The Nevada County picayune., 1914-07-03
Constitutional Amendment No. IA
oPosED BY INITIATIVE PETITION.
MUN1crPAL BOND AMENDMENT.

MUEICIPAL BOND AMEND MENTs
 ProposNi Amendment No. 14 to the Constitution Of Arkansas to be entitled An Amendment of Section 16 of the Constitution so as to permit cities and towns under certain conditions to issue interest bearing bonds and other evil dences of indebtedness"
 FOR AMENDMENT NO 14.
 AGAINST AMENDMENT NO. IA
 Re it Enacted by the People of the state of Arkansas.
 That Section of Article ls of tn. Se amended so as to read as follows:
 Article 16. Section |. Neither the State nor any city. county. town or other municipality in this State shall ever loan tts credit for any purpose whatever; nor shall any county. city. town munich 1allty ever issue any interest-bearing evidences of indebtedness, except such hdn6s as may be authorized by law ts provide for and secure the payment of the Indebtedness existing at the time of tho adoption of the Constitution of fN7f. and the State shall never issue any fnterest-bearing treasury warrants or scrip.
 Provided. that incorporated towns of 1000 or morC Al lttion. as shown by rae next preCedi Ietleral census. by census ton for that purpose by tbe muniCiisl aat aorities of said towns and cites ef tte first and second class may fss 'e. hF and with the consent of AiltlIoiiIN aI Inc HhaHt1ed eleC'bfS or said muEieinalities voting on the ques- tion at an election held for that pur- rose. bonds or other interest bearing evidences of indebtedness in sums and for the purposes approved by such ma fority at such election. as follows to-wit:
 For the funding or refund'ng of any existing indebtedness incurred prior to the adoption of this amendment. for the scquiremept construction or mainten- ance Of public high ways streets, alleys or bouleVards. for the purchase of equip ment of parks or av-Frounds: for the construction of sewers for the purchase or construction of city or town halls auditoriums. prisons. libraries. hospitals fire stations or equipment, viadCcts or bridges and for any and all public Buildings structures or grounds that may be renuired by said municipality for the proper and economical aGminis- tratfon Of it's government: and for any other public it1hrovements oF a general nature for the use and benefit of said municipality.
 Provided that no municipality shall over grant firaacial aid towards the construction of railroads or other pri- 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 cut the corporate limits of said munich palities
 No money raised for soeclf,c pur- pose shall be used for any othor 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 (5) per cent per annum. and 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 60 psr cent per annum. Tn order to provide for the V FVpAI nS hhpd nd nth te.tA at- oeArinG evidences of indebt eoness ana .hs interest thereon. . special tax. net ts exceed seven t7) mills on the dollsr. in addition to the rate of taxation now permitted. rAy be levied by said munici- palitles on the taxable prope.ty thsreiN: ana any of sAid municipalities issuing dsness ef inAsStsdnsss shall. before sp at the time of doing SO provide for the collection of . direct annual tax. net exceeding the amount limited ss above. bonds or other interest-bearinR evi. dences of indebtedness as they fall due and also to pay and discharge the principal thereof. within thirty-fivs came. Provided furth-S, that bonds or other interest-bearins evidences of in- debtedness shall not bs issued for az amount Tn the aggregate of more than seven t7p DOT cent of the assessed valuA- ton of all real and personal property in ~He municipality proposing to issue the same, aCcordlns 10 the laSt general as sessment Said bonds and other inter ~st-bearing evidences of indebt -dness shall be serial, and shall be paid oT as rapidly as the income derived from said TRN will permit Provided further that bonds may he issued by said munici. palities for the purpose of acOurinI purchasing, extending, improving. en- Fsrging. building or constructing water works or lighting plants with the assent of a majority of the voters of said municipalities 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 tho principal and interest of such bonds; and such water works and lighting bonds or renewals thereof shall not be included in tho computation of the amount of bonded tndebtednsss or the amount of the levy hereinbefore 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 work. or lighting bonds shall be governed by the provis- tons hcreinbefore set out relating to general bonds. but such bonds need not he retired within thirty-five ,s5l years s-urity of said additional bonds, n mort gage or other lien shall be given by said municipality on such water works or lighting plant, including its franchise with.
 Said election shall be held at such time the city or town council may designate hv ordinance, which ordinance shall specifically state the purpose for which the bonds or other interest-be ing evidences ef indebtedness are to De tssued. and if for more than one pur- p~S., provision shall be made in said ardinance for ballotins on each Aepa- Sste purpose: the sum total of the is sue; the dates of maturity thereof; and said ordinances shall fiI the date of ~lrctton 60 that it shall not occur enrlier than sixty days after the psssase of said ordinance Said election shall be held and conducted, and ths vote thereon canvassed and the result there ,Y declared, under the law and in the manner now or hereafter provided for municipal elections, so far as the same nthervise provided Notice of said cleo tion shall be given by the Mayor by advertisements weekly for at least four times. in some newspaper published In