The courier-index. (Marianna, Ark.) 1917-current, 1918-08-09
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PWrTTTOK.
PROPOSED COWsTrrU'rxoNAR
AMENDMENT NO. H.


kaRsas. 1874. and providing that ineor-
porAted towns Of ONE thousand or more
population. as shown By the next pre-
8edkng Federal census or by census TAX
en- for that purpose by the munlci pa
authorities OF said town. and cities or the
arst ana second class may issue. by ana
with tbs consent OF a majority OF Cne
qualified electors OF satd municipan.y
voting on the question at an election
held for that purpose, bonds or other
interest bearing evidences OF Indebted.
ness, and providing the means ana
manner Of payment OF said bonds
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. IL.
BE II Enacted by the People Of the
State Of Arkansas:
That Section 1 OF Article t6 Of the
Constitution OF the State of Arkansas
be amended to read as follows:
Article Is. Section. 1. Neither the
state nor any city, county. town or
ether municipality In this state shau
ever lend its credit for any purpose
whatever: nor shall any county, CITY.
town or municipality ever issue any
interest- bearing evidences of indebted
ness. except such bonds as may % au
thorixed by law to provide for ana So
existing at the time OF the adoption
Of the Constitution OF 1874 ana tne
state shall never issue any INTEREST
bearing treasury warrants or scrip
Provided. that incorporated towas or
L 900 or more population. as shown py
the next preceding federal census. or
by census taken for that purpose py
the municipal authorities or SAID towns
and cities OF the first and second ciese.
may ISSUE By and with the consent OF =
majority OF the qualified electors or
said municipality voting on the Dues
ton at an election held for the pur-
pose bonds or other Understanding
evidences OF indebtedness in sums ana
xxaA NV
jority at such election. as follows TO-
wit.
For the funding or refunding or any
existing Indebtedness incurred prior TO
the adoption Of this amendment. LOT
the acquisition OF rights OF way for
and construction OF public highways.
streets. alleys or bouGevards within tne
corporate limits Of such MUNICIPALITY
for the purchase, development ano I'M
provement OF parks. located either
within or without the corporate limits
of such municipality for the construc-
ton OF sewers; for the purchase or
sites for. or for the purchase or con
struction or city or town halls. audi
viaducts. bridges or buildings for nous
ing Are lighting apparatus; and Tor the
purpose Of acquiring. purchasing. ex
tending improving, charging. puiioins
or constructing OF water wos ,st OF
security in providing water works or
light and heat plants for cities ana
towns. mortgage or other lien may
BE given by such municipalities on
such water works or light and heat
plants and the income thereof. and tho
franchise and other property connect
cd thsrwith.
No bonds or other interest bearing
evidences OF indebtedness issued under
the authority OF this amendment shall
bear q greater rate of interest than six
per cnt per annum. payable either an
nuaIiy or seml-annually. and bonds fs-
sued by cities OF the nrst class shall not
be sold on q basis OF more than nve per
cent: that is to say. the cost to the
municipality for interest and discount
en- each issue Of bonds shall not exceed
per sent per annum. ana Donos is
sued by cities OF tho second class ana
Incorporated towns shall not be SOLD
on basis of more than ak per cent.
and no bonds issued under the autnor-
fly OF tAs amendment shall ever De
sold. except at public sale after twenty
days advertisement In some newspaper
having a bona hde circulation In the
issuing said bonds.
In order to provide for the payment
OF the bonds and other tnterest-b bearing
evidences OF indebtedness issued under
the provisions OF this amendmnt. ana
futerest thereon. = special tax, not TO
exceed ave mills on the dollar. In ad-
dftion to the rate now permitted. may
be levied by municipalities on the tax
able property therein: and any munic-
ipaIity issuing any bonds or other In
evidences OF indebted
ness shall before or at the time OF
doing 90 levy a direct tax payable an
nuaIiy not exceeding the amount Inn
tied as above. sufficient to pay the IN
terest on such bonds or other interest
bearing evidences Of Indebtedness as
the same natures. and also sufficient
20 pay and discharge the principal OF
all such bonds or ether interest-oear-
ing evidences Of indebtedness al tneIr
respective maturities: provided. tnas
the above Limitation OF the rase or tax
alton shall not apply 60 bonds issued
by any municipality for the purpose or
acquiring. purchasing. extending. I'M
proving. enlsrging. building or con-
structing water works and light and
heat pIants but the levy OF the spe-
cfaI tax of Ave mills authorized by this
amendment having been exhausted or
the balance unlevied being insufficiens
to pay interest on and retire the pro-
posed bonds, said municipality. for the
purpose OF paying the principal and
interest OF such water works ana light
and heat plant bonds. may. so far as
required. levy and collect special tan.
in addition TO the rate allowed by this
amendment OF not to exceed hve mills
on the dollar: provided also. that as
further and additional Limitation upon
both the issuance or oonos or other
interest bearing evidences of indebted
ness and the levy of special tax to
pay interest thereon and retire the
same at their respective maturtties, no
municipality shall have the power to
make an issue OF bonds or other in
terest-bearing evidences OF indebted
mesa IL said proposed issue itself, or
together with all previous issues OF
bonds and other interest bearing evil
dences OF Indebtedness then outstand-
ing by such municipality. shall aggre-
gate "a to city of the nrst class
more In amount than Ave per cent
(s%D and as to Incorporated towns
and cities OF the SECOND class more in
amount than seven per cent (T%) or
the assessed valuation OF all taxable
property In the municipality proposing
To issue the same. according TO the last
general assessment next preceding said
proposed issue Of bonds or other inter-
est bea ring evidences OF Indebtedness.
Said bonds and other interest-bearing
evidences OF Indebtedness shall be Sc
rial maturing annually after three
years from date OF issue. and shall be
paid of as they mature. and no bonds
for the acquisition OF rights OF way for
and the construction OF public high
ways. streets. alleys or boulevards is
sued under the authority OF this amend
ment shall be issued for q longer Pc
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