The Dermott news., 1914-06-11
Constitutional
Amendment No. ID
PROPOSED BY INITIATIVE PErIT1or
MUNICIPAL BOND AMENDMENT.

FOR AMENDMENT NO. IA
AGAINST AMENDMENT NO. IA.
BE 1t Enacted by the People of the
State of Arkansas:
That Section / of Article 16 OF the
Constitution OF the State of Arkansas
be amended so to read as follows,
Article 16. Section L. Neither the
State nor any city. county. town or other
municipality in this State shall eNer loan
its credit for any purpose whatever; nor
shall any county city. town or munich
| pality ever issue any Understanding
| evidences Of Indebtedness, except such
bonds as may be authorized by law TO
provide for and secure the payment OF
| the Indebtedness existing at the time
! of tho adoption of the Constitution OF
| 1874 and the State shall never issue any
| interest bearing treasury warrants or
| scrip.
Provided that incorporated towns Of
! I 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,
and cities of the first and second class
| may issue. by and with the consent of n
majority of the qualified electors or
said municipalities voting on tho ques-
ton at an election held for that pnr-
| pose. bonds or other interest-hearinG
! evidences of Indebtedness in sums and
| for the purposes approved by such ma
! tority al such election, as follows.
! to-wit:
For the funding or refundng OF any
existing Indebtedness incurred prior to
| the adoption OF TINS amendment, Tor the
requirement construction or mainten-
ance of public highways streets, alleys
| or boulevards. for the purchase or equip
ment Of parks or Fairgrounds; for the
! construction OF sewers: for the purchase
or construction OF city or town halls.
auditortums. prisons, libraries, hospitals.
| fire stations or equipment, viadrcts or
bridges; and for any and all pubic
! buildings. structures or grounds that
may be required by said municipality
for the proper and economical admins
tration OF its government: and FOR any
other public improvements OF general
nature for the use and benefit OF said
| municipality.
Provided. that no municipality shall
| ever grant financial atd towards the
| construction OF railroads or other pri-
| vate enterprises operated by any pri-
| vnte person corporation: and, pro-
| vided further. that any of the aforesaid
improvements may be within or with
| out the corporate limits OF said munich
palities
No money raised for n specific pur-
pose shall he used for any other or
different purpose.
No bonds or other interest-hearlng
evidences OF indebtedness issued under
the authority OF this amendment shall
ever be sold at less than par. and when
shall not bear a greater rate OF interest
| than five 60 per cent per annum. ana
| 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 (6A per cont
per annum In order to provide for the
| payment OF bonds and other interest
bearing evidences of Indebtedness. and
| the interest thereon. n special tax. not
TO exceed seven 90 mills on the dollar.
In addition to the rate OF taxation now
| permitted. may be levied by said munict-
| paitties on the taxable property therein:
and any OF said Municipalities issuing
any bonds or other interest bearing cyl
| denccs OF indebtedness shall. before or
| ne TINA n
! collection Of a direct annual tax. not
exceeding the amount limited as ahove.
sufficient to pay the interest on such
| dencee OF Indebtedness as they fnH due
and also to pay and discharge tho
s,rincipd thereof. within thirty five
| $3.50 years from the time OF issuing the
same Provided further. that bonds or
other intcrest-beariuc evidences OF in
dehtedness shall not be issued for an
amount in the aggregate OF more than
| seven - per cent OF the assessed Valua-
tion OF all real and personal property in
the municipality proposing 10 issue the
| same. according to the last general as
sesement said bonds and other inter
shall he scrial. and shall he paid or as
| rNpidlv as the income derived from said
tax will permit Provided further. that
| bonds may he issued 10y said munich
| palttics for the purpose or ACQUIRING.
purchasing. extending. Improving. en-
! larctrE. building or constructing water
! works or ilsht'nE pants WIZ the ASSN 4,
| OF n majority OF the voters Of said
| municipalities voting on snCh question.
Said mnnlrlpallties shaii De antherlI.h
a. any une 70 lsSue sun n''u'S. WIN
! the assent aforesaid, ana shalI De an-
/ thoriz"d to make levy OF taN's f9r the
purpose or paying mo Ftihe'''l ana
Interest Of such bonds; and such water
works ana lighting h"ndS or renewals
thereof sh2i he5 p@ lnglt''1s ~ W.
| computation or the amount or honued
Indebtedness or the amount Of the levy
| h"reir heforN pernlttru put S'l' mum
| c'palltes are pefhlit'' |" lNS.'e SUI
bonds ana levy taxes thereior 'h 'N'SSS
/ of sait iimltai lions. anu me ftt' 81 IN
terest ON S4fh water W3Iks or t.khtlnE
+ bonds sh''I Pr EoNt' ,i'' ~ "
tons heretuhetote sci out relating -
+ general honds hnt SUN hohiS heel hot
j he retired wit'ln tnlttN-tlN' 10 N|"rS
I Provided fufther that as RHuitt"h+b $"
+ curtty or S'ld aidltlo,ai honhN a 'h'tt
gaze or other lien shall he given ny Sald
+ municipality on sneh water " rks o.
+ lighting pleut, including us frineh'Se
+ md all other property connected there