The Sentinel=record., 1918-10-08
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

l
 Amending Section of Article 16 oI 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 i sus taken for that purpose by the mu- 1 nicpal authorities of said town, and
 cities of the first and second class
 may issue, by and with the consent
 of the qualified electors of said muni-
 cipality voting on the question at an
 election held for that purpose, bonds 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
 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-bearns evidence of indebted ness. except such bonds as may be authorized by law 10 provide for an1 secure the payment of the indebted. thntitu 9F nlnU.. ton of the Constitution of 1874, and the state shall never ssue any inter bearing treasury warrants ol scrip
 Provided that incorporated towns .ot 1000 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, consent Of a majority of the qualified electors Of said municipality voting oH the question at 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. az follows towit:
 For the funding or retuuding Of any eisting indebtedness incurred prior to the adoption of this amendment; ;ol the acquisition of rights of way for and construction of public highways streets, alleys and bouleyards within the corporate limits of such munici- 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- chase or construction of, city or town halls, auditoriums. prisons libraries hospitals. viaducts, bridges, or build ings for housing fire fighting hppara- tus and for the purpose of acquiring, purchasing. extending. improving, en larging, building or constructing ot water works, or light and heat plants As additional security in providing water works or light and heat plants for cities and towns. mortgage orI other lien may be given by such mu- inequalities 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 bearin. evidences of indebtedness issued un- der the authority of this amendment shall bear a greater rate Of interest than six per cent per annum, payable either annually or semi-annually. and bonds isyued by cities of the frs, class shall not be sold on a basis ot more than five per cent, that is 10 say the cost Co the municipality for inter est and discount on each issue u bonds shall not exceed per cent perl annum, ana bonds issued by cities 0i the second class and incorporated towns shall not he sold on a basis Of more than six per cent, and no bonds | issued under The authority of tAis amendment shall ever be sold, eXcep' at public sale after twenty days ad- yerGsement in some newspaper hay ing a honi fide circulation in the mu nicipaly issuing said bone
 In order Co provide for the payment of tho bonds and other mterest-bear- ing evidences of indebtedness issued under the provisions of this amend i ment and interest thereon, a special tax. not to exceed five mills on the dollar in addition 10 the rate now per mitted, may be levied by municipali ties on the taxable property therein and any municipality issuing any bonds or, other iuterest-hearing egi dences Of indebtedness shall, beforc or at the time of doing so levy dt rect tax payable annually not exceed ing the amount limited as above sur ficient 10 pay the interest on such bonds or other interest bearing ey- dences O I indebtedness as the same matmes, and also sufficient to pay and discharge theprincipal Of all such bonds or other interest-beariug eyi- dences Of indebtedness at their re- spec respective maturitles; provided that the above limitation of the rate of taxation shall not apply to bonds issued bv any municipality for thel