The Sentinel=record., 1914-07-18
LEGAL NOTICES
 Constitutional Amendment No. IA
PROPOSED sY INITIATIVE PETITION.
MUNICIPAL BOND AMENDMENT.

An Amendment Of Section Is 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. f4
 AGAINST AMENDMENT NO. 1t.
 Be it Enacted by the People of the Etate 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.. Neither tho 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
 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 1874, 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 ny census taken for that purpose by the municipal authorities of said towns. ana cities of the first and second class may issue. by and with the consent of e 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 for the purposes approved by such ma Jority at such election, as follows to wit.
 For the funding or refundins 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 bouleyards; for the purchase of equip mont of parks or play-grounds; for the construction of sewers for the purchase or construction of city or town halls, auditoriums prisons, libraries, hospitals. lire stations or equipment viaduCts or buildings structures or grounds that may be required by said municipality for the proper and economical aaminis- tratton of It's 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 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 palities.
 No money raised for specific pur- nose shall he 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~ to 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 (6) per cent
 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. not to exceed seven CD mills on the dollar, In addition to the rate of taxation now | permitted, may pe 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 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 evi- dences of Indebtedness as they fall due. l and also to pay and discharge the principal thereof. within thirty-f five | (35) years from the time of Issuing tho
 same. Provided further. that bonds or | other interest bearing evidences of in-
 amount in tho aggregate of more than l seven CD per cent of the nsseased valua- | tion of all real and personal property in the municipality proposing to issue the | same, according to the last general as- sessment Said bonds and other inter- | est-bearlng evidences of indebtedness
 shall be serial. and shall be paid or as ra pidlv as the income derived from said tax will permit. Provided further. that | bonds may be issued by said munici- l palties for the purpose of acquiring purchasing, extending. improving. en-
 larginr, 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 bnnda with al and ChaI N,z .s,. | 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 | computation of the amount of bonded | Indebtedness or the amount of the levy | hereinbefore 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 hereinbefore set out relating to | general bonds, but such bonds need not | he retired within thirty-five (35) years | Provided further, that as additional se-
 curity of said additional bonds mort | gage or other lien shall be given by said | municipality on such water works or | lighting plant. including its franehfse
 and all other property connected there
 with.
 Said election shall bs held at such | time as the city or town council may l designate by ordinance. which ordinance | shall specifically state the purpose for | which the bonds or other interest -bea r | ing evidences of indebtedness nrs tc | be Issued. and if for more than one pur. | pose provision shall be made in said | ordinance for balloting on each sepa- | rato purpose the sum total of the is | sue: the dates of nativity thereof; and | said ordinances shall fix the date oi | election so that 1t shall not occuf | earlier than sixty days after the uassag, | of said ordinance Said election shall | be held and conducted, and ths 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 tho sanr~ | may be applicable. except as 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 circula. | ton therein the last publication to be | rot less than ten C0) days prior to the | date of said election.
 l Qualified electors of said municipality | only shall have a right Co vote at said | elections The result of said election | shall be proclaimed and published by | the Mayor, and the result as proclaim ed | shall be conclusive unless attacked fin | the courts within sixty (60) days after | the date of such proclamation
 | This amendment shall not repeal noi | affect any law relating to the organi- | yation of improvement districts This amendment shall be in force upon l It's adoption, and shall not require legls