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


 interest bearing bonds and other evil dences of indebtedness
 FOR AMENDMENT NO. 1A AGAINST AMENDMENT NO. IA Re it Enacted hy the People of the State Of Arkansas.
 That Section I of Article le of the Eonstitutiou of the State of Arkansas be amended so as to read as follows Article l6. Section l.. Neither the State nor any CitV. county town or other municipality in this State shall ever loan Its credit for any purpose whatever. nor shall any county city. town or munich pallty ever issge any interest-hearinc 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 or Inc adoption of the Constitution of lAl4, and the State shall never issue any interest-bearing treasury warrants or scrip
 Provided that Incorporated towns of 1000 or more population. as shown by the next preceding Federal census, or by census taken for that purpose by the municipal authorities of said towns. and cities of the first and second class may issue. by and with the consent of majority Of the qualified electors of said municipalities voting on the ques- ton at an election held for that pur- evidences of indebtedness i'm sums and for the purposes approved by such ma Jority at such election as follows. to-Wit.
 For the funding or refunding of any existing indebtedness incurred prior to the adoption Of this amendment, for the requirement construction or mainten- Gnce of public highways, streets, alleys or houleVardS, for the purchase of equip mant of parks or play grounds, for the construction of sewers. for the purchase or construction of city or town halls, auditoriums, prisons libraries. hospitals. fire stations or equipment. viadGcts or bridges, and for any and all public buildings, structures or grounds that may be required by said municipality for the proper and economical aGminis- tration of it's 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- yate enterprises operated by any pri- Vatc 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- palities
 No money raised for a 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 r-te of interest
 
 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 C6) per cent per annum. Tn 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 (7) mills on the dollar In addition to the rate of taxation now permitted, may be levied by said munich | palities on the taxable property therein; and any of said municipalities issuing any bonds or other interest bearing evi- fences of indebtedness shall. before or at 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 on 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-five (35) years from the time of issuing the same Provided further. that bonds or other iuterest-b bearing evidences of in- debtedness shall not be issued for an amount in the aggregate of more than seven tO 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 t-bearing evidences of indebtedness shHll be serial, and shall be paid of as rapidly as the Income derived from said tax wili permit Provided further. that bonds may be issued by said munici- palities for the purpose of acquiring, purchasing extending. improving, en- larCiug. building or constructing water works or lighting plants with the assent of d majority of the voters Of said
 municipalities voting on such question. Said muqicipalltieR shall be authorized at any time to issue such bonds. with the 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 ..rIyH lffF1Ff UI aF lnH ggN G thereof shall not be included fin the computatiOu of the amount of bonded Indebtedness or the amount of the levy hereiuhefore permitted. but said muni- efpaIitIes are permitted to issue such bonds and levy taxes therefor fin 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 honds. but such bonds need Hot he retired within thirty-five t35) 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 w"rks or lighting plant. including Its franchise md all other property connected there
 said election shall he held nt such time as the city or town council may destgnate bv ordinance, which ordinance sLalI Specifically state the purpose for which the bonds or other interest-bear- Ing evidences of indebtedness are to be issued, and IT for more than one pur- nose provision shall be made in said ordinance for halloting on each sepa- rate purpose the sum total of the Is sua. the dates of ma gritty 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 the vote thereon canvnssed. and the result there of declared under the law and in the manner now or hereafter provided for municipal elections. so far as the same
 may be applicable, except as herein otherwise provided Notice of said cleo tion shall be given by the Mayor by Advertisements weekly for at leaFt four times in some newspaper published In said municipality and having a c'rcula- tion therein the last publication to be rot less than ten C0) dssys prior to the date of said election.
 Qualified electors of said municipality only shall have a Night to vote at said elections The result of said election shall be proclaimed and published hy inc Mayor. and the result as proclaimed
 shall he conclusive unless attacked in the courts within sixty (60) days after tho date of such proclamation.
 This amendment shall not repeal nor srrect any law relating to the organi- zatlon of Improvement districts This amendment shall be in force upon it's adoption and shall not require legis-
 Iative action to put it into force and
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