The Sentinel=record., 1918-10-22
LEGAL- NOTICES
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

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 mg- nicipal 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 mual- 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 tho
 State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article lG. 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 interest -bearng evidence of indebted ness, except such bonds as may be authorized by law to provide for ana secure the payment of the indebted ness existing at thetime of the adop- ton of the Constitution of 1874, and the State shall never ssue 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 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 1r 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, toNit:
 For the funding or refunding of any eisting indebtedness incurred prior to the adoption of this amendment; ioi
 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 pur- chase or construction of, city or town halls, audtoriums, prisons, libraries hospitals, yiaducts, 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 plants for cities and towns, a mortgage or other lien may be given by such mu- nicipalities on such water works or light and heat plants and the income thereof, and the franchise and otner property connected therewit'
 No bonds or other intereet-bearins evidences of indebtedness issued un- der tse authority of this amendment shall Jear greater rate of interest than six per cent per annum, payable either annually or semi annually and bonds iscued by cities of the first class shall not be sold on a basis of more than five per cent; that is to say, the cost to the municipality for inter- est and discount on each issue ol bonds shall not exceed per cent per annum, ma bonds issued by cities of the second class and incorporated towns shall not be sold on basis Of more than six per cent, and no bonds issued under the authority of tGis 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 issuing said 6onc-.
 Tn order to provide for the payment of tho bonds and other interest-bear ing evidences of indebtedness issued under the provisions of this amend ment, and interest thereon, a special tax, not to exceed five mills on the dollar, in addition 10 the rate now per 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, befort or at the time of doing so levy di rect tax payable annually not exceed l ing the amount limited as above, sur ficient to pay the interest on such bonds or other interest-bearing evil | iences 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 al their re- spec respective maturities; provided. that the above limitation of the rate of taxation shall not apply to bonds issued by any municipality for the purpose of acquiring, purchasing, eX- tending, improving, enlarging, build Ing or constructing water works and