The Forrest City times., 1914-06-05
Constitutional Amendment No. IA
MUNICIPAL BOND AxErpnxrr

FOR AMENDMENT NO 11
 AGAINST AMENDMENT NO. I<
 Be it Enacted by the People of tn. etate of Arkansas:
 Constitution of the State of Arkan.as be amended so as to read as follows:
 Article 1s, Section |. Neither tn. State nor any city, county, town or otbsr municipality in this State shall ever loan its credit for any purpose whatever; nor shsll Any county, city. town or nunici- sslity ever issue 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 1874 and the State shall never issue any interest-besrinE 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 bv the municipal authorities of said towns, and cities of the first and second class may issue, by and with the consent of a majority of the qualified electors Of said municipalities voting on the oues- tlon at an election held for that pur- pose. bonds or other interest bearing for the purposes approved by such ma tority at such election as follows to wit:
 For the funding or rerunding of any a the adoption of this amendment for tn. requirement. construction or nsinten- ance of public highways streets alleys or boulevards; for the purchase of equip ment of parks or play-prounds for the construction of sewers. for the purchase or construction of city or town halls audtortums prisons. libraries hospitals fire stations or equipment visdGcts or bridges: and for any and all public buildings, structures or grounds that may he required by said muntcipslfty for the proper and economical a1minfe- tration of it's government and for any other public improvements of A general nature for the use and benefit of said muntcirality
 Provided. that no municipality shall ever grant firancial aid towards tn. coustruction of railroads or other prf- vate enterprises operated by any pri- yate person or corporation. and pro vided further. that any of the aforesaid Improvements may he within or with out the corporate limits of said municf- pal'ties.
 No money raised for specific pur- pose shall he used for any other or different purpose
 evidences of indehtedn.ss issued under the authority of this amendment shall ever be sold st less than par and when issued by cities of the first class they shaJ not hear greater rate of interest than five t5p per cent ger 6nnum, and when issued by cities of the second class and by such incorpora ted towns as aforesaid shall not bear a greater rate of interest than six feD per cent per annun In order to provide for the payment Of bonds and other interest bearing evidences of indebtedness and the interest thereon. special tax not to exceed seven t7l 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 munici ipalftie issuing bonds other St-he ri n dences of indebtedness shall before or nt the time of doing so. provide for the collection of . 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 principal thereof within thirty-ffve t3o) years from the time of issuing the same. Provided further, that bonds or other interest-bearing evidences of in amount in the aggregate of more than seven t71 per cent of the assessed valua- tlon of all real and personal property in the municipality propostng to isfue tho sessment. Said bonds and other inter sst-bearing evidences of indebtednesS shall be serial. and shall be paid of as ianidly as 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 on iarEinR, building or constructing water of 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 the principal and interest of such bonds. and such water works and lighting bonds or renewals 1T he AA fn hA computation of the amount of bonded Indebtedness or the amount of the levy hereinhefore permitted, but said muni eipslities are permitted 10 issue such bonds and levy taxes therefor in excess of said limitations. and the rates of fn- terest on such water works or lighting bonds shall he governed by the provts- Ions hereinbefore set out relating to general bonds buS such bonds need not ht retired within thirty-rive C35) years. Provided further. that as additional SC ourity of said additional bonds. a mort rage er other lien shall be given by said municipality on such water wrrks or hshtins plant. including its franchise and all other property connected there with.
 Said election shsll be held st such time ss the city or town council may designate by ordinance. which ordinance siall specifically state the purpose for which the bonds or other intereRt-bear- ing evidences of indebtedness are to be issued and if for more than one pur pose provision shah be made In said ordinance for ballotins 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. so that it shall not occur earlier than sixty day> after the psssage or sad ordinance. Said election shall he held and conducted. and tho vote thereon canvassed, and the result there Of declared. under tho law and in the manner now or hereafter provided for municipal elections, so far aB the same may be applicable, except ns herein otherwise provided. Notice of said cleo lion shall bo given by the Mayor by advertisements weekly for at least four times. In sone newspaper published Tn said municipality. and having a circulA- ton therein. the Inst publication to Do rot less than ten (t0) days prior to the date of said election.
 Qualified electors of said municipality only shall have n right to vote at said elections The result of ssid election shah be proclaimed and published by tho Mayor and the result as proclaimed shall be conclusive unless attacked in the courts within sixty (s6) days after the date of such proclamation
 This amendment shall not repeal nor anect any law relating to the orGani- sation of improvement districts.
 This amendment shall be in force upon It's adoption, and shall not require legis- lative action to put it into force ana effect
 All the provisions of this amendment shall be treated ss mandatory, and all