The Forrest City times., 1914-06-12
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PEr1r1or
MUNICIPAL BOND AMEupMrrr

towns under certain conditions to issna dences of indebtedness" eN'-
 FOR AMENDMENT NO 1A
 AGAINST AMENDMENT NO 1I
 Be it Enacted by the People of +h. Ftate of Arkansas: '''e
 That Section of Article 1s of +h. Constitution of the State of Arkansa. be amended so as to read as follows.
 Article 16, Section |. Neitber ,h State nor any city, county, town or oti1ar municipality in this State shall ever Iosn its credit for any purpose whatever; nor paIity ever issue any fnterest-bearins evidences of indebtedness. excert sncb bonds as may be authorized by law tn provide for and secure the payment of the Indebtedness existing at the time of tho adoption of the Constitufton nr 1874. and the State shall never issue snv interest-bearing treasury warrants or scrip. VI 1000 or more population. as shown hv the next preceding Federal census ar by census taken for that purpose hv the municipal authorities of said towns and cities of the first and second class may issue, by and with the consent Of 2 majority of the qualified electors of said municipalities voting on the ones ton at an election held for that pur- pose, bonds or other interest bearinv evidences of indebtedness in sums and for the purposes approved by such ma tority at such election as follows to-wit:
 For the funding or refuDdlne of s,v existing indebtedness incurred prior to the adoption of this amendment for in, requirement. construction or mainteD- Hnce of public highways streets alley. or bouleNards 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 hall. auditoriums, prisons libraries hospitals. ar nart ,yir. bridges; and for any and all public buildings, structures or grounds that may be required by said munictnaiity for the proper and economical afminis tTation of it's government and for any other public improvements of q general nature for the use and benefit of said municipality
 Provided, that no municipality shall ever grant financial aid towards th. construction of railroads or other pri- Eate enterprises operated by any prl- 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 munici- palties.
 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 rate of interest than five tb) per cent per snnum, and when issued by cities of the second class and by such incorporated towns ss aforesaid shall not bear q greater rate of interest than six (6) per cent per annum. In order to provide for the payment of bonds and other interest bearing evidences of indebtedness and the interest thereon. special tax not io exceed seven @ mills on the dollar in addition to the rate of taxation now permitted may be levied by said munich Dalttles on the taxable property therein; and any of said municipalities issuing any bonds or other interest bearing evi- dences of indebtedness shall before or at the time of doing so provide for the collection of 6 direct annual tax. not exceeding the amount limited as above sufficient to pay the interest On such bonds or other interest-bearine evf- denCes Of indebtedness as they fall due and also 10 pay and discharRe the principal thereof. within thirty-five t36) years from the time of issuing the same Provided further. that bonds or other 1nterest-bearing evidences of in- debtedness shall not be Issued for sn amount In the aggregate of moro than seven tD per cent of the assessed valua- tion of all real and personal property in the municipality proposing 10 issue the same. according to the last general as- easement. Said bonds and other inter est-bearing evidences of Indebtedness @haiG be serial. and shall be paid or as rapidly as the income derived from said tax will permit. Provided further that bonds may be issued by said munici. paiities for the purpose of acquiring purchasing. extending, improving en- iarEinE building or constructing water works or lighting plants with the assent or ma iority Of the voters of said municipalities voting on such question Said municipalities shall be authorized st any time to issue such bonds, with the assent aforesaid and shall be au- horized 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 be included in the computation of the amount of bonded indebtedness or the amount of tho levy hereinbefore permitted, but said nuni- cipalites are permitted to issue such bonds and levy taxes therefor in excess Of said limitations, and the rates of tn- bonds shall be governed by the provis- Ions hereinbefore set out relating to general bonds but such bonds need not Dc retired within thirty-five (3b) years. Provided further. that as additional ss- curity of said additional bonds. mort gage Or other lien shall he given by said municipality on such water W rks or lighting plant. including its franchise and all other property connected there with
 Said election shall be held st such time as the city or town council may des cnate by ordinance. which ordinance
 
 which the bonds or other interest-oear- Ing evidences of indebtedness arc to bo issued, and if for more than one pur- pose provision shall be made in said ordinance for balotins 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 20 that it shall not occur earlier than sixty days after the passaEe Of sad ordinance. Said election shall ne held and conducted, and tn. vote thereon canvassed, and the result there of declared. under the law and in tho mauner now or hereafter provided for municipal elections, far as the same may be applicable. except as herein Otherwise provided Notice of said elec- ton shall be given by the Mayor by advertisements weekly for at least four times, In some newspaper published tn said municipality. and having c'rculn- d0n therein. the inst publication 10 be Rot less than ten t10) days prior to tho date or said electiCr.
 Qualified electors of said municipality elections. The result Of said election shall be proclaimed and published by tie Mayor and the result as proclaimed shali be conclusive unless attacked fin tho courts within sixty (80) days after the date of such proclamation.
 This amendment shall not repeal nor anect any law relating to the organi- znti0n of improvement districts
 This amendment shall be in force upon It's adoption, and shall not require legis-