The Sentinel=record., 1914-06-27
LEGAL NOTICES
LEGAL NOTICES
 Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION
ntuN1oIrAE BOND AMENDmnrr.

= froposed Amendment NO, IA to the Constitution of Arkansas to be entitled 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 14.
 AGAINST AMENDMENT NO. i4
 Be it Enacted by the People of the State of Arkansas;
 That Section of Article IS of the tohsututlon or the State of Arkansas be amended so as 10 read as follows:
 Article le. Section |. Neither the 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 patty ever issge any interest-bearinE 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 of tho adoption of the Constitution of lSf4 and the State shall never issue any lnterest-bearing treasury warrants or scrip.
 Provided, that incorporated towns of 1000 or more population, as shown by the next preceding Federal census, or Dy 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 a majority of the qualified electors of said municipalities voting on the ques-
 
 pose. bonds or other interest-bearinR evidences of Indebtedness in sums and for the purposes approved by such ma tority at such election. as follows o-wit
 For the funding or refundfng of any existing indebtedness incurred prior to the adoption of this amendment; for the requirement. construction or mainten- hnce or public highways. streets, alleys or bouievards; for the purchase of equip mant of parks or play grounds; 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 acminis- tration of its government and for any other public Improvements of a general nature for tho 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- pose shall be used for any other or different purpose
 No bonds or other interest bearing evidences or tnNrftpdneSS lSSHed under the authority of this amendment shall ever he sold at less than par. and when issued by cities of the first claas they shall not bear greater rste of interest than five (5) per cent per annum, and when issued by cities of the second class and by such incorporated towns aforesaid shall not bear a greater rate of interest than six t6l per cent per annum. 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 CD mills on the dollar. In addition to the rate of taxation now permitted may De 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 tho collection of a direct annual tax, not exceeding the amount limited as above. sufficient to nay the interest on such bonds or other interest-bearins evil dences of Indebtedness as they fall due and also to pay and discharge the principal thereof within thirtyfive (35) years from the time of issuing the same. Provided further, that bonds or other interest-bearing evidences of in- debtedness shall not he issued for an amount in the aggregate of more than seven f1) per cent of the assessed valua- tion of all real and personal property in the municipality proposing to issue tho same, according to the last general as-
 
 est bearing evidences of indebtedness shall be serial and shall he paid Of 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- larring, 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 bonds with the assent aforesaid. and shall be au- 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 therect shall not be included in the 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 he 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 franchise and all other property connected there with.
 Snid eifrtlon HHali De nclO Ht suCN time as the city or town council may designate by ordinance. which ordinance shall specifically state the purpose for which the bonds or other interest bear ing evidences of Indebtedness are to be issued. and if tor more than one pur- nose provision shall bs made in said ordinance for balioting 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 passage of said ordinance. Said election shall be 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 sanre may be applicable. except Hs herein otherwise provided Notice of said elec- tion shall be given by the Mayor by advertisements weekly for at least four tineg, in some newspaper published in said municipality, and having a c,rcula- ton therein. the last publication to be rot less than ten (10) dstys prior to the date of said election.
 Qualified electors of said municipality oniv 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 proclaimed shaii be conclusive unless attacked in the courts within sixty (60) days after the Hafe of such proclamation
 1'hls amendment shall not repeal nor
 Ia pn1o ina fn fha .f-