The Nevada County picayune., 1914-07-10
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION
MUNICIPAL BOND AMENDMENT.

An Amendment of Section IS of the constitution so as to permit cities and towns under certain conditions 10 issue interest bearing bonds and other evi- deuces of Indebtedness"
 FOR AMENDMENT NO I4
 AGAINST AMENDMENT NO. 14
 Be it Enacted by the People of the State of Arkansas:
 That Section of Article 1s of the constitution of the State of Arkansas bc amended 30 AS to read s follows
 Article IS. Section |. Neither the State nor any city. county, town or other lnuniciIa ality in this State shall ever loan its credit for any purpose whatever. nor shall any county. city. town or munici- pality ever issue any interest-bearing evidences of indebtedness, except such bonds ss 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 iA74 and the State shall never issue any Interest bearing treasury warrants or scrip
 Provided, that facorporated town, of 1 900 or more eaU. latjon ss shown by the next prccedtf.s Federal CeuSDs or tY census tn'-en for that purpose by tue mnniciirl authorities of sa!i towns, and cities of t.e first and second class may issrH hy and VI tn the consent of majority cf tho qualified electors of said nun oinaljties voting on thc ques- ton at an election held for that pur- pose. bonds or other interest bearing evidences of Indebtedness in sums and Tor the purposes approved by such ma toritY at such election. follows to-wit.
 For the funding or refun1ing of any existing indebtedness incurred prior to the loution of this amendment. far tke requirement construction or maiuten- anCe ct public highways. streets. alleys or houlevardS. for the purchase of equip ment of parks or plav-E grounds: for the constructlo of sewers for the purchase or construction of city or town halls. auditoriums. prisons. libraries hospitals. fire stations or equipment vIadrrts or bridges, and for any and all public buildings structures or grounds that may be required by said municipality for the prouer and economical afminis- trstion of its government: and for any other public iWrraVemeuts n' o general nature for the Gse and benefit of said municipality.
 Provided th.t no municipality shall ever grant fir"Hcial aid towards the construction oe railroads or other pri- vate enterprises operated by any pri= vate person or corupration. and, pro vfded further that any of the aforesa il cut the corporate limits of said munlci- palities
 No money raised for snaciric pur- pose shall he used for any other or different purpose.
 No bonds or other interest -tearins evidences Of indebtedness issued under the authority of this amendment shall ever be sold at less than par and when .ssueu by cities of the first class they shall not bear greater rate of interest than five t6l per cent per snnum. and when issued by cities of tn. second clase and hy wich incorporated towns as aforesaid shall not bear . greater rate of interest than six S per cent per annum. In order to provide for tho payment Of bonds and other int.rest- bearing evidences of indsbtrdn.ss ana tho interest thereon. a special tax. not .ts exceed seven CD mills on tho dollar. in addition to tho rate of taxation now permitted. nsy he levied by said munici- palities on tho taxable property therein: and any of sAid municipalities ,sauius any bonds or other interest bearing evi- denoes ef indebtedness shall h.rovs sv collection of . direct annual tax. net exceeding tho amount limited as above. suffcient to pay the interest such bonds or other interest gins evil and also to pay and discharse the principal thereof within thirty five (Sel years from the time or issuing the ~arne Provided furthe~. that bonds or debtedness shall not be issued for an amount in the aggregate of more than seven G) DOT cent of the assessed vsluA- tlon of all real and personal property in same according to the last general as seSsmcnt Said bonds and other Inter stt-bcaring evidences of indebtedness shall he serial. and shall be paid or as yapldlN as the income derived from said tax will permit Provided further that honJs may he issued hy said munici- palitles for the purpose of aCuuirtng purchasing extending. improving. en- IA 'giug building or constructing water works or lighting plants with the assent of aioritY of the voters of said nunicipaltties voting on such question. Said municipalities shall be authorized tn tho oh Ia xuft the oe. sut aforesaid and shall he au- thorizcd 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 he included ln ths computation of the amount of bonded tndehtedness or the amount of the levy hereinhefor~ permitted but said mun,- clpaltties are permitted to issue such Sonds and levy taxes therefor in excess or said limitations, and the rates of in- terest on such water works or lighting Nonds shall be governed by the proVis- ions hereinbefore set out relating to general bonds but such bonds mead not he retired within thirty five t5SA years Provided further that R. additional ss- rurity of said additioI a} bOuIs. a mort gage or other lien shall be given by said municipality on such water rks lighting plant, including it's franchise and all other property connected there with
 Said election shall b. held st such time as the city or town council may designate bv ordinance. which ordinance sl all specifically state the purpose for which the bonds CT other interest bear Ing evidences of Indebtedness are tc be iss, 'ed and if for more than one pur- pose provision shall be made in said ordinance for oailotinx on each ~spa- rate purpose; the ~um total of the ts sue: the dates ot maturity thereof; and said ordinances shall fix the date ot election. co that it shall not occur earlier than sixty days after the passaEe Of said ordinance Said election shall be held and conducted. and ths vot. thereon canvassed. and the result there of declared under the law and in the snsn~er nov or hereafter provided for municipal elections so far as the same may be applicable. except ss herein otherwise providea Notice of said cleo ton shall be given by the Mayor by Advertisements weekly for at least four times in some newspaper published in said municipality. and having c9rculs tion therein the last publication to he not less than ten Co) days prior to the date of said election.
 Qualified electors of ssid municipality only shall have a right to vote st said elections The result of said election ahall be proclaimed and published by the Mayor. and the result as proclaimes nhali be conclusive unless attacked In xh. within sfNty f6Ol flaws after