'
tt't', .lll.t 4, \ tn
-, T IiS,in, ~ w.
N''hS OF tltU.."E p'.ntS WIN the aSStIi
OF = ny 80. ny 81 ti'e N",ttS wi ~"
uV',''lI"ll res Inns W, Hl''h uutSti"'
salu mum I'm - saati o' ~, ti,,t'
~ "'N I'M =" tNs1s 49, '',,'T WIN
we ASSEM- aIoreS"l ~ anu Suau he Az
'h"rlhe' 70 Hl"Nt lcN. OF tANts Ipt Iue
purpose OF PuNthE inc itln"ip'i Ah1
interest," or snch noh1s' ana spHh Whter
works ana iish'}ae honds or feHe" as
Thereon shei hot ne me- t'ei ~ thn
computation OF inc amount OF bonded
!ndehtsdNeSS or VIC amount o. We t'NN
hefeinhe'ote ptrhli't"u' "ut SIC mum
c}pti'tes are P.iHlu.' 70 laS'" Su'h
bonds ana i"NV taxes thetet"r IN excess
or said limitations shu ti,e rates o. IN
terest on HaTh NattL "'r -. or i'hS
hohuS Snall We k"Nr. ,'eu " tte pro- y
-, honas hnt s,,rh ho,ts 49, w.,
30 yat,ret within thirty nv. rgb1 y.a,s
p,'itl fnrtbar that % aJli,ioral 80,
t, 90 sat5 agdittn, al hn,,Is ~ -,
80 - otber lion sboli ne ,i,s,, Ia. cd,
go t..lt,. or s,,.I - - - = -.
ulIt.1 -, tDci,aip" a. -, ,,a
A, al oiher nronertV connsctad tb.,r,,
with
,.,tor sha,, b b,a =, -.
Sa" d. cjtv or town cnn,eii 49,,
des{rnate hv ordinance. which or;inanra
~ ali specifically state the purpose Tor