The Sentinel=record., 1914-07-04
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION
MUNICIPAL BOND AMENDMENT.

| An Amendment of Section lb or the | Constitution SO as to permit cities and | towns under certain conditions to issue interest bearing bonds and other evil dences of indebtedness"
 l TOR AMENDMENT NO. 14.
 AGAINST AMENDMENT NO ft.
 Be 1t Enacted by the People of the l State of Arkansas:
 1 That Section 1 of Article f6 of the | Constitution of the State of Arkansas be amended so as 10 read as follows:
 Article 16. Section L. Neither the State nor any city. county, town or other municipality in this State shall ever loan | Its credit for any purpose whatever: nor shall any county, city. town or munich paiity ever issge. any interest-bearing l 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 l or tho adoption of the Constitution of | lS74, and the State shall never issue any l scrip.
 Provided. that incorporated towns of 1000 or more population. as shown by l the next preceding Federal census, or 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 l majority of the qualified electors of said municipalities voting on tho ques- | ton al an election held for that pur- pose, bonds or other interest-bearin 1 evidences of indebtedness in sums and for the purposes approved by such ma ,crity at such election. ss follows.
 For the funding or rerunding 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-greunds; 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 aGminis- | tration of it's government: and for any other public improvements of a general | nature for the use and benefit of said l 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 corpora ton; 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- pose shall he used for any other or different purpose.
 No bonds or other iuternst-bear'ng | evidences Of indebtedness Issued under the authority of this amendment shall ever he sold at less than par. and when
 
 | shall not bear a greater rate 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 CO per cent per annum. In order to provide for the payment of bonds md 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 l 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 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 tho same. Provided further, that bonds or other interest-hearing evidences of in- debtedness shall not be Issued for an amount in the aggregate of more than seven (7) per cent of the assessed valua- ton 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 t-bearing evidences of indebtedness shall he 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 munici. palities for the purpose of acquiring purchasing. extending, improving. en- | iarging, building or constructing water 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 thortZed to make levy of taxes for tho purpose of paying the principal and 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 l indebtedness or the amount of the levy hereinbefore permitted. but said muni- cipslities 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 thirtyfive (35) years. Provided further that as additional se- gage or other lien shall be given by said municipality on such water works or lighting plant including it's franchiss and all other property connected there with
 said election shall be held at such time as the city or town council may designate bv ordinance. which ordinance shall specifically state the purpose for which the bonds other interest bear ing evidences of indebtedness ars to be Issued. and if for more than one pur- pose. provision shall be made fin said ordinance 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 | election so that It shall not occur earlier than sixty days after the massage of said ordinsnoe. 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 tinn shall be given by the Mayor by advertisements weekly for at least four times in some newspaper published in said municipality, and having clrcula- ton therein the last publication to be rot less than ten (10) 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 the Mayor. and the result as proclaim ed shall be 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- Eation of Improvement districts.