The Nevada County picayune., 1914-06-05
Constitutional Amendment No. l4
PROPOSED BY INITIATIVE PETITION.
MUNICIPAL BOND AMENDMENT.

Constitution of Arkansas to be entitled
 An Amendment of Section Is Of the towns under certain conditions to issue interest bearing bonds and other evi- dences of Indebtedness"
 FOR AMENDMENT NO IA
 AGAINST AMENDMENT NO. 14
 Be it Enacted by the People of the State of Arkansas:
 That Section l of Article 16 of the Constitution of the State of Arkansas be amended so as to read as follows:
 Article Is, 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 pa.itv ever issue any interest-bearing eLldences Of indebtedness, except such ponds as may be authorized by law ts provide for and secure the paymont of the Indebtedness existing at the time CT the adoption of the Constitution of lN14, and the State shall never issue any Rcrlp.
 Provided. that Incorporated towns of l.oo0 or more population. shown by t"e next prere ing Federal census. or hN q census taken for that purpose by tIe municipal authorities of said towns, and cites of the first and second class may issue. by and with the consent of majority of the qualified electors Of said municipalities voting on the dues- 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 1ority at such election. as follows to-wit.
 For the funding or refunding Of any existing indebtedness incurred prior to th" abortion of this amendment: for the acHHffement. construction or mainten- antc ot public hieb ways, streets, alleys or haH.e'atds: for the purchase of equip fr"Ht of parks or p}aH-rrpunds: for the construction of sewers for the purchase or construction Of city or town halls. au!itnriams, prisons, libraries. hospitals. fire stations or equipment, viadects or HTf }soS. and for any and all public buildings. structures or grounds that 1ev be required by said municipality f"" the proper and economical at'minis- tratiou of its government; and for any other public improvements of a general rature for the use and benefit of said municipality
 Provided, that no municipality shall aver grant financial aid towards the coz struction of railroads or other pri- vate enterprises operated by any pri- vate person or corporation: and. pro vtdai further, that any of the aforesaid improvements may be within or with oGt the corporate limits of said munich psnti-s
 No money raised for specific pur- nose shall be used for any other or different purpose
 No bonds or other interest bearing ~ idences Of indebtedness issued under the authority of this amendment shall Avsr be sold at less than par and when issued by cities of the first class they @"all not bear a greater rate of interest than five (5D per cent per annum. ana when issued by cities of the second class and by such incorporated towns as aforesaid shall not bear greater rate of interest than six t6) per cent per annum. In order to provide for the payment of bonds and other interest bearing evidences of indebtedness. and theTA0n to exceed seven CD mills on the dollar. in addition to the rate of taxation now permitted, may ne levied by said munici- pslities on the taxable property therein: and any of said Es,nicipalities issuing any bonds or other interest-bearing evil fences of indebtedness shall. before or at the time of doing so provide for the collection of direct annual tax. not exceeding the amount limited ss above. sufficient to pay the interest on such bonds or other interest bearing evil fences of Indebtedness as they fall due and also to pay and discharge tho principal thereof. within thirty-fivs (SSb years from the time of issuing the same.- Provided further. that bonds or other interest-bearing evidences of in iebteiness shall not be 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 in the municipality proposing to issue the ga me, according to the last general as- sessment Said bonds and other inter est bearing evidences of indebtedness Ehal be serial. and shall be paid of as "a pidly 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 rurcha sing. extending. improving. en- iareinE, building or constructing water works or lighting plants with the assent of a mn iority of the voters of said municipalities voting on such question. Said muuieipalities shall he authorized tp bonds tNa assent aforesaid. and shall be au- thOrized to make low of taxes for the purpose of paNi"c the principal and r t"rest Of such hoNds. and such water works and Hehtir~ bonds or renewals thpraoC shall not he included in the eon.uHtation Of the amount of bonded Indebtedness or the amount of the levy h.relohefore permitted. but said muni- ..,fDe1ittes are permitted to issue such bonds and levy taY"s therefor in excess pf said limitations and the rates of tn- terest on such water works or lighting bonds shall ha gov "rned by the proNis Ions hercinhefore set out relating to general bonds. bat sucl houds need not he retired within thirtV-fiVe t36( years. Provided further. that as additional se clirttv of said additions al bonds. a mort gaze or other lien shall he sHven by said rruuicipalitv on such water w rks or u.',ting plant lnclN1ing it's franchise and all other property connected there
 said election shau be held at such time as the cit" or town council may designate bv orlinauce. which ordinance al all speCificallv et1ta the purpose for which the bonds or other interest-bear- Ipc evidences of indebtedness are to hc issued. and if tor more than one pur- nose. provision shall be made in said or1inance for balloting 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 eloC ton. SO that it shall not occur earlier than sixty days after the passage Of said ordinance. Said election shall he held and conductel. and the vote thereon canvassed. and the result there of declared under the law and in the manner now or hereafter provided for municipal elections. so far as the same may be applicable except as herein otherqrfse provided. Notice of said cleo ,lon shall he given by the Mayor by advertisements weekly for at least four times. In some newspaper published In .sid municipality, and having a c'rcula- . tIon therein. the last publication 10 be rot less than ten N0) days prior to the date of said election.
 Qualified electors of said municipality