Newport daily independent., 1918-08-29
PROPOSED ny INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

ceding Federal census or by census talk 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 majority of the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other interest bearing evidences of indebted ness. and providing the means and manner of payment of said bonds.
 FOR AMENDMENT NO 1S.
 AGAINST AMENDMENT NO. IS.
 Be It Enacted by t-e People of the
 State of Arkansas:
 That Section of Article l16 of the Constitution of the State of Arkansas be amended to read as folIows:
 Article 16. Section 1. Neither the State nor any city, county, town or other municipality in this State shall ever lend it's 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 se- cure the payment of the indebtedness existing at the time of the adoption of the Conetitution of 1874, and the State shall never issue any interest bearing 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 py 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 or said municipality voting on the Ques- ton at an election held for the pur- pose, bonds or other interest-pearrng evidences of indebtednss in sums and for the purposes approved by such ma jority at such election, as follows, to- wit:
 For the funding or resVnding or any existing indebtedness ifNurred prior to the adoption of this amendment; for the acquisition of rights of way for and construction of public highways, streets, alleys or bou1evards within the corporate limits of such municipality; for the purchase, development and inn provement of parks, located either within or without the corporate limits of such municipality; for the construc- ton of sewers; for the purchase OF sites for. or for the purcnase of con- struction of city or town halls, audi toriums, prisons, libraries hospitals, viaducts. bridges or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring, purchasing, ex- tending. improving, charging, building or constructirg of water works, or light and heat plants. As additional security in providing water works or
 light and heat plants for cities and towns, mortgage or other lien may
 be given by such municiI alities 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 nuafly or semi annually, and bonds 1s- sued by cities of the first class shall not
 be sold on a basis of more t. an flve 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 ana
 incorporated towns shall not be sold
 on a basis of more than six per cent and no bonds issued under the author
 ity of this amendment shall ever Joe
 sold, except at public sale after twenty
 days advertisement in some newspaper having a bona fide circulation in the mt iicipality issuing said bonds.
 In order to provide for the payment of the bonds and other interest-be bearing evidences of indebtedness issued under the provisions of this amendmnt, ana
 interest thereon, special tax, not lo
 exceed i've mills on the dollar, m ao-
 ditfon to the rate now permitted, may
 be levied by municipalities on the tax
 able property therein; and any munic- ipslity Issuing any bonds or otner ln- terest- bearing evidences or lndepteo- ness shall, before or at the tune oI doing so. levy direct tax payable an nually not exceeding the amount Hm- ited as above, sufficient to pay the m terest on such bonds or other interest," hearing evidences of indebtedness as tbe same natures and also sufficient to pay and discharge the prlnclpai or all such bonds or other interest-pe ing evidences of indebtedness at thelr respectiye maturitics provided, that t,,e above limitation of the rave of tax ation shall not apply to bonds issued by any municipality for the purpose or acquiring, purchasing extending lm- proving, enlarging, building or con- structing water works and light ana heat plants, but the levy of the spe- cial tax of five mills authorized by this amendment having been exhausted or the balance unlevicd being lnsuTrlclens to pay interest on and retire the pro- nosed bonds said municipality, for the purpose of paying the princ1pai ana | interest of such water works ana ilsh' and heat plant bonds. may, so Tar as | required. levy and collect special tax | in addition to the rate allowed by tnls | amendment. of not to exceed fve mills | on the dollar; provided also. that, as a i further and additional limitation upon both the issuance of bonds or otnsI | interest bearing evidences of indebted | ness and the levy of a special tax 10 {, pay interest thereon and retire the l same at their respective maturities' nc | municipality shall have the power to | make an issue of bonds or other in- 1 tcrest-bearing evidences of indebted | ness. if said proposed issue itself, or | together with all previous issues of | bonds and other interest bearing eVl- 1 dences of indebtedness then outstand- | ing M such municipality, shall aggre- | gate as to a city of the first class more in amount than five per cent | (5eo). and as to incorporated towns l and cities of the second class more Tn | amount than seven per cent Ci@o) oi | the assessed valuation of all taxable I property In the municipality proposing | to issue the same, according 10 the lasl | general assessment next preceding saic | proposed issue of bonds or other inter- | est-bearing evidences of indebtedness | Said bonds and other interest bearing l evidences of indebtedness shall be sc | rial. maturing annually after three | years from date of issue. and shall be | paid off as they mature. and no bonds 1 for the acquisition of rights of way foi l and the construction of public high- l ways, streets. alleys or boulevards is- | sued under the authority of this amend | ment shall be issued for a longer pc l riod than fifteen years, and no otEci 1 bonds shali be issued for longer pe- l riod than thirty-ive years.
 No municipality shall ever grant l financial aid toward the construction of | railroads or other private enterprises l operated by any person. firm or corpo- | -l val cnd nm q