The Sentinel=record., 1914-06-25
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION
MUNICIPAL BOND AMENDMENT.

Constitution so as 10 permit cities and towns under certain conditions to issue Interest bearing bonds and other evi-
 dences of Indebtedness"
 FOR AMENDMENT NO. 14. AGAINST AMENDMENT NO. 14. Re 1t Enacted by the People of the State of Arkansas:
 That Section 1 of Article 16 of the
 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 us credit for any purpose whatever; nor shall any county. city. town or munich pality 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 or tho adoption of the Constitution of ls74, and the State shall never issue any scrip
 Provided, that incorporated towns of 1000 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 q 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-beari evidences of indebtedness fin sums and
 
 tority at such election. as follows to-wit:
 For the funding or refunding of any 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
 mant of parks or play-grounds; for the construction of sewers; for the purchase
 or construction of city or town halls. auditoriums. prisons, libraries, hospitals. fire stations or equipment, viaducts 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 government and for any 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 tho 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 palities.
 No money raised for a specific pur- pose shall be used for any other or different purpose.
 No bonds or other interest bearing evidences Of indebtedness issued under the authority of this amendment shall ever be sold at less than par, and when issued by cities of the first class they shall not bear greater r-te 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 6 greater rate of interest than six (6) per cent per annum. In order to provide for the
 payment of bonds and other interest bearing evidences of indebtedness, and the interest thereon, a special tax, not to exceed seven CD mills on the dollar.
 In addition to the rate of taxation now permitted, may be levied by said munich ralities on the taxable property therein;
 and any Of said municipalities issuing any bonds or other interest -bea ring evil dences of indebtedness shall. before or
 at the time of doing so. provide for the collection of a direct annual tax, not
 exceeding the amount limited as above. sufficient to pay the Interest on such bonds or other interest-bearing evil dences of indebtedness as they fall due and also to pay and discharge the principal thereof within thirty-five (35) years from the time of issuing the same. Provided further. that bonds or other interest bearing evidences of in- debtedness shall not he issued for an amount in the aggregate of more than seven (D per cent of the assessed valua- ton of all real and personal property fin the municipality proposing to issue the same. according to the last general as- sessment Said bonds and other inter est-bearing evidences of indebtedness shall he 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 munici. palities for the purpose of acquiring purchasing. extending. improving. en- iarginc building or constructing water works or lighting plants with the assent of a majority of the voters of said municipalities voting on such question. Said municipalities shall be authorized at any time to issue such bonds with the assent aforesaid, and shall he au- thorized to make levy of taxes for the Cf vinu ha YVfa aNf f.n1 or>I interest of such bonds: and such water works and lighting bonds or renewals thereof shall not be included in the computation of the amount of bonded Indebtedness or the amount Of the levy hereinhefore permitted. but said muni- cipalities are permitted to issue such bonds and levy taxes therefor In excess of said limitations. and the rates of in- terest on such water works or lighting
 bonds shall be governed by the provis- ions hereinhefore set out relating to general bonds. but such bonds need not he retired within thirty-five (3s) years. Provided further that as additional se- eurity of said additional bonds, a mort gage or other lien shall be given by said lighting plant, including its franchise
 and all other property connected there with
 Said election shall be held at such time as the city or town council may designate by ordinance. which ordinance shall specifically state the purpose for which the bonds or other interest-beRr- ing evidences of indebtedness are to be issued, and if for more than one pur- pose. provision shall be made ir said ordinance for ballotng on each sepa- rate purpose; the sum total of the is- sue: the dates of maturity thereof: and said ordinances shall fix the date of election so that 1t shall not occur earlier than sixty days after the passage of said ordinance. Said election shall be held and conducted. and ths vote thereon canvessed and the result there of declared, under the law and In tho manner now or hereafter provided for municipal elections, so far AS tho sane may be applicable. except ss herein otherwise provided Notice of said cleo tion shall be given by the Mayor by advertisements weekly for at least four times in some newspaper published in said municipality, and having a eircula- tion therein. the last publication to be rot lcss than ten (i0) dsys prior to the date of said election.
 Qualified electors of said municipality only shall have A right to vote at said elections The result of said election shall be proclaimed and published by the Mayor and the result proclaimed shall he conclusive unless attacked in the courts within sixty (60) days after
 the date of such proclamation
 This amendment shall not repeal nor affect any law relating to the organi-
 xation of Improvement districts.
 This amendment shall be in force upon
 tts adoptton and shall not require legfs-