The Nevada County picayune., 1914-06-19

l l towns under certain conditions to issue 1 interest bearing bonds and other evil | dences of indebtedness"
 FOR AMENDMENT NO IA 1 AGAINST AMENDMENT NO. IA.
 Be 1t Enacted by the People of the l state of Arkansas:
 Constitution of the State of Arkansas
 DC amended so IS to read as follows Article Is Section l. Neither the | state nor any city. county, town or other | municipality in this State shall ever loan ',S credit for any purpose whatever; nor
 shai any county. city town or. munich | nalitv ever issue any interest-bearins l evidences of indebtedness, except such 1 h6nds AS may be authorized by law ts l prov ide for and secure the payment of me Indebtedness existing at the time CT the adoption of the Constitution of i 1N7f. and the State shall never issue any l i1t@rest-hearins treasury warrants or
 Provided. that incorporated towns of 1 h06 or more population. as shown by 1 t"e next preceding Federal census. or l hF a census taken for that purpose by l t'e municipal authorities of said towns. l and cities of the first and second class. 1 nay issue. by and with the consent of a 1 majority Of the qualified electors of l Sat municipalities voting the ques- l ton at an election held for that pur- 1 pose bonds or other interest bearing 1 cFldences Of indebtedness in sums and l for the purposes approved by such ma l 1nfltY at such election. as follows l to- wit.
 For the funding or refunding Of any 1 ANisting indebtedness incurred prior to l me adoption of this amendment; for the acquirement. construction or mainten- 1 ince ot public highways. streets, alleys l or boulevards; for the purchase of equip l 1nent of parks or play grounds; for the construction of sewers; for the purchase
 or construction of city or town halls. l audltoriums, prisons. libraries. hospitals. l fire stations or equipment viaducts or | lar On md nd all 1 buildings. structures or grounds that l may be required by said municipality l for the proper and economical a6minis- l { ation of it's government: and for any l other public improvements of a general 1 raturc for the use and benefit of said 1 municipality
 1 Provided that no municipality shall
 ever grant financial aid towards the 1 construction of railroads or other pri- vate enterprises operated by any pri- l vate person or corporation; and, pro | vided further. that any of the aforesaid !mprovements may be within with out the corporate limits of said nunici- | pal'ti.s
 No money raised for . specific pur- r"se shall be used for any other or | different purpose.
 No bonds or other interest-bearing
 evidences of indebtedness issued under 'Se authority of this amendment shall | sver be sold al less than par and when | issued by cities Of the first class they l wall not bear greater rate of interest l 1 -then issued by cities of the second
 class and hy such incorporated towns | ss aforesaid shall not bear 8 greater ate of interest than six (S per cent Ter annum- Tn order to provide for the I csyment Of bonds and other interest l caring evidences of indebtedness. and inc interest thereon. . special tax. not [, exceed seven @ mills on the dollar. l 'I addition to the rate of taxation now l permitted. ruNv pe levied by said munich | '-alties on the taxsSie property thsrein: l nd any of said municipalities issuing l any bonds or other interest-bearins evil | 'ences of indebtedness shall. before OF 1 't the time of doing so. provide for tho
 collection of a direct annual tax. not | exceeding tho amount limited as above. l ,utfcient to pay the interest or such
 nonds or other interest bearing evil
 'ences of indebtedness as they fall due
 md also to pay and discharge tho l rincipsl thereof within thirty-flvs | 35) years from the time of issuing the same Provided furthe~. that bonds or l thAr interest-bearing evidences Of in-
 '4htedness shall not be issued for | amount in the aggregate of more than | wen C7l per cent of the assessed vslus-
 lon of all real and personal property In the niCiDalty proposing to issue the 1 same. according 10 the last general as-
 s-ssnent. Said bonds and other inter | rst-bearing evidences of Indebtedness | shall be serial and shall he paid or as | rapidly as the income derived from saic 1 tax will permit Provided further. that | bonds may he issued by said munict. l | purchasing extending. improving. en- | lsrginR building or constructing water | works or lighting plants with the assent | of majority of the voters of said l municipalities voting on such question | Said municipalities shall he authorized | pt any time to issue such bonds. with the assent aforesaid. and shall he au- | thorized to make levy of taxes for the | rurpose of paving tho principal and | intarest of such bonds: and such water works and lighting bonds or renewal, | tharAnf shall not he included in the co~putation Of the amount of bonded | indebtedness or the amount of the law l h~rcinbefoIe permitted but said muni- | r'nalites are permitted to issue such | '.ouds and levy taxes therefor in eNcess l ef said limitations and the rates of in- 1 t.rest on such water works or lighting | bonds shall be governed by the provis | ions hereinhefore set out relating to 1 general bonds but such bonds need not
 hs retired within thirty-fve t3Sl years | Provided further, that as additional SC | curity of said additional bonds. s mort | rage or other lien shall be sAven bv said l ,-,unictpality su"h water rk- or
 uwhtinx plant including It's franchise | and all other property connected there | with
 said election shall b. held ct such | time as the city or town council may | designate bv ordinance, which ordinance | shall specifically state the purpose for which the bonds or other tnterest-bear- | ing evidences of indebtedness are to | he issued and if tor more than ono pur- | nose provision Shall De ma0e ln saIN | ordinance for bsilOting on each sepa-
 rate purpose; the sum total of the is
 sue, the dates of maturity thereof: and
 said ordinances shall fix the date of
 election. 90 that it shall not occur
 earlier than sixty days after the passass | of said ordinance. Said election shall
 be held and conducted. and tn. vote | th.reon canvassed. and the result there | of declared. under the law and in the
 manner now or hereafter provided for
 municipal elections, so far as the sams | may be applicable. except as herein | otherwise provides. Notice of said cleo | ton shall be given by the Mayor by l ,Svertisements weekly for at least four | times in some newspaper published in | said municipality. and having a circuia | tion therein, the last publication 10 bs l rot less than ten 10) days prior to the | date of said election.
 l Qualified electors of said municipality | only shall have a right to vote at said l .I.ctions The result of said election | shall be proclaimed and published by l tbe Mayor. and the result as proclaimed
 shall be conclusive unless attack in | The courts within sixty (S0) days after
 Inc date of such prOcla nation,