Sharp County record., 1918-08-16
PROPOSED BY INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. Is,

| en- for that purpose by the municipal
authorities Of said town, and cities Of the
| first and second class may issue, by and
with the consent of a majority OF the
qualified electors OF said municipality
voting on the question at an election
held for that purpose, bonds or other
interest-be bearing evidences OF indebted
ness, and providing the means and
manner Of payment Of said bonds.
FOR AMENDMENT NO. IS.
AGAINST AMENDMENT NO. 49,
Be 1t Enacted by the People of the
State OF Arkansas:
That Section OF Article l6 Of the
Constitution of the State OF Arkansas
be amended to read as follows:
Article 16, 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-bearing evidences Of indebted
ness except such bonds as may be au-
thorized by law to provide for and Sc
cure the payment Of the Indebtedness
existing at the time OF the adoption
OF the Consultation OF 1874 and the
State shall never Issue any interest
bearing treasury warrants or scrip.
Provided, that Incorporated towns OF
1000 or more regulation, 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 n
majority OF the qualified electors or
said municipality voting on the ques-
tion at an election held for the pur-
pose, bonds or other interest-bearrng
evidences of indebtedness in sums and
for the purposes approved by such ma
jority at such election, as follows, to-
wit:
For the funding or refunding or any
existing indebtedness Incurred prior 10
the adoption OF this amendment; for
the acquisition OF rights OF way for
and construction OF public highways
streets, alleys or boulevards within the
corporate limits of such municipality;
for the purchase, development and I'M
provement Of parks, located either
within or without the corporate limits
Of such municipality; for the construe-
tion Of sewers; for the purchase or
sites for, or for the purchase or con
struction Of, city or town halls, audi
toriums, prisons, libraries, hospitals,
viaduct., bridges, or buildings For hous-
ing hre nghting apparatus; and for the
purpose Of acquiring, purchasing, ex-
tending, improving. charging, building
or constructing Of water works, or
light and heat plants. As additional
security in providing water works or
light and heat plants for cities and
towns, a mortgage or other lien may
be given by such municipalities on
such water works or light and heat
plants and the income thereof, and the
franchise and other property connect
ed therwith
No bonds or other interest bearing
evidences Of Indebtedness Issued under
the authority OF this amendment shall
bear a greater rate OF interst than six
per cnt per annum, payable either an
nually or semi annually, and bonds Is
sued by cities Of the first class shall not
be sold on a basis OF more than ivo per
cent; that Is to say the cost TO the
municipality for interest and discount
on each Issue OF bonds shall not exceed
per cent per annum, and bonds Is.
sued by cities Of the second class and
incorporated towns shall not be sold
on a basis OF more than six per cent,
ana no bonds issued under the author
ity Of this amendment shall ever be
sold, except at public sale after twenty
| days Advertisement In some newspaper
having a bona flde circulation In the
municipality issuing said bonds.
In order to provide for the payment
OF the bonds and other interest bearing
evidences Of indebtedness Issued under
the provisions OF this amendmnt, and
exceed nve mills on the dollar, In nd'
dition TO the rate now permitted, may
be levied by municipalities on the tax
able property therein; and any munic-
ipality Issuing any bonds or other In
terest- bearing evidences OF Indebted.
moss shall, before or at the time OF
doing 80, levy diSect tax payable an
nuaiiy not exceeding tho amount lin
tied as above, sufficient to pay the In
tercst on such bonds or other interest
Bearing evidences Of Indebtedness as
the same natures and also sufficient
70 pay and discharge the principal OF
ali such bonds or other interest-bear
{ns evidences OF indebtedness at their
fespeetive maturitiesi provided, tha'
Inc above limitation OF the rate OF tax.
alton shall not apply TO bonds Issued
by any municipality for the purpose or
acquiring, purchasing, extending, I'M
proving, charging, building or con !,
structing water works ana light ana
hoat plants but the levy OF the spe-
c,ai tax OF Ave mills authorized by thls
amendment having been exhausted or
The balance unleVied being insufficient
10 pay interest on and retire the pro-
posed bonds, stid municipality, for the
purpose Of paying the principal ana
interest OF such water works ana light
and heat plant bonds, may, 40 far MS
required, levy and collect special tax,
In addition 10 the luIc ullOWVu w W."
amendment, Of not TO exceed nVe mills
on the dollar; provided also, that M
further and additional Limitation upon
both the issuance OF bonds or other
interest bearing evidences OF indebted
ness and the levy OF n speoial tax 70
nav Interest thereon and retire the
rnfne al their respective maturltles, no
municipality shall have the power 10
make an issue OF bonds or other In
terest. bearing evidences Of Indebted
meas, II said proposed issue Itself or
toaether with all previous Issues or
bond. and other interest bearing EVIL
dcnoes OF indebtedness then outstand-
Ing by such municipality shall nggro-
rate as TO city OF tho nrst class
more In amount than Ave per cent
(Ses), and as TO incorporated towns
snd eItIes of the second class more IN
amount than seven per cent T%) OF
the assessed valuation OF oil taxable
property In the municipality proposing
10 issue the same according 10 the last
general assessment next preceding said
proposed Issue OF bonds or other inter-
est bearing evidences OF indebtcdnesS,
said bonds and other interest. bearing
evidences OF indebtodhesB shall DC. &C.
rial maturing annually after thfeo
ycnrs from date or Issue, and shall be
paid on as they mature, and no bonds
Tor the acquisition OF rights Of way for
and the construction OF public high
ways streets, alleys or bouleVnfds ieH
rued under the authority ef this amend
ment shall be Issued for n longer PEE
riod than ffteon years and no other