The Sentinel=record., 1914-06-24
Constitutional Amendment No. 14
BY INITIATIVE PETITION.
MUNICIPAL BOND AMENDmEmr.

Proposed Amendment No. 14 to the Constitution of Arkansas to be entitled An Amendment of Section l6 of the Constitution so as to permit cities and towns under certain conditions, to issue interest bearing bonds and other evil dences of Indebtedness"
 FOR AMENDMENT NO. II.
 AGAINST AMENDMENT NO. 14.
 Be 1t Enacted by the People of the State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended SO as to read as follows: Article 16, Section l.. Ncither the State nor any city county town or other municipality in this State shall ever loan its credit for any purpose whateveri nor shall any county. city. town or munich pality ever issIe any iuterest-bearing evidences of Indebtedness, except such | bonds as may be authorized by law to provide for and secure the payment of 1 the Indebtedness existing at the time | of tho adoption of the Constitution Of l 1874 and tho State shall never Issue any | interest bearing treasury warrants or | scrip.
 1 Provided, that incorporated towns of | 900 or more population, as shown by | the next preceding Federal census, or | by census taken for that purpose by | the municipal authorities of said towns, l and cities of the first and second class. | may issue, by and with the consent of a majority of the qualified electors of | said municipalities voting on the ques- 1 tion at an election held for that pur- l pose, bonds or other interest-bearing | evidences of indebtedness in sums and | for the purposes approved by such ma | tority at such election, as follows. ! to-wit:
 1 For the funding or refunding of any 1 existing indebtedness incurred prior to | the adoption of this amendment; for the | requirement construction or mainten- ance of public highways. streets. alleys | or boulevards; for the purchase of equip i ment of parks or play-grounds; for the | construction Of sewers; for the purchase 1 or construction of city or town halls. | auditoriums, prisons libraries hospitals | fire stations or equipment, viadrcts or | bridges; and for any and all public | buildings structures or grounds that | may be required by said municipality | for the proper and economical acminis- tration of It's government; and for any | other public Improvements of general nature for the use and benefit of said l municipality.
 Provided that no municipality shall 1 ever grant financial aid towards the | construction of railroads or other pri- | vate enterprises operated by any prt- vate person or corporation; and, pro l vided further that any of the aforesaid | improvements may be within or with out the corporate limits of said munici- palities
 pose shall be used for any other or 1 different purpose
 No bonds or other interest-bearine l evidences of Indebtedness issued under the authority of this amendment shall ever be sold at less thar par and wher issued by cities of the first class they | shall not bear a greater r@te of interest
 than five (5l per cent per annum, anc l when issued by cities of the second | class and by such incOrpora ted towns
 as aforesaid shall not bear a greater
 rate of interest than six (6) per cont
 per annum. Tn order to provide for the
 payment of bonds and other interest | bearing evidences of indebtedness. and
 the interest thereon a special tax, no
 to eNceed seven CD mills on the dollar
 in addition to the rate of taxation now
 permitted. may no levied by said munich
 y0iities on the taxable property therein
 and any of said municipalities Issuing
 any bonds or other interest bearing evi
 dences of indebtedness shall before ol
 at the time of doing so. provide for thu
 collection of a direct annual tax, no
 exceeding the amount limited as above
 sufficient to pay the interest on suci ] dences of indebtedness as they fall due
 and also to pay and discharge thu
 principal thereof within thirty-fiV' | f351 years from the time of issuing thu l other interest bearing evidences Of in l debtedpess shall not be Issued for al | amount In the agRregate of more thai l seven f7) Der cent of the asgeGepd Valua
 ton of all real and personal property fl the municipality proposing to issue tn
 same according Co the last general as
 sessment Said bonds and other inter | est bearing evidences of indebtedness
 shall he serial and shall be paid or al rapidly as the income derived from sail tax will permit Provided further tha
 bonds may be Issued by said munici | palities for the purpose of acquiring purchasing extending, Improving. en
 iarging building or constructing wate works or lighting plants with the assen
 of a majority of the voters of sail
 municipalities voting on such question
 Said municipalities shall be authorize' ! at any time to issue such bonds, wit 1 the assent aforesaid, and shall he au . thorized to make levy of taxes for tn | purpose of paying the principal an' ] interest of s'ich bonds and such wate | works and lighting bonds or renewal | thereof shall not be included in th l computation of the amount of honde Indebtedness or the amount of the lev. | hereluhefore permitted. but said muni
 cipalities are permitted to issue sucl | bonds and levy taxes therefor Tn eNees
 of said limitations, and the rates of in l terest on such water works or ltghtini 1 bonds shall be governed by the provis ions hereinhefore set ont relating ( 1 general bonds but such bonds need 10 ! Provided further that IS additional go
 curity of said additional bonds, n mort gage or other lien shall be given by sai , l r1unicipatitv on such water w rks Q
 lighting plant. including It's frarGhis and all other property connected there
 with
 | Said election shall he held at suc time as the city or town council ma , | designate bv ordinance. which orfinanc
 shall specifically state the purpose fo which inc bonds or other interest hear
 ing evidences of Indebtedness are [ | he issued, and 1T tnr more than one pur
 pose. provision shall he made in sal
 ordinance for haIloting on each sepa
 rate purpose: the sum total of the is
 sue. the dates of mat@rity thereof: an
 said ordinances shall fix the date 0
 election so that it shall not occn
 earlier than sixty days after the uassag
 of said ordinance Said election sha'
 be held and conducted. and the vot | thereon canvassed. and the result there | of declared under the law and in th | manner now or hereafter provided fo l municipal elections so far as the sam
 nav be anplicable except as herei
 otherwise provided Notice of said cleo
 tion shall be given by the Mayor b | advertisements weekly for at least fou
 times. in some newspaper published 1
 said munieipallty and having a c'rcula
 ton therein the last publication to b | rot loss than ten (t0) d;fys nrior to th l date of said election.
 Qualified electors of said municipalit l only shall have a right to vote at sai elections. The result of said electio
 shall be proclaimed and published b
 the Mayor and the result as prorlaime | shall be conclusive unless attacked I
 the courts within sixty (60) days afte
 the date of such proclamation.