The Sentinel=record., 1914-06-11
Constitutional Amendment No. A
PROPOSED BY INITIATIVE PETITION.
MUNICIPAL BOND AMEsnMErr.

interest bearing bonds and other eVi- dences of indebtedness"
 FOR AMENDMENT NO IA.
 t AGAINST AMENDMENT NO 14.
 S, be It Enacted by the People of the S'sIe or Arkansas;
 That Section 1 of Article 16 of the Sohsttution of the State of Aykansas DC amended so as to read as follows:
 - article l6, Section L. Neither the ,Stata nor any city county. town or other monlcipaltty fin this State shall ever loan ttS credit for any purpose whatever; nor Shait any county, city. town or munich panty ever issge any interest-bearing 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 lSt4. and the State shall never issue any scrip.
 Provided, that Incorporated towns of l,ooo or more population, as shown by the next preceding Federal census or pE census taken for that purpose by Nne municipal authorities of said towns, anu clteS or the first and second class may issue, by and with the consent of a mHtoBlty or the qualified electors of salu municipalities voting on the ques- toh al an election held for that pur- pose, bonds or other interest-bearnR evidences of indebtedness in sums and s"F the purposes approved by such ma loFltX at such election. as follows
 For the funding or refunding of any existing Indebtedness incurred prior to tne adoption of this amendment; for the requirement. construction or mafnten- 6hce of public highways streets. alleys pr boulevards; for the purchase of equip HRnt or parks or play-g grounds for the construction of sewers; for the purchase or construction Of city or town halls. auditoriums, prisons libraries, hospitals. Tire stations or equipment. viaducts or bridges: and for any and all public may be required by said municipality for the proper and economical aGmints- tration 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 pri- 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 bslities
 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 al less thar par, and when issued by. cities of the first class they shall not bear a greater rs te of interest than five (5l 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 (6) per cent per annum Tn order Co provide for the payment of bonds and other interest bearing evidences of indebtedness, and the interest thereon a special tax not to eSceed seven CD mills on the dollar In addition to the rate of taxation now permitted, may he levied by said munich palities on the taxable property therein; n n rr4fsT tfai iVaaI 4fw,o any bonds or other interest bearing evil derces of indebtedness shall before or # 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 OR such bonds or other interest-bearing evil dences of indebtedness as they fall due and also to pay and discharge the principal thereof within thirty-ftva (35) years from the time of Issuing the same Provided further. that bonds or other interest-bearing evidences of in- deht edness shall not be issued for an amount in tho aggregate of more than seven Cll per cent of the assessed valua- ton 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-hearing evidences of indebtedness shall be serial and shall be paid of IS r8Oidlv a g the Income derived from said tax will permit Provided further that bonds may be Issued by said munici- palities for the purpose of acquiring, purchasing extending. improving, en- iarFlnR 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 he authorized at any time to issue such bonds with the assent aforesaid and shall he su- thorized to make levy of taxes for the purpose of paying the principal and interest of such bonds and such water works and lighting bonds or renewals thereof shall not he included in the computation of the amount Of bonded Indebtedness or the amount of the levy hereinhefora permitted. but said mun- 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 lighting bonds shall be governed by the provis- ions hereinbefore set out relating to general bonds but such bonds need not he retired within thirtN-ftVe t35) years. Provided further that as additional se- curitv of said additional bonds, a mort gage or other lien shall be given by said municipality on such water W rks or lighting plant including its frarShise and all other property connected there with
 said election shall be held at such time as tho city or town council may desirnate by ordinance. which ordinance slalI specifically state the purpose for which the bonds or other interest-bear- ing evidences of indebtedness are to IT nose provision shall be made In said ordinance for balloting on each sepa- rate purpose: the sum total of the Is. sue. the dates of matSrity thereof and satd ordinances shall fix the date of election so that 1t shall not occur earlier than sixty days after the passage or said ordinance, Said election shall be held and conducted. and the vote thereon cnnvassed. and the result there of declared. under the law and in the manner now or hereafter provided for municipal elections. SO far as the sanre may he applicable, except as herein lotherv,fse provided Notice of said cleo tion shall be given by the Mayor by odvertisements weekly for at least four times in some newspaper published In said municipality, and having c'rcula- tion therein the last publication to be rot less than ten (l0) days prior to the date of said election.
 Qualified electors of said municipality only shall have Sight to vote at said elections The result of said election shall be proclaimed and published by Inc Mayor and the result as proclaimed shall he conclusive unless attacked in tbe courts within sixty t6O) days after tbe date of such procla nation
 This amendment shall not repeal nor ,~ect any law relating to the organi- cation of improvement districts
 This amendment shall be in force upon It's adoption and shall not requiro legis- iatlve action to put it into force and effect ,.
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