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

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, ana
cities of the first and second class
may issue, by and with the consent
of the qualified electors of said mum
cipality voting on the question at an
election held for that purpose, bonus
or other interest-bearing evidences OF
Indebtedness, 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 l of Article is of the
Constitution of the state OF Arkansas
be amended to read as follows:
| Article 16, Section |. Neither the
State, nor any city. county, town Oh
other municipality in this State shall
ever lend its credit sfor any purpose
whatever; nor shall any county, city,
town or municipality ever issue any
| interest-bearng evidence of indebted
1
authorized by law to provide for and
secure the payment of the indebted
ness existing at lifetime of the adop
ton of the Constitution of 1874. and
| the State shall never ssue any inter
est-bearing treasury warrants o;
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
| 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 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, towit:
For the funding or refunding of any
| eisting Indebtedness incurred prior Ia
the adoption of this amendment; lol
|
and construction of public highways
| streets, alleys and bouleyards within
the corporate limits of such munici
pality, fer 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 pur-
chase or construction of, city or town
halls, auditoriums, prisons, libraries
hospitals, viaducts, bridges, or build
ings for housing fire fighting appara-
tus; and for the purpose of acquiring
purchasing, extending, improving, en-
larging, building or constructing Of
water works, or light and heat plants
AS additional security in PROVIDING
water works or light and heat plant;
for cities and towns, a mortgage OF
other lien may be given by such mu-
inequalities on such water works Of
light and heat plants and the income
thereof, and the franchise and otnel
property connected therewi
i No bonds or other interest-bearlns
evidences of Indebtedness issued I'M
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 issued by cities of the frs,
class shall not be sold on basis oi
more than five per cent, that is to say
the cost to the municipality for inter
est and discount on each Issue q,
bonds shall pot exceed 5 per cent pen
annum, and bonds issued by cities OF
the second class and incorporated
towns shall not be sold on a basis Of
more than six per cent, and no bonds
issued under the authority of this
amendment shall ever be sold, except
at public sale after twenty days ad-
vertisement in some newspaper hav-
ing a boni fide circulation in the mu-
nicipality issuing said bone
In order to provide for the payment
Of the bonds and other interest-bear-
ing evidences of Indebtedness issued
under the proys ions of this amend
ment, and interest thereon, a special
| tax. not TO exceed five mills on the
dollar. in addition to the rate now per
mitted, may be levied by municipal
ties 0a the taxable property therein
and any municipality issuing ans
bonds or other Understanding evi
| dences of indebtedness shall. before
or at the time Of doing so, levy a III
! rect tax payable annually not exceed
ing the amount limited as above, sur
| ficieut to pay the interest on such
bonds or other interest-bearing evil
dences o Indebtedness as the same
natures, and also sufficient to pay
and discharge theprincipal of all such
bonds or other interest-bearing eyi-
dences of Indebtedness at their re-
spec respective maturites; provided.
that the above limitation of the rae
of taxation shall not apply to bonds
issued by any municipality for the
purpose OF acquiring, purchasing. eN-
tending, improving, enlarging. build
ing or constructing water works and
light and heat plants, but the levy of
the special tax of five mills author
lied by this amendment having been