The Sentinel=record., 1914-06-12
Constitutional Amendment No. l4
PROPOSED BY INITIATIVE PETITION.
MUNICIPAL BOND AMENDMENT.

FOR AMENDMENT NO. IA
 AGAINST AMENDMENT NO. 14
 Be 1t Enacted by the People of the State of Arkansas:
 c That Section 1 of Article l6 of the constitution of the State of Arkansas De amended so as to read as follows:
 Article l6, Section l.. 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 pality ever issge any interest-bearing 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 or tho adoption of the Constitution of lAfi, and the State shall never issue any interest-bearing treasury warrants or scrip,
 Provided. that incorporated towns of 1000 or more population, as shown by the next preceding Federal census. or by q 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- tlon 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 lority at such election. as follows.
 For the funding or refundng of any existing indebtedness incurred prior to The adoption of this amendment: for the requirement. construction or mainten- hnce Of public highways. streets. alleys or boulevards; 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. viadccts or bridges; and for any and all public buildings. structures or grounds that may be required by said municipality Tor the nrOnPr and economical aEmfutS- tration of it's 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 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 palites.
 No money raised for a 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 greater r-te of interest than five A5) per cent per annum, and when issued by cities of the second class and by such incorporated towns
 
 rate of interest than six (6l per cent per annum Tn 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 ne levied by said munich ralities on the taxable property therein; and any of said municipalities issuing any bonds or other interest-bearing evil ferces of indebtedness shall, before or tl,s a-E Ir.fa. lIa collection of a direct annual tax. not exceeding the amount limited as above, sufficient to pay the interest such bonds or other interest-bear ring evil dences Of Indebtedness as they fall due and also to pay and discharge the principal thereof, within thlrty-five (35) years from the time of issuing the same. Provided further. that bonds or other interest-hearing evidences of in- debtcdness shall not be issued for an amount in the aggregate of more than seven t7) 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 est bearing evidences of Indebtedness rhall be serial. and shall he paid or as rapidly as the income derived from said tax will permit Provided further, that bonds may be Issued by said munich palites for the purpose of acduiring purchasing extending. improving, en- iarEing. building or constructing water works or lighting plants with the assent of ma ority of the voters of said municipalities voting on such question Said municipalities shall be authorized at any time 10 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 interest of such, bonds and such water works and lighting bonds or renewals thereof shall not be included in the cofnputation of the amount of bonded Indebtedness or the amount of the levy hereinhefore permitted but said munl- cipalittes are permitted to Issue such honds and levy taxes therefor in excess of said limitations and she rates Of in- torest on such water works or lighting bonds snail be governed by the provis- ions hereinhefore set out relating to general bonds but such bonds need not be 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 rnunlcipalitv on such water works or lighting plant. including its franchise and all other property connected there
 said election shall he held at such time as the city or town council may designate bv ordinance which ordinance efpii specifically state the purpose for ,yttch the bonds or other interest bear tho evidences of indebtedness are to be issued, and if for more than one pur- pose. provision shall be made Tn saio ordinance for balloting on each sepa- rate purpose; the sum total Of the Is sna. inc dates of maturity thereof and said ordinances shall fix the date of election go that 1t shall not occur earlier than sixty days after the passage of said ordinance Said election shall he held and conducted and the vote thereon canvassed and the result there of declared under the law md In the manner now or hereafter provided for nunIcipal elections. so far as tho san~ may be applicable. except as herein otherwise provided, Notice Of said elec- ttion shall be given by the Mayor by Advertisements weekly for at least Tour times in some newspaper published In said municipality. and having c!rcula- tiou therein the last publication to be rot less than ten Cl0) days 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 small be proclaimed and published by the Mayor, and the result as proclaimed shall be conclusive unless attacked in the courts within sixty t60) days after The date of such proclamation.
 This amendment shall not repeal nor srect any law relating to the organi- zation of improvement districts
 This amendment shall be in force upon ,,s adoption, and shall not requifo legls. Iative action to put 1t Into force and effect
 All the provisions of this amendment shnll be treated as nandatory. and all nrovisions of the Constitution or amend