The Sentinel=record., 1918-09-12
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

Amending section l or Article 16 Ol
 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
 sus taken for that purpose by the mu-
 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 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. 1 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NO. 13.
 Be It Enacted by the People of tho 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 1. 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 and 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 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 to | the adoption of this amendments: ;oi | the acquisition of rights of way for ! and construction of public highways
 streets, alleys and bouleyards within
 the corporate limits of such munici | no pnt ( ho ( | and improvement of parks, located | either within or without the corporate limits of such municipality; for the construction of sewers; for the pun 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 ol
 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 ol
 other lien may be given by such mu-
 nicipalities on such water works ol
 light and heat plants and the income
 thereof, and the franchise and other property connected therewit
 No bonds or other interest-bearins
 evidences of indebtedness issued un- 1 der the authority of this amendment 1 shall bear a greater rate of interest I than six per cent per annum, payable l either annually or semi-annually, and l bonds issued by cities of the first class shall not be sold on a basis oi more than five per cent; that is to say
 the cost to the municipality for inter l est and discount on each issue c, l bonds shall not exceed per cent per
 annum, and bonds issued by cities oi | 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, eXcep. at public sale after twenty days ad- vertisement in some newspaper hay 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 provisions of this amend ment, and interest thereon, special tax. not to exceed five mills on the dollar in addition to the rate now per mitted, 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, befor( or at the time of doing so, levy a di rect tax payable annually not exceed ing the amount limited as above, sur fieient 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 evil dences of indebtedness at their re- spec respective maturities; provided,