The Dermott news. (Dermott, Ark.) 1910-1977, 1914-06-18

AN Amendment of section l6 of the
Constitution so as to permit cities ana
towns under certain conditions to issue
interest bearing bonds and other evil
dences of Indebtedness"
FOR AMENDMENT NO. IA
AGAINST AMENDMENT NO IA.
Be II Enacted by the People of the
State of Arkansas:
That Section OF Article Is OF the
Constitution Of the State of Arkansas
be amended so rs to read as follows.
Article 10. 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 munich
pality ever issue any interest-heartnE
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
1874. and the state shall never issue any
DEMONSTRATING treasury warrants or
scrip.
Provided. that incorporated towns Of
] 600 or more population, as shown by
the next preceding Federal census. or
by census taken for that purpose by
the municipal authorities of sajd towns.
and cities of the first and second class
may issue. by and with the consent of
majority of the qualified electors of
said municipalities voting on tho ques-
ton at an election held for that pur-
pose, bonds or other tntereSt-heartug
evidences of Indebtedness in sums and
for the purposes approved by such ma
jority at such election. as follows
to- wit:
For the funding or rerundlug or any
existing Indebtedness incurred prior to
the adoption of this amendment fer the
requirement. construction or matntcn-
ance OF public highways streets. alleys
or bouleVards: for the purchase of equip
mest Of parks or play grounds; for tho
construction of sewers for the purchase
or construction of city or town halls.
auditoriums prisons. libraries. hospitals.
fire stations or equipment Niadpcts or
buildings structures or grounds that
may he required by said municipality
for the proper and economical aGmints-
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 prt-
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 tho corporate limits of said munict-
paiities
No money raised for specific pur-
pose shall hc used for any other or
different purpose
No bonds or other interest LEARN z
evidences Of indebtedness issued under
| the authority Of this amendment shall
ever be sold 1T less than par. and when
issued by cities Of the first class they
/ shall not bear a greater rate of interest
! than five t5) per cent per annam. amt
/ when issued by cities of the second
/ class and by such Incorporated towns
as aforesaid shall not hear greater
( rate or interest than six Ca per cent
per annum In order TO provide fer tie
/ payment - bonds and other interest
+ bearing evidences OF Indebtedness. and
the interest thereon special tav. not
/ to exceed seven t7) mills on the dollar.
f In addition to the rate OF taxation now
/ permitted. may ne levied by said munich
/ palfties on the taxable property therein;
and any Of said municipalit ics issuing
any bonds or other interest bearing cXi-
I dcnCes Of Indebtedness shall before or
/ Mt the time Of doing SO. provide for tho
/ collection OF direct annual tax. not
! exceeding the amount limited as above
/ sufficient to pay Tire interest on such
/ bonds or other interest hearing evil
/ dcn~es of Indebtedness as they fall dN"
I md also to pay and discharge the
+ princlpal thereof within thtrtv-fiVe
I $3.50 years from the time Of issuing the
same Provided further, that bonds or
I other interest bearing evidences of In
! dchteAness shall not be issued for an
! amount I'm tho agrraCate ~ more than
] seven 90 per cent or the assessed va ua
/ ton or all real and personal property n
/ the municipality proposing to issue the
/ same aCcordius 70 the last general as
sessment Said bonds and other inter
/ est-heariug evidences Of Indebtedness
] sh All he serial. ana sf1tl ne PAN on az
/ rariilv as tho income derived from said
/ tax will permit Provided further. TINT
I. bonds may he issued by said muDici
palit'es for the purpoSe or ACQUIRING
! purchasing extending. improving en-
/ larriur building or constructing water
works or lighting plants with the assen,
| 81 "A ma tority OF the voters or said
municipalities voting on such question
/ Said nuDfcipalitiea shall be authorized
ut any time 70 issue such bonds with
the assent aforesaid. and shall he Al
/ thoriyed to make levy Of taxes For the
I rurpose OF paviuC the PRINCIPAL and
/ interest OF such bonds: and such water
! works and lighting bonds or renewals
/ thereof shall not be included IN the
| combination OF the amount OF bonded
I Indebtedness or the amount or II" levy
I hrreinhefore permitted. but said muut
/ ctpolitics are permitted to Issue such
/ bonds and levy taxes therefor IN excess
/ of said limitations and the rates NJ In
terest ON such water works ar lightjna
/ bonds shall be governed by the proNis
/ ions hcreiuhef fore set ont relating e
general houds but such bonds need not
/ he retired within thtrtv-fiNe fSh4 years
/ provided further that ms additional Sc
! curitv OF sail additional bonds. mort
! rnpe or other lien shall ne given hv said
/ rnunicipalttv on such water rks o.
, niI,ig,' r,ant Including its franchise
nnd all other property connected there
with
said election shall be held nj such
| ,ir,e MS the citv IN town council MAY
! DESIGNATE nv ordinance. which ordinance
/ slau spectficallv state the purpose fol
| which the bonds or other interest bear,
ing evidences or indehtedross are t'
| ne issued and II tor more than one pur
! pose provision shall be made IN said
/ ordinance for halloting on each sera
| rate purpose. the sum total or the IS
| sue. the dates Of maturity thereof. and
! said ordinances shau fix the date OF
! election. so that II shall not occur
| earlier than sixty days after the uassag.
| Of said ordinances said election shall
! be held and conducted. and the vote
! thereon canvassed and the result there
! III declared under the law and In the
| manner now o. hereafter provided foI
municipal elections, 50 far as the sams
| may be applicable, except rs hereir
| otheryytse provided Notice OF said cleo
! ton shalt he given by the MaVor hN
advertisements weekly for AT least fon'
/ times in some newspaper published In
! said municipality, and having a c'rcula
| ton therein the last publication TO hs
! rot less than ten t'ol DAYS prior TO the
| date ~ said election
Qualified electors Of said municipality