The Sentinel=record., 1918-09-18
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL HMENDMENT NO. 13.


 Amending Section 1 of Article 1G of
 the Constitution Of the State of Ark
 ansas, 1874, and providing that incor-
 porated towns of one thousand or
 more population, as shown by the next preceding Federal census, or by cen
 sus taken for that purpose by the mu-
 nicipal authorities of said town, and l 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 an | election held for that purpose, bOnds or other interest-bearing evidences of 1 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 State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows: Article 1G, Section 1. Neither the State, nor any city, county, town oi 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-bearng evidence of indebted ness, except such bonds as may be authorized by law to provide for and secure the payment of the indebted
 ness existing at thetime of the adop' ton of the Constitution of 1874, and the State shall never Gaue any inter-
 est bearing treasury warrants oi 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 hy the municipal authorities of said towns and cities of the first and sec ond class, may issue, by and with the consent of Q majority of the qualified electors of said municipality voting on 1 the question at an election held for ! the purpose, bonds or other interest i bearing evidences of indebtedness in
 sums and for the purposes approved by such majority at such election, as follows, towit:
 I For the funding or refunding of any eisting indebtedness incurred prior to the adoption of this amendment; 1ol
 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 limits of such municipality; for the ', construction of sewers; for the puI- sI chase or construction of, city or town 2 halls, auditOriums, prisons. libraries hospitals, yiaducts, bridges, or build f ings for housing fire fighting appara- |. tus; and for the purpose of acquiring Ii purchasing, extending, improving, en- larging, building or constructing o . water works, or light and heat plants Q As additional security in providint
 water works or light and heat plants
 for cities and towns, a mortgage ol : other lien may be given by such mu-
 nicipalities on such water works o I light and heat plants and the income n thereof. and the franchise and othe - property connected therewit
 i No bonds or other interest-bearin, VI evidences of indebtedness issued un- n der the authority of this amendmen s shall bear a greater rate of nteres 3 than six per cent per annum, payabl a either annually or semi-annualy, an( Q bonds issued by cities of the frs a class shall not be sold on a basis Q
 more than five per cent; that is to say e the cost to the municipality for inter r est and discount on each issue o | bonds shall not exceed ! per cent pe ., annum, ana bonds issued by cities o D the second class and incorporates
 towns shall not be sold on a basis c ; more than six per cent, and no bonds
 issued under the authority of tGi'
 amendment shall ever be sold, eXcep
 at public sale after twenty days ad- vertisement in some newspaper hay ing a boni fide circulation in the mu } nicipaity issuing said bone
 In order to provide for the payment l of the bonds and other interest-bear- | ing evidences of indebtedness issued
 under the provisions of this amend r ment. and interest thereon, speeia
 tax, not to 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-bearing eyi
 dences of indebtedness shall, betorC
 CT at the time of doing so. levy dt
 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
 denees O f indebtedness as the same
 natures, and also sufficient to pay
 and discharge theprincipal of all such
 bonds or other interest-bearing evil dences of indebtedness at their fe- spec respective maturities; provided thot 4ha ahova Hmitqt ion of the rate