The Sentinel=record., 1918-10-17
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. t3.


 ansas, 1874, and providing that incor.
 porated towns of one thousand ol
 more population, as shown by the neX preceding Federal census or by cen
 sus taken for that purpose by the m G- nicipal authorities of said town, ant cities of the first and second class
 may issue, by and with the consent
 of the qualified electors of said munl- cipality voting on the question at ar
 election held for that purpose, bonds Y or other interest-bearing evidences of indebtedness, and providing the means and manner of payment of said bonds
 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NO. 13. Be It Enacted by the People of the 1 State of Arkansas:
 That Section l of Article 1G of the
 Constitution of the State of Arkansas be amended to read as follows:
 Article 1G, Section l. Neither the
 State, nor any city, county town or
 other municipality in this State shall
 ever lend its credit for any purpose whatever; nor shall any county, city, town or municipality ever issue any interest-bearng evidence of indebted ness, except such bonds as may be authorized by law to provide for ana secure the payment of the indebted ness existing at thetime of the adop ton of the Constitution of 1874, and the State shall never ssue any inter est-bearing treasury warrants oi
 scrip.
 Provided, that incorporated towns
 of LOGO 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 sec
 ond class. may issue, by and with the coneent of a majority of the quahlieI electors of said municipality voting o1 the question al an election held for the purpose bonds or other interest bearing evidences of indebtedness in sums and for the purposes approved by such majority at such election, as follows, towit:
 For the funding or refunding of any eisting indebtedness incurred prior to | the adoption of this amendment, tol 1 the acquisition of rights of way for and construction of public highways streets, alleys and bouleyards within
 the corporate limits of such munich pality; for the purchase, development and improvement of parks, located either within or without the corporate l limits of such municipality; for the construction of sewers, for the pun | chase or construction of, city or town halls. auditonums. prisons, libraries 1 hospitals, yiaducts, bridges, or build
 ings for housing fire fighting appara- tus: and for the purpose of acquiring, purchasing, extending, improving, en- larging, building or constructing oi
 water works, or light and heat plants
 As additional security in providing
 water works or light and heat plants 1 for cities and towns, a mortgage or
 other lien may Dc given by such mu-
 nicipalities on such water works or light and heat plants and the income | thereof, and the franchise and other property connected therewit
 No bonds or other interest -bearins
 evidences of indebtedness issued un
 der tne authority of this amendment ! shall Jear a greater rate Of interest | than six per cent per annum, payable either annually or semi-annually, and 1 bonds isUued by cities of the flrst 1 class shall not be sold on basis oi more than five per cent; that is to say the cost to the municipality for inte@- est and discount on each issue u bonds shall not exceed per cent per annum, ana bonds issued by cities O. the second class and incorporated
 towns shall not be sold on basis Of
 more than six per cent, and no bonds issued under the authority of this amendment shall ever be sold, eXcep
 at public sale after twenty days ad- yertisement in some newspaper hay | ing a boni fide circulation in the mn nieipality issuing said oone-
 In order to provide for the payment of the bonds and other interest-bear-
 ing evidences of indebtedness issued
 under the provisions of this amend ment, and interest thereon, a special
 tax. not 10 exceed five mills on the dollar. in addition to the rate now per mitted, may be levied by municipali- ties on the taxable property therein; and any municipality issuing any bonds or other interest-hearing eyi
 dences of indebtedness shall, befoU or at the time of doing so, levy di rect tax payable annually not exceed ing the amount limited as above sur- | ficient to pay the interest on such bonds or other interest-bearing evil dences O indebtedness as the same lmatmes. and also sufficient to pay | and discharge theprincipal of all such | bonds or other interest-bearing eyi
 dences of indebtedness at their re- spec respective maurities; provided. that the above limitation of the rate
 of taxation shall net apply 10 bonds J issued by any municipality for the purpose of acquiring, purchasing eX- tending, improving, enlarging, build rtrrotfrfr rafar WoTke and