The Sentinel=record., 1914-06-21
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION.
MUNICIPAL BOND AmErpmErr.

AGAINST AMENDMENT NO. lI F Re 1t Enacted by the People of the State of Arkansas:
 That Section. of Article ts or the Sohsutution of the State of Arkansas DC amended 80 as to read as follows;
 Article 16, Section l.. Neither the state nor any city, county, town or other municipality in this State shah ever loan its credit for any purpose whatever, nor ehail any county, city. town or munici. paiilty ever issge any interest-bearhg evldences Of indebtedness, except such ponds as may be authorized by law to provide for and secure the payment of the Indebtedness existing at the tirne or tho adoption of the Constitution of ieaf, ana the State shall never issue any scrip. " Provided. that incorporated towns of Loo0 or more population as shown by hhre next preceding Federal census. or ny a census taken for that purnose by the municipal authorities of said towns, ana cities of the first and second class may ma issue by and with the consent of maJorlty or the qualified electors of said municipalities voting on tho ouea- tion at an election held for that pur- pose bonds or other interest -bearing soI SsoIuelhces or indebtedness in sums and TOT the purposes approved by such ma to-wit: i'0"9' ~ For Flo, the funding or refunding of any tha thn9.ins indebtedness incurred prior te aae a"'ption Of this amendment; for ths acqubement, construction or mainten- anSe ot public highways, streets, alleys UT ooulevards for the purchase of equip construction of sewers; for inc purcbe se VT construFtion of city or town halls auditoriuyns, prisons, libraries hospitals ire stetions or equipment viaducts cf bridges; and for any and all public buildmgs. structures or grounds that may be required by said municipality TOT the proper and economical acmInis- tIgton or It's government. and for any o'her public Improvements of a general nature Tor the use and benefit of said municipality
 Provided. that no municipa,ity shall ever grant financial aid towards the construction of railroads or other pri- Vate enterprises operated by any pri- vatc person or corporation: and, pro- vided further, that any of the aforesaid out the corporate limits of said munich palities.
 No money raised for specific pur~ pose shad be used for any other or dinerept purpose.
 No bonds or other interest-bearinR eVlnences of indebtedness issued under tS authority of this amendment shall ger oe sold st less than par, and when Issued by cities of the first class they shall not bear a greater rate of interest than Tive (6) per cent per annum, and when issued by cities of the second as aforesaid shall not hear a greater rate of interest than six (sl per cent per annum, In 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 CD mills on the dollar Tn addition to the rate of taxation now permitted, may be levied by said munich parties on the taxable property therein; and any of said municipalities issuing any bonds or other interest bearing evi- pances or indebtedness shall, before or at the time of doing so. provide for tho collection of direct annual tax, not exceeding the amount limited as above sufhctent to pay the interest on such bonds or other interest-bearing evi- and also to pay and discharge ths principal thereof. within thirty-five t3b) years from the time of Issuing the same Provided further, that bonds or other interest bearing evidences of in- debtedness shall not be issued for an amount In the aggregate of more than seven tB per cent of the assessed valua- ton, of all real and personal property in the. municipality proposing to issue the Name, according to the last general as- sessment Said bonds and other inter est-bearing evidences of indebtedness shall he serial, and shall be paid of as rapidly as the income derived from said tax will permit Provided further. that bonds may be issued by said munici. palltles Tor the purpose of acquiring, purchasing, extending, improving en- larginG- building or constructing water works or lighting plants with the assent of majority of the voters of said Said municipalities shall be authorized at any time to issue such bonds with tho assent aforesaid, and shall he au- 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 be included in the computation of the amount of bonded Nh AnN fnn ar ,raN AF fa.r. hereinbefore permitted, but said muni- cipaltties are permitted to issue such bonds and levy taxes therefor in excess of said limitations and the rates of iri- bonds shall he governed by the provis- iopA herenbefore set out relating to general bonds but such bonds need not he retired within thirtyfive (35) years Provided further, that as additional se- curity of said additional bonds mort gage or other lien shall be given by said municipality on such water works or lighting plant including its franshise and sll other property connected there with
 Said election shall be held at such designate by ordinance which ordinance shall specifically state the purpose for which the bonds or other interest bear ing evidences of indebtedness are to be issued, and if for more than one pur- pose provision shall be made fin said ordinance for balloting on each sepa- rate purpose; the sum total of the Is sue: the dates of mat1rity thereof; and said ordinances shall fix the date of election, so that 1t shall not occur earlier than sixty days after the passage of said ordinance Said election shall be held and conducted, and ths vote thereon canvasssd. and the result there of declared, under the law and in the manner now or hereafter provided for municipal electionss so far us tho sanre 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 in said municipality and having c,rcuia- ton therein. the last publication to be rot less than ten (10) dtys prior to the date of said election.
 qualified electors of said municipality only shall have a right to vote at said elections The result of said election shall be proclaimed and published by the Mayor and the result as proclaimed shall be conclusive unless attacked in the courts within sixty (60) days after the date of such proclamation
 This amendment shall not repeal nor affect any law relating to the organi- xation of improvement districts
 This amendment shall be in force upon it's adoption and shall not require legis- lative action to put 1t into force and effect.
 All the provisions of this amendment shall be treated as mandatory, and all provisions of the Constitution or amend ments thereto in conflict herewith are hereby repealed