The Nevada County picayune., 1914-06-12
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION.
MUNICIPAL BOND AMENDMENT.


 l An Amendment of Section 16 Of the l constitution so as to permit cities an! l towns under certain conditions to issue l interest bearing bonds and other evil dences of indebtedness"
 | FOR AMENDMENT NO. IA.
 1 AGAINST AMENDMENT NO. IA.
 Be 1t Enacted by the People Of the | State of Arkansas:
 That Section l of Article IS of the
 sSonstitutton ' of the State of Arkansas
 De amended so as to read as follows: l Article 16. Section l.. Neither the 1 state nor any city. county, town or other municipality in this State shall ever loan l IFS credit for any purpose whatever: nor 1 Shall any county, city. town or munich i nalltY ever issue any interest-bearing evidences of indebtedness except such l honds as may be authorized by law tr i nrovide for and secure the paymt,t of ] the Indebtedness existing at the time 1 or tha ad0ptinn of the Constitution of 1 1\1f. and the State shall never issue any i fhtarest-bearing treasury warrants or l Provided thet incorporated towns or i .ooo or more population as shown by f"e next preceding Federal census. or l ny census taken for that purpose bv l tle inHnlclpal authorities of said towns, l and cities of the first and second class l 'aHy issue, by and with the consent of l ma lofltE of the qualified electors of ! s.t-" municipalities voting on the pues- l ton at an election held for that pur- 1 pose, bonds or other .fHtarest-bearlng 1 cNidenccS of indebtedness m sums and ] .'F the purposes approved by such ma 1orltY at such election. as follows i For thc funaine or refurd'ng of any ! eNlStia+ .utoHt".#gess incurred prior to 1 t1H "testior. Of this amendment; for the acquire3aeut construction or mainten- since ei public highways. streets. alleys '' "f5ltrNHrG&: for tI" purchase of equip rr"Et oG nasl5s CT }'"v-ErouUls: for the e"Hstraetion of seUrrS. for the purchase or ca8stU,tiou Of city or town halls. i ardttariUms. prisons libraries. hospitals. 'tre stations or equipment. viadectS or
 'ri5 gesi and for any and all public bujlljFes. structures OF grounds that wav he required by said municipality Cor the proper and economical aEminis- tration 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- | vtded further, that any of the aforesaid | improvements may be within or with out the corporate limits of said munich
 pal'ties
 roe" shall be used for any other or different purpose.
 No bonds or other interest b.a ring evidences Of indebtedness issued under | the authority Of this amendment shall
 
 | issued by cities or the first class they | ei'all not bear greater rate Of interest | than five (5) per cent per snnum. and
 when issued by cities of the second class and by such incorporated towns as aforesaid shall not bear greater | rste of interest than six S per cent per annum. Tn order to provide for tho payment Of bonds and other interest hearing evidences of indebtedness. and l the interest thereon. a special tax not | to exceed seven @ mills on the dollar. fin addition to the rate of taxation now permitted may oa levied bw SAad amunicf | palities on the taxable property therein; snd any of said msinici palities issuing snY bonds or other tnterest-beartng evil at the time of doing so. provide for the | collection of a direct annual tax, not
 exceeding the amount limited ss above. | sufficient to pay the interest On such bonds or other interest bea ring evil ieuces of indebtedness as they fall due | and also to pay and dscharse ths principal thereof within thirty-five 35) years from the time of issuing the same Provided furthev. that bonds or other interest-bearing evidences of in- d@btelness shall not be issued for an | amount in the aggregate of more than seven f7l per cent of the assessed Yalus- ion Of all real and personal property Tn | The municipality proposing to issue tn. same, according to the last general as-
 ssssment Said bonds and other inter
 est bearing evidences of indebtedness, shall be serial, and shall be paid of rapidly the inconl" derived from saic tax will permit. Provided further, that bonds may he issued by said munici.
 palitics for the purpose of acauiring purchasing. extending. Improving. eu- iargiue. building or constructing water
 works or lighting plants with the assent of a ra tOrity or the voters of saj municiualitieS voting on such question. Said municipalites shall be authorized al auF time to issue such bonds, with tho assent aforesaid. and shall be ar- l ' Arfy yad tn "a uurposc Of pavi0~ the priUcjnal and itt"reSt of such ho'1S: and such water
 ~orts and lieht'7e bonds or renewals tAe.aof shall nci he included Tn the cn.,,urtation Of the amount of bonded ir la'tedress or th" amount of the lew harnfuhcfore permitted. but said muui- Una 'ttfaS are permitted to issue such l.,.FS and lew tayes therefor in excess .r said Limitations. md the rates of in- terest on such water works or lighting bonds shan ha erned hy the provis- 'nrs hpreinhefore Sat ont relating to general bonds but such bonds need not "a retired within ttivtY-fiNe t%ol years. Provided further that as additional se- c.ritv of said additional bonds, n mort gage or other lien erall he E-ven bv said ,,i,. .iripalitV on e". h water rks or nstting plart ioclUling its franchise pr,1 all other propsrty connected there pit't
 said election sNall he held at such time as the cit or town council may designate hV ordinance, which ordinance al which the bonds OF other interest-bear- Ing evidences ot indebtedness are to
 be issued. and if tor more than one pur-
 pose. provision shall be made In said ordinance for halloting on each >epa-
 rate purpose; the sum total of the Is
 sue. the dates of maturity thereof; and
 said ordinances shall fix the date of
 election go that it shall not occur
 earlier than sixty days after the passage
 of said ordinance Said election shall
 he held and conducted 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 otherwise provides 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 c'rcula- ton therein, the last publication to be rot less than ten (l0) days 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 ft at,xx. .