The Forrest City times., 1914-07-10
Constitutional Amendment No. IA
BY INITIATIVE PETITION.
MuNIcrPAL BOND A,rEHpMErr.

MUNICIPAL BOND AlIENpMENT.
 Proposed Amendment No. l< to the Constitution of Arkansas to be entitled An Amendment of Section IS of the Consultation so to permit cities and interest bearing bonds and other evil dences of indebtedness"
 FOR AMENDMENT NO 14
 AGAINST AMENDMENT NO. 14.
 Be 1t Enacted by the People Of the gtate of Arkansas:
 That Section of Article ls of the Constitution of the State of Arkansas be amended SO as to read as follows:
 Article l6. Section l.. Neither the state nor any city. county. town or other municipality fin this State shall ever loan Its credit for any purpose whatever; nor snail Any county. city. town or munich pality ever issue any interest-bearins evidences of indebtedness, except such bonds as may be authorized by law ts provide for and secure the payment of the indebtedness existing at the time Of tho adoption of the Constitution of 1s7f. and the State shall never issue any interest-bearing treasury warrants or scrip.
 Provided. that incorporated towns of !,ooo or more population. as shown by the next preceding Federal census. or by census taken for that purpose by tho municipal authorities of said towns and cities of the first and second class si iorty f.' <. d xnsp.s xp ssS oeifsffSi eei.sfSsi.,q of said municipalities voting on tho ques- ton at an election held for that pur- pose, bonds or other interest-bearing Tor the purposes approved by such ma 1ority at such election, ss follows to-wit:
 For the funding or refunding of any existing indebtedness incurred prior to the adoption of this amendment! for ths snSairsment, snS. oonstruetion or maipten- 1hGe or public highways, streets, alleys SF boulevards; for tho purchase of equip meht or parks or playgrounds; for the construction of sewers; for the purchase or construction of city or town halls auditoriums, prisons libraries. hospitals. fire stations or equipment, viadrcts or buildings structures or grounds that may bs required by said municipality for the proper and economical acminis- 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 pn- vate enterprises operated by any pri- vate person or corporation: and. pro- vtded further, that any of tho aforesaid improvements may be within or with Gut the corporate limits of said munich palities.
 No money raised for . specific pur- pose shall be 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 a greater rate of interest than five t5) per cent per ennum. and when issued by cities of the second class ana by such incorporated towns as aforesaid shall not bear a greater rate of interest than six (0 per cent per annum. Tn order to provide for the payment of bonds and other interest bearing evidences of indebtedness. and the interest thereon. special tax, not to exceed seven CD mills on the dollar in addition to the rate of taxation now permitted may be levied by said munici- 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 direct annual tax. not exceeding the amount limited above. sufficient to pay the interest on such bonds or other interest-besrine evil dences of indebtedness as they fall due. principal thereof, within thirty-five tS5l years from the time of issuing tho same. Provided further, that bonds or other interest bearing evidences of in- debtedness shall not be issued for an amount in the aggreg gate of more than seven tO per cent of the assessed valua- tion of all real and personal property in the municipality proposing to fssue tho same. according to the last general ss- sessment Said bonds and other inter estbearing evidences of Indebtedness shall be serial and shall be paid or as rapidly as the inco'Ne derived from said tax will permit Provided further that bonds may he issued by said muntci palitiss for the purpose of acquiring. purcha sing extending. improving. en- iarging. building or constructing water works or 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 he au- thorzed to make levy ot taxes for the 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 Indebtedness or the amount of the levy hereinhetore 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 mol he retired within thirty-five (35) years Provided further, that as additional ss curity of said additional bonds. n mort gage or other lien shall be given by said municipality on such water works or
 
 and all other property connected there with.
 Said election shall be held at such time as the city or town council may designate by ordinance. which ordinance shall specifically state the purpose roI which the bonds or other interest-bssr- ing evidences of indebtedness arc tc be issued, and If for more than one pur. pose provision shall be made in said ordinance for balloting on each sepa rate purpose; the sum total Of the is ,ue: the dates of maturity thereof: and said ordinances shall fix the date oi election. SC that 1t shall not occur earlier than sixty days after the passage Of saSd orc nance Said election shal be held aul conducted. aud ths vott thereon can Sassed. and the result there Of declared under the law and in tho ranrer now or hereafter provided foi municipal elections, so far ss the sam, 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 t'mes in some newspaper published in said municipality, and having a c,rcuIa tinn therein, the Inst pubic ton tS b< not less than ten C0l dsss prior to the late of sold ele~ticn.
 Qualified electors of said muntcfpality .rl'' shall have a rtsht to vote se said elections The result oe said election ,hall be proclaimed ana published by inc Mayor. and the result as proclaimed
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