The Sentinel=record., 1914-07-01


 towns under certain conditions to issue 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 State of 4 Arkansas.
 That Section l of Article l6 Of the Consultation of the State of Arkansas be amended so as to read as follows: Article IS, 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 municl- pality ever issue any interest-bearng evidences of indebtedness. except such ] bends as may be authorized by law to provide for and secure the payment of the Indebtedness existing at the time l Of tho adoption of the Constitution of | 1874 and the State shall never issue any interest-bearing treasury warrants or | scrip.
 Provided. that incorporated towns of ' i,eee or more population, as shown by | the next preceding Federal census or 1 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- l ton at an election held for that pur- pose. bonds or other interest-bearing | evidences of Indebtedness in sums and | for the purposes approved by such ma | tority at such election, as follows | to-wlt:
 For the funding or refunding 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 playgrounds, for the l construction of sewers: for the purchase | or construction of city or town halls | auditoriums, prisons. libraries hospitals. | fire stations or equipment viadrcts or | bridges. and for any and all public l buildings. structures or grounds that l may be required by said municipality | for the proDer and economical acminis- | tratton of it's government; and for any | other public Improvements of a general 1 nature for the use and benefit of said | municipality
 l Provided that no municipality shall l ever grant financial atd towards the l construction of railroads or other pri- | vate enterprises operated by any prf- | 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 l palities.
 l No money raised for specific pur-
 nose shall be used for any other or | different purpose.
 No bonds or other interest-Gearing | evidences Of indebtedness Issued under | the authority of this amendment shall | ever be sold at less thar par. and when | issued by cities of the first class they | shall not bear q greater r~te or interest l than five t5) per cent per snnum. and ] when issued by cities of the second | class and by such incorporated towns | as aforesaid shall not bear a greater l rate of interest than six (6) per cent
 per annum Tn order to provide for the l payment of bonds and other interest 1 bearing evidences of indebtedness. and the interest thereon. a special ta~ not | 10 exceed seven CD mills on the dollar. | in addition to the rate of taxation now | permitted may be levied by said munich l palities on the taxable property therein; | and any of said municipalities issuing
 any bonds or other interest bearing evil | fences 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 OR such
 bonds or other interest-bearlng evil
 dences of Indebtedness as they fall due.
 and also to pay and discharge the
 principal thereof, within thirtyfive | f35) years from the time of issuing the
 same. Provided further, that bonds or
 other interest bearing evidences of in-
 debtedness shall not be issued for an
 amount in the aggregate of more than
 seven CD per cent of the assessed valua- 1 ton Of all real and personal property in | the municipality proposing to issue the | sessment Said bonds and other inter- | Ast-bearlng evidences Of indebtedness | shall be serial and shall he paii of as l 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- | larging, 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 municlpalities shall be authorized
 at any time to issue such bonds, with | the assent aforesaid and shall he au- | thorized to make levy of taxes for the | purpose of paying the principal and I f,,A. af kA1 1u ofaA Ygh vxTnf tor | 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 | hereiuhefore permitted. but said muni- | cfpalities are permitted to issue such | bonds and levy taxes therefor fin excess
 of said limitations. and the rates Of in- | terest on such water works or lighting | bonds shall be governed by the provis- | Ions hercinbefore set out relating td | general bonds but such bonds need not | he retired within thirty-five (35) years | Provided further. that as additional se- l curity of said additional bonds, n mort | gage or other lien shall be given by said | municipality on such water works or | lighting plant including it's franchise
 and all other property connected there
 with
 said election shall he 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 or other tnterest-bear- | ing evidences of Indebtedness are to | he issued and if for more than one pur- l pose provision shall be made in said | ordinance for balloting on each sepa- | rate purpose; the sum total of the is 1 sue: the dates Of mat%rity thereof; and ! said ordinances shall fix the date of | election so that 1t shall not occur
 earlier than sixty days after the massage 1 of said ordinance Said election shall l be held and conducted. and ths vote | thereon canvassed, and the result there | If declared. under the law and in the l manner now or hereafter provided for l municipal elections, so far as tho sane
 may be applicable. except ns herein | otherwise provided, Notice of said cleo ton shall be given by the Mayor by | advertisements weekly for at least four 1 times in some newspaper published in | said municipality, and having a circula
 ton therein the last publication to he l rot loss than ten tl0) ditys prior to the l date of said election
 l Qualified electors of said munlcipalitv l only shall have a right to vote at said | elections. The result of said election | shall he proclaimed and published by
 the Mayor. and the result as proclaimed l 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-
 ration of improvement districts.
 | This amendment shall be in force upon | It's adoption, and shall not require legis. | lative action to put 1t into force and