The Sentinel=record., 1914-07-11
Constitutional No. IA
PROPOSED BY INITIATIVE PETITION.
 MUNICIPAL BOND AMENDMENT.


 dences of indebtedness"
 FOR AMENDMENT NO. A.
 AGAINST AMENDMENT NO. r.
 Be 1t Enacted by the People of the
 State of Arkansas;
 That Section l of Article 16 of the Consultation of the State r Arkansas
 be amended so as to read as follows:
 Article 16, Section l. 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 munich patty ever issge any interest bearing 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 hover Issue any interest-bearing 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. by and with the consent of
 majority of the qualified electors of
 said municipalities voting on tho Ques-
 ton at an election, held for that pur-
 pose, bonds or. other interest bearing evidences of Indebtedness in sums and Tor the purposes approved by such ma
 lority at such election, as follows. to wit:
 
 existing indebtedness incurred prior to the adoption of this amendment; for the requirement. construction or mainten- | nnce of public highways, streets alleys or boulevards; for the purchase of equip
 nant of parks or play grounds; for the | construction of sewers; for the purchase or construction of city or town halls nuditoriums 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 its governTnent; and for any l other public Improvements of a general nature for the use and benefit of said municipality.
 Provided that no municipality shall ever grant financial aid towards the construction of railroads or other pri-
 vate enterprises operated by any pri- vate person or corporation; and, pro- vided further that any of the aforesaid | Improvements may be within or with out the corporate limits of said munich l pelities.
 pose shall be used for any other or different purpose.
 No bonds or ether interest1bearing crest | the authority of this amendment shall l ever he sold at less tha1 par. and when | issued hy cities of the first class they shall not bear a greater rate of interest | than five (5) 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 t61 per cent | per annum. Tn order to provide for the l payment of bonds and other interest- 1 bearing evidences of indebtedness. and l the interest thereon, a special tax, not | to exceed seven CD mills on the dollar, | In addition to the rate of taxation now l permitted. may he levied by said munich
 palities on the taxable property therein; and any of said municipalities issuing | any bonds or other interest bearing evi- | dences of indebtedness shall, before or | at the time of doing so, provide for tho | collection of q direct annual tax, not
 exceeding the amount limited as above 1 sufficient to pay the interest on such | bonds or other interest-bearing evil | dences of indebtedness as they fall due. | principal thereof within thfrty-five | (35) years from the time of issuing the
 same. Provided further. that bonds or | other interest bearing evidences of in- | dehtedness shall not he issued for ar | amount in the aggregate of more than | seven CD per cent of the assessed valua- | ton of all real and personal property in 1 the municipality proposing to issue the | same. according to the Inst general as-
 sessment Said bonds and other inter
 est bearing evidences of indebtedness | shall be serial. and shall be paid Of as | rapidly as the income derived from said | tax will permit Provided further. that bonds may be issued by said munich | palties for the purpose of acquiring | purchasing. extending, improving en- | larFinR, building or constructing water | works or lighting plants with the assent l of majority of the voters of said | municfpalities voting on such question. l Eaid municipalities shall be authorized | at any time to issue such bonds. with | the assent aforesaid, and shall be au- | thorized to make levy of taxes for the purpose of paying the principal and | interest of such bonds; and such water | works and lighting bonds or renewals | thereof shall not be included Tn the l kae4 af mt aF hnp nA l Indebtedness or the amount of the levy
 hereinbefore permitted, but said munl- | cipalities are permitted to Issue such l bonds and levy taxes therefor In excess l of said limitations and the rates of in- | terest on such water works or lighting
 bonds shall be governed by the provis- | ione hereinbefore set out relating to
 general bonds. but such bonds need not | he retired within thirty-five (35) years. | Provided further that es additional se- | curity of said additional bonds. a mort | gage or other lien shall be given by said | municipality on such water works or | lighting plant. including It's franshiss
 and all other property connected there
 Said election shall be held at such | time as tho city or town council may | designate bv ordinance which ordinance | shali specifically state the purpose for l which the bonde ar other interest-bear- | ing evidences of Indebtedness are to l be issued. and if for more than one pur- | pose. provision shall be made in said | ordinance TOT pAnOtlnR on eACn Eepa- | rate purpose; the sum total of the is. | sue. the dates of maturity thereof; and | said ordinances shall fix the dats of | election so that it shall not occur | earlier than sixty days after the passage l of said ordinance. Said election shall | be held and conducted. and ths vote l thereon canvassed. and the result there | of declared uneer the law and in the 1 manner now or hereafter provided for | municipal elections, so far as tho sanrS | may he applicable. except as herein | otherwise provided. Notice of said elec- | tion shall be given by the Mayor by l advertisements weekly for at least four | times in some newspaper published in | said municipality. and having n c:rcula- | tion therein, the last publication to hs | rot less than ten (l0) days prior to tho | date of said election.
 l Qualified electors of said municipality l only shall have a right to vote at said | elections The result of said election | ehar be proclaimed and published by | the Mayor and the result as proclaimed | sbau be conclusive unless attacked in | the courts within sixty f60) days after | tho date Of such proclamation | This amendment shall not repeal nor | affect any law relating to the organi- | xation of improvement districts. | This amendment shah be in force upon | It's adoption, and shall not require legis- | lative action to put it into force and effect.
 | All the provisions of this amendment ' shall be treated as nandatory and all | df ba fttt .I