The Sentinel=record., 1914-06-13
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION
 MUNICIPAL BOND AMENDMENT.


 interest bearing bonds and other evil dences of Indebtedness"
 FOR AMENDMENT NO. IA.
 AGAINST AMENDMENT NO 1l.
 Be 1t Enacted by the People of the State of Arkansas:
 That Section 1 of Article 16 of the tonstituton of the State of Arkansas be amended so as to read as follows:
 Article 16 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 patty ever iss2e any interest-bearing evidences of indebtedness, except such ponds 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 lhI4, and the State shall naVer issue any interest-bearing treasury warrants or scrip.
 Provided. that incorporated towns of lOO0 or more population. as shown by the next preceding Federal census or by a 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 tho ques- tloh at an election held for that pur- pose bonds or other interest-bearfng evidences of Indebtedness in sums and Tor the purposes approved by such ma loTlty at such election. as follows. tO-Wit.
 For the funding or refundtnx of any existing indebtedness incurred prior to me adoption of this amendment; for the requirement. construction or mainten- ahce of public highways. streets alleys or bOuleVards, for the purchase of equip ment 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 viaducts or bridges, and for any and all public buildings, structures or grounds that may be required by said municipality for the proper and economical afminis- traitor of its 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- Nate enterprises operated by any prt- 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 palities
 No money raised for 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 tidu iANt Aot per cent per dflUQHl. anu when issued by cities of the second class and by such incorporated towns as aforesaid shall not bear a greater rate of interest than six (6) per cent Der 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 (71 mills on the dollar In addition to the rate of taxation now permitted. may be levied by said munich palities on the taxable property therein; and any of said municipalities issuing any bonds or other intereSt-bearing evt- dences~of indebt edness 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 on such bonds or other interest bearing evil dences of indebtedness as they fall due and also to pay and discharge the (3h) years from the time of issuing the same Provided further, that bonds or other interest bearing evidences of in- dehtedness shall not be issued for an amount in the aggregate of more than seven (71 per cent of the assessed valua- tion 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 shall be serial and shall he paid Of as tax will permit Provided further, that bonds may be issued by said munici. palities for the purpose of acquiring. purchasing, extending improving en- iargine building or constructing water works or lighting plants with the assent of ma iority of the voters of said rpuniclpalities voting on such question. Said municipalities shall be authorized at any time to issue such bonds. with the assent aforesaid. and shall be au- thorized to make levy of taxes for the purpose of paying the principal and interest of such bonds and such water
 farH.4 4Taar Ag -rFa al o thereof shall not be included In the computation Of the amount of bonded Indebtedness or the amount Of the levy hereinhefore permitted, but said muni- cipalities are permitted to issue such bonds and levy taxes therefor in excess of said limitations and the rates Of in- terest on such water works or ligting bonds shall be governed by the provis- ions hereInhefoe set out relating to general bonds but such bonds need not he retired within thirty-five tS5) years Provided further that as additional se- curitv Of said additional bonds, mort gage or other lien shall be given by said municipality on such water works or Vrhting plant. including It's franchise and all other property connected there
 said election shall he held at such time as the city or town council may desienate bv ordinance, which ordinance '.tnIl specifically state the purpose for which the bonds or other interest-oear- tho evidences of indebtedness are to be issued. and if for more than one pur,. noae proyision shall be made in said erdinance for balloting on each sepa- rate purpose; the sum total of the is. sue. inc dates of maturity thereon; and said ordinances shall fix the date of election so that 1t shall not occur earlier than sixty days after the passage Q of said ordinance Said election shall Inc held and conducted, and the vote thareon canvassed. and the result thare- of declared under the law and In the manner now or hereafter provided TOT municipal elections, so far as the saflre may be applicable, except as hereln otherwise provided Notice Of said elec- tlon shall be given by the Mayor by edvertisements weekly for at least four times in some newspaper published Tn aatd yn,inicipality, and having c'rcula tion therein, the last publication to be rot less than ten tl0) days prior to the date of said election. ,,.
 Qualified electors of said municipality onIv sbaU have a right to vote at sald elections. The result of said election shall be proclaimed and published by tba Mayor. and the result as proclaimed shall he conclusive unless attackeo m inc courts within sixty (6O) days a1tef the date of such proclamation,
 This amendment shall not repeal nor srect any law relating to the ofsahl' ration of improvement distrirts.
 This amendment shall be Tn force uPoI ,ta adoption. and shall not reqsir" lesis jative action to put 1t Into force aho