The Forrest City times., 1914-07-03
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION
MUNICIPAL BOND AMErpMEHT.

An Amendment or section 16 or the Constitution So as to permit cities and towns under certain conditions to issue interest bearing bonds and other evil denees of indebtedness
 FOR AMENDMENT NO 14
 AGAINST AMENDMENT NO, 14
 Be II Enacted by the People of the State of Arkansas.
 That Section ] Of Article is Of the Corstitution of the State of Arkansas be amended so as to read as follows:
 Article Is, Section |. Neither ths State nor any city. county. town CT other municipality in this State shall ever loen its credit for any purpose whatever; nor shall any county. city, town or rnunisi- evidences of indebtedness. except such bonds as may De authorized by law to provide for and secure the payment of the indebtedness existing at the time or tho adoption of ths Constitution Of 1s5t, and the State shall never issue any interest-bearing treasury warrants or scrip.
 Provided. that incorporated towns of 1000 or more population. shown by the next preceding Federal census. sr 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 a majority of the qualified electors of said municipalities voting on the ques- ton at an election held for that pur- pose. bonds or other interest-bearinz evidences of indebtedness in sums and for the purposes approved by such ma lority al such election. as follows to-wit.
 For the funding or refnnd,ng of any existing indebtedness incurred prior to fae adoption of this amendment, for the requirement. construction or mainten- snee Of public highways, streets. alleys or boulevards; for the purchase of equip ment of parks or play-grounds; for the construction of sewers; for the purchase or construction Of city or town halls staAt Nftsrrr ravfcA rGn t.1~ 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 aSminis- 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 the construction of railroads or other prt- 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 munkci- pelities.
 No money raised for \ specific pur- pose shall be used for any other or different purpose.
 No bonds or other interest-bearins evidences of indebtedness issued under the authority of this amendment shall ever be sold at less than par and whom issued by cities of the first class they shall not bear greater rate of interest than Tive ebb per cent per annum, and when issued by cities of the second class and by such incorporated towns as aforesaid shall not bear greater rate of interest than six (el per cent per ennum, 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 (71 mills on the dollar, raf fa nf tax permitted. may be levied by said munici- palities on the taxable property therein; end apy. of said municipalities issuin ' any bonds or other interest bearing evil dences of indebtedness shall before or at the time of doing SO provide for the collection of q direct annual tax not exceeding the amount limited as above. sufficient to pay the interest such bonds or other interest bearing evi- ! dences of indebtedness as they fall due and also to pay. and discharge the (35) years from the time of issuing tho same Provided further, that bonds or other interest bearing evidsTces 6f in- debtedness shall not be Issued for an Amount in the aggregate of uore thAh seven f71 per cent of the assessed valua- ton of all real and personal pr9perty in the municipality proposing 10 issus the same, according to the last general as- sessment. Said bonds and other inter est-bearing evidences of indebtedne s. shall be serial and shall be paid or as rapidly as the income derived from said tax will permit Provided further that bonds may be issued by said muntci- palities for the purposs Of acouirlng purchasing, extending. improTlng en- larginR building or constructing water works ar lighting plants with the assent of 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 be au- thorfzed to make levy of taxes for ths purpose of paving the principal and interest of such bonds: and such water thereof shall not be included in the computation of the amount of bonded Indebtedness or the amount of tho levy hereinbefore permitted, but said muni- ,ipalities are permitted to issue such bonds and levy taxes therefor in excrss of said limitations. and the rates of in- Serest on such water works or lighting bonds shall he governed by the provis ions heretnhefore set out relating to general bonds but such bonds need not he retired within thirty-five (35) years Provided further that as additional Sc curity of said additional bonds. mort gage or other Hen shall be given by said municipality on such water wrrks or lighting plant. including it's franchise and all other property connected there with.
 Said election shall be held st such time as the city or town council may designate bv ordinance. which ordinance
 
 which the bonds or other interest -bsa r. ing evidences ot indebtedness nre to be issued. and If tNr more than one pur- pose. provision shall he made tn said ordir1nce for hallotiug on each sepa- rate purpose: the sum total of the is que the dates of maturity thoreot; and Sald ordinances shall fix the date of election so that it shall not occur earlier than sixty days after the uassage of sa-a ordinance Said election shall be held and conducted. and th- vote thereon canvasse5 and the result there of declared. unde the law and ln the manner now or Hereafter prov'de ed for municipal elections. so far as the sams may be applicable, except herein otherwise provided. Notice of said cleo tton shall be given by the Mayor by advertisements weekly for at lea st four times in some newSoaper published in sald munic ipality, and having a c!rculs ton therein. the last publication to be rot less than ten (1ol days prior to the date oT said election.
 Qualified electors of said municipality only shall haze | right to vote et said elections The cesult Of said election ahan ha proclaimed and published by the Mayor and the result as proclaimed shall he conclusive unless attacked fin the courts within sixty (s0) days after the oate oe such proclamation
 This amendment shall not rspeei nor affect any law relating to the organf-