The Prescott daily news., 1918-08-14
PROPOSED BY INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

lIle COnSJlCQJlOn or the state or AZ kansas, 1874, and providing" that in corporated 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 municipal authorities of said town, and cities of tie first and second class may issue. by and with the consent of majority of the qualified electors of said municipality voting on the ques- tion at an election held for that pur- rose, bonds or other interest-be bearing evidences of indebtedness, and provid- ing 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 Is of the Constitution of the State of Arkansas be amended to read as follows:
 | Article Is, Section l 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 l lillCICSG-p0dIl lIlS CNIdtllNtS O1 lIINCbI- edness, except such bonds as may be authorized by law to provide for and secure the payment of the indebted ness existing at the time of the adop- tion of the Constitution of 1874. and the State shall never issue any inter est-bearing treasury warrants or scrip.
 Provided, that incorporated towns of 1 ,000 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 majority of the qualified electors of said municipality voting on 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, as | follows, to-wit:
 For the funding or refunding of any existing indebtedness incurred prior to the adoption of this amendment for the acquisition of rights of way for and constructino of public high ways, streets, alleys or boulevards within the corporate limits of such municipality; for the purchase, de- velopment and improvement of parks located either within or without the corporate limits of such municipality for the construction of sewers; for the purchase of sites for, or for the purchase or construction of, city or town halls, auditoriums, prisons, ii- braries, hospitals, viaducts, bridges or buildings for housing fire fighting apparatus; and for the purpose of ac- quiring, purchasing, extending, i'm proving, enlarging, building or con- structing 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 connected there with.
 No bonds or other interest bearing 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 Seml-annuallY, anC bonds issued hY cities of the first clas, shall not be sold on a basis of more than five 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 an num- and bonds issued by cities ot the second class and incorporated | 1, T al la-,t5 NI more than six per cent, and no bond, issued under the authority of thi: amendment shall ever be sold, eXcep' at public sale after twenty days ad vertisement in some newspaper hay . ing a bona fde circulation in tho municipality issuing said bonds. In order to provide for the paymen of the bonds and other interest-bear ing evidences of indebtedness issued under the provisions Of th's amend ment, and interest thereoo. a Specia tax not to exceed five m ls on tn, dollar. in addition to the rate nov permitted. may be levied " munici palties on the taxable property there in; and any municipality issuing an. , tonds or other interest-bearing evi denceS of indebtedness shall, befor, or at the time of doing so, levy direct tax payable annually not eX , ceedng the amount limited as above l sufficient to pay the interest on sucl
 bonds or other interest-bearing evi dences of indebtedness as the sam natures, and also sufficient to pay an,
 discharge the principal of all sucl
 other bonds or other interest bearing
 evidences of indebtedness at their re spective maturities; provided, tha the above limitation of the rate O r taxatiOn shall not aDDlv to hOndS is