The Forrest City times., 1914-06-26
Constitutional Amendment No. IA
PROPOSED BY INITIATIVE PETITION.
MUNICIPAL BOND AMENDMENT.

towns under certain conditions to issue interest bearing bonds and other evil dences of indebtedness"
 FOR AMENDMENT NO l4
 AGAINST AMENDMENT NO. 14
 Be it Enacted by the People of the State of Arkansas:
 That Section l of Article Is of the Constitution of the State of Arkansas De amended 90 a s to read as follows:
 Article i6, Section |. Neither the State nor any city, 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 psltty 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 1S1s, and the State shall never issue any 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 a majority of the qualified electors of said municipalities voting on the ques- ffon at an election held for that pur- pose, bonds or other interest bearing evidences of indebtedness in sums and for the purposes approved by such ma tority at such election. 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- snce of public highways. streets. alleys or boulevards; for the purchase of equip ment 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 viadrcts or hTHa gAr rA1 1fNtf tf% buildings. structures or grounds that may be required by said municipality for the proper and economical a6minis- 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- 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 out the corporate limits of said munich palities.
 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 at less than par and when issued by cities of the first class they shall not bear a greater rate of interest than five (b) 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 co per cent per annum. In order to provide for tho payment of bonds and other interest the interest thereon, a special tax. not 10 exceed seven CD mills on the dollar in addition to the rate of taxation now permitted, may be levied by said munict- palities on the taxable property therein: and any of said municipalities issuing any bonds or other. interest-bearing evil dences 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 tho 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-five (35) 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 (7) per cent of the assessed valua- tion of all real and personal property in the municipality proposing to issue the came, according to the last general as sessment. Said bonds and other inter est-bearing evidences of indebtedness shan be serial. and shall be paid on as rapidly as the income derived from said tax will permit. Provided further that bonds may be issued by said munich palities for the purpose of acquiring. purchasing. extending. improving. en- iarging, building or constructing water works or lighting plants with the assent of a majority of the voters of said municipalities voting on such question. Eaid 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 thereof shall not be included in the computation of the amount of bonded Indebtedness 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 tn- terest on such water works or lighting bonds shall he governed by the provis- ions hereinhefore set out relating to general bonds but such bonds need not he retired within thirty-five (35) yeare Provided further that IS additional se- curity of said additional bonds, a mort gage or other lien shall be given hv said municipalitv on sUch water wrrks or lighting plant. including it's franchise and all other property connected there with
 Said election shall be held at such time as the city or town council may designate hv 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 tor more than one pur- pose provision shall be made fin said ordinance for ballotlng 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 days after the passage Of said ordinance. Said election shaii be held and conducted. and the vote thereon canvassed. and the result there Of declared. under the law and in fhs snanner now or hereafter provided for municipal elections, so far as the same may be applicable. except as herein otherwise provided Notice Of said cleo ton shall be given by the Mayor by advertisements weekly for at least four times, in some newspaper published ir said municipality, md having q c'-cuin- don therein, the last publication 10 be not less than ten Gel days prior 10 tne 6ate of said electicn.
 Qualified electors If said municipality only shall have @ rtSht 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 .n the courts within sixty (so) days eftex the date of such proclamation.
 This amendment shall not repeal nor afrect any law relating to the orgsnt- gation of improvement districts.
 This amendment shall be in force upon it's adoption. and shall not require legts-