The Nevada County picayune., 1914-06-26
Constitutional Amendment No. If
MUNICIPAL BOND AMENDMENT.

l 1 An Amendment of Section 16 of the l constitution so as to permit cities and l towns under certain conditions to issue
 interest bearing bonds and other evil | dences of Indebtedness"
 1 FOR AMENDMENT NO. If.
 l AGAINST AMENDMENT NO 14
 Be It Enacted by the People of the State of Arkansas:
 That Section 1 Of Article Is of the
 Sonstitution of the State of Arkansas
 DC amended so as to read as follows; l Article 1o, 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
 pality ever issue any interest-bearing evidences of indebtedness. except such
 bonds ss may be authorized by law ts l provide for and secure the payment of
 the Indebtedness existing at the time or the adoption of the Constitution of 1 1H1f, and the State shall never issue any
 gcrip
 Provided. that incorporated towns of 900 or more population, as shown by t'e next preceding Federal census or 1 hN a census taken for that purpose by l tlia municipal authorities of said towns and cities of the first and second class | may issue, by and with the consent of na1orlty or the qualified electors of sad municipalities voting on the ques- l ton at an election held for that pur- i pose bonds or other interest -bea ring 1 evidences of indebtedness in sums and Tor the purposes approved by such ma
 lority at such election as follows | to wit:
 For the funding or rerundinx of any existing indebtedness incurred prior to l the adoption of this amendment; for the requirement. construction or manten-
 &nce of public highways streets alleys or bouievards; for tha purchase of equip mHnt of parks or ayErounds; for the construction of sewers; for the purchase l n n1f tse.Y, r4fF 6n1T auditoriums. prisons, libraries, hospitals. fire stations or equipment, viadccts or bridges; and for any and all public
 bHiidinss structures or grounds that may be required by said municipality for the proper and economical a6minis- tratton of It's government and for any other public improvements Of general rature for the use and benefit Of said municipality
 Provided thst no municipality shall
 ever grant financial aid towards ths corr rstrUction of railroads or other pri- vate enterprises operated by any pri- vate person corporation and, pro l vided further. that any Of the aforesaid | improvements may be within or with nut the corporate limits of said munich
 pai'ti.s
 No money raised for . specific pur-
 rose shall be used for any other or dif.rsnt purpose.
 | evidences of indebtedness issued under the authority of this amendment shaN
 -yer be sold st less than par. and whsN issued by cities Of the first claSs they snail not bear greater rate of interest tan five (5) per cent per annum. ana
 vhan issued by cities of the second | clsss and by such incorporated towns
 sS aforesaid shall not bear . greater | ,ste of interest than six (O per cent
 ger snnum. Tn order to provide for the
 rsyment Of bonds and other interest
 h.srins evidences ot indebt ednsss. and | the interest thereon. . special tax. net f,.
 ia addition to ths rate of taxat'on nov rsrToitted, rnAy be leyfad by 4ai4 nauulci
 rslit!es on the taxable propsrty therein:
 end any of s&id 'nHinicYpaiit3ee 'fhsulp0
 any bonds or other interest-bsartn evil
 dAnces of indebtedness shall bsfors er
 st the time of doing so. provide for the
 exceeding the amount limited e above. iffcient to pay the interest or such
 bonds or other interest-bearing evil
 i,rc.s of indebtedness as they fsii due
 --incipal thereof within thirty-fiys C.5) years from n. time Of issuing the
 same. Provided further. that bonds or
 other interest caring evidences of in-
 1sbtA iness shall not be issued for an
 s'noupt in the aggregate of moro than raVen t7D per cent of the assessed valuH- ton of all real and personal property In the municipality proposing to issue ths same. according 10 the last general as sessment Said bonds and other inter
 sst-bearins evidences of indebtedness
 shall be serial, and shall be paid of ss
 rApidlv ss the income derived from satt tax will permit Provided further. that
 bonds may be issued by said munici. palities for the purpose of acquiring.
 rnrchasinR. extending, improving, en- iarginc, building or constructing water
 works or lighting plants with the assent nr majority of the voters of said municipalities voting on such question.
 Said munlcipa,tiies shall be authorizes
 st any time to Issue such bonds. with inc assent aforesaid. and shall he au- thorized to make levy Of taxes for tho purpose of paying the principal and iptarest of such bonds: and such water works and lighting bonds or renewals treleor shall not he included in the roo, rutation of the amount or bonded ,nd.hteansss or the amount of the levy l h >"ai aherore permitted but said mun ,,tDaiities are Dernittst to issue such tnrds and levy taxes therefor in excess o' said limitations and tho rates Of in- t.rest on such water works or lighting hopas shall he governed by the provis- l ians hereinbefors set out relating (" | general bonds. bur such bonds need not
 '. retired within tht"ty-riVe tss' years Provided furth.r. that as additional se- curttv Of said addition sl bonds. a mort
 ssae or other lien shall he eAven by said | rtuufcipalitv on Su"h watsr " rks or
 lishting plant. Including us tranehlss o0I su other property connected there ~ith.
 Said election shall b. held st such l time as the CNv or town council may |
 al all specifically state the purpose for | which th. bonds or other intsrest-bear r. tuc evidences of indebtedness are to
 r. issued. and if tor more than one pur-
 pose, provision, shall be made in sa,d | ,rdinance for bslloting on each nspa-
 rat. nurnose; the, sum total of the 10
 sue: the date. Of mat maturity th:r.'f; the anS ",
 .isction. so that it shall not occur
 earlier than sixty days attsr the pas.aC:
 of said ordinance Said election shall b. hsld and conducted. and ths vets
 thereon canvs ssed. and the rssult there
 of declared under ths law and in the
 manner now or hereafter provided for
 municipal elections so far as the same
 msy be applicable. except as herein
 sth.rv,se provided Notice of said elec-
 t,an shall be given by the Mayor by
 advertisements weekly for at least four l ymss in some newspaper published in
 .aia municipality. and having c!rcuia-
 ton therein. the last publication to Dc
 rot less than ten lo) days prior 10 ths
 oualifi:d .l.etor. s of :.Id msniciP.ii;, nun i,s | ....n. The rAabiit of oAfd election