The Carlisle independent., 1918-08-22
PROPOSED BY INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. fa.

hAhs&s. lbf4, AnG pfOVb0tnR that moor porated towns of One thousand CT more population, as shown by the next pre- ceding Federal census, or by census talk en for that purpose by the municipal authorities of said town and cities of the first and second class may issue, by and with the consent of a ms jority of the qualified electors of said municipality voting on the question at an election held for that purpose, bonds or other interest-bearing evidences Of indebted ness. and providing the means and manner of payment of said bonds.
 FOR AMENDMENT NO. l3
 AGAINST AMENDMENT NO. 13
 Be It Enacted by t.-e People Of the
 State of Arkansas:
 That Section l of Article 16 of the Constitution of the State of Arkansas be amended to read as follows
 Article 16, 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 municipality ever issue any tnterest-bearing evidences of indebted ness, except such bonds as may be au- thorized by law to provide for and se- cure the payment of the indebtedness existing at the time of the adoption of the Constitution of 1874, and the State shall never issue any interest bearing treasury warrants or 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 oy the municipal authorities of said towns and cities of the first and second class, may issue, by and with the consent of a majority of the qualified electors or said municipality voting on the ques- tion at an election held for the pur- pose bonds or other interest bearing evidences Of indebte6nss in sums and for the purposes approved by such ma jority at such election, as follows, to- wit:
 For the funding or refunding or any existing indebtedness incurred prior to the adoption of this amendment; for the acquisition of rights Of way for and construction of public highways. streets, alleys or boulevaros within the corporate limits of such municipality; for the purchase, development and im- provement of parks, located either within or without the corporate limits of such municipal ality; for the construc- tion of sewers: for the purchase oY sites for, or for the purchase oT cen struction of city oy town halls, audi toriums. prisons, librsries. hospitals, yiaducts, bridges or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring, purchasing. ex- tending. improving, onlarglng. 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 ana towns. a mortgage or other lien may be given by such munich aiities on such water works or light and heat plants and the income thereof, and the franchise and other property connect- ed therwith.
 No bonds or other interest-bearinS evidences of indebtedness issued un0er the authority of this amendment shall bear a greater rate Of interst than six per cnt per annum. payable either an nua1ly or semi-snnually. and bonds is- sued by cities of the first class shall not he n . Qf cent: that Is to say. the cost to the municipality for interest and discount on each issue of bonds shall not exceed per cent pSr annum. and bonds 1s- sued by cities of the second class and incorpors ted towns shall not be sold on a basis of more than SIX per cent and no bonds issued uncer the author ity of this amendment shall ever De sold. except at-public gale after twenty days advertisement in some newspaper having bona fde circulation in the mt licipality issuing said bonds
 In order to provide for the payment of the bonds and other interest-besring evidences of indebtedness issued under the provisions of this amendmnt, and interest thereon, a special tax not 10 exceed five mills on the dollar, In ao- dition to the rate now permitted, may be levied by municipalities or the tax able property therein; and any nunlc- ipality issuing any bonds or other in terest-bea ring evidences of indebted ness shall. before or at the time of doing so. levy direct tax payable an- nually not exceeding the amount l1m- ited as above. sufficient to pay the ln- terest on such bonds or other 1nterest- bearing evidences of Indebtedness as the same natures. and also sufficient to pay and discharge the principal Of all such bonds or other fnteresf-bear- ing evidences of indebtedness at their respective maturities: provided, tha, the above limitation of the rave of tax ation shall not apply to bonds issued by any municipality for the purpose or acquiring. purchasing, extending inn proving, enlarging. building or con structing water works and light and heat plants. but the levy of the spe- cfal tax of five mills authorized by this amendment having been exhausted or the balance unlevied being insufficient to pay interest and retirf the sro- posed bonds. said munfcipa litN, for the purpose of paying the principal and interest of such water works and light and heat plant bonds, may, so far Es required, levy and collect 6 special tax, in addition to the rate allowed by this amendment. of not to exceed i've mills on the dollar; provided also, that, as further and additional limitation upon both the issuance of bonds or other interest bea ring evidences or lnde bted- ness and the levy of a special tax to pay interest thereon and retire the same at their respective maturitfes, no nunicipa lity shall have the power to make an issue of bonds or other fr- terest-bearlng eNfQenceS Cl lnCebteN-- ness if said proposed issue itself. CT together with all previous issues of bonds and other interest-bearing evil dences of indebtedness then outstand- ing by such municipality. shall aggre- gate as to a city of the first class more in amount than five per cent (5%D. and as to incorporated towns and cities of the second class more in amount than seven per cent (i%) of the assessed valua ton of all taxable property in the municipality proposing to issue the same, according tc the last general assessment next preceding said proposed. issue of bonds or other inter- est-bearing evidences of indebtedness.
 Said bonds and other interest-bearing evidences of indebtedness shall be se- rial, maturing annually after three years from date of issue. and shall be paid off as they mature. and no bonds for the acquisition of rights of way for and the construction of public high ways, streets, alleys or houlevards is- sued under the authority of this amend ment shall be issued for z longer pe- riod than fifteen years, and no other bonds shall be issued for longer pe- riod than thirty-fve years.
 No municipality shall ever grant financial aid toward the construction of