The Sentinel=record., 1918-09-07
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

T
 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 ccn- 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 munl- cipality voting on the question at an 1 election held for that purpose, bonds or other interest-bearing evidences of 1 indebtedness, and providing the means and manner of payment of said bonds FOR AMENDMENT NO. 13. 1 AGAINST AMENDMENT NO. 13.
 Be It Enacted by the People of the | State of Arkansas:
 That Section l of Article 1G 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 oi ] other municipality in this State shaii ever lend it's credit for any purpose whatever; nor shall any county, city, town Or municipality ever issue an interest-bearng evidence of indebted ness, except such bonds as may b, authorized by law to provide for and l secure the payment of the indebted ness existing at thetme of the adop ton of the Constitution of 1874, and the State shall never ssue any inter l 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 on the question at all election held for the purpose, bonds or other interest l bearing evidences of indebtedness in sums and for the purposes approved | by such majority at such election, as | lOllOWS, lONlts
 For the funding or refunding of any eisting indebtedness incurred prior to | the adoption of this amendment; sO, the acquisition of rights of way for i and construction Of public highways | streets, alleys and bouleyards within the corporate limits of such mUnici l 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 pu-
 chase or construction of, city or town
 halls auditoriums, 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 ot
 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
 nicipalties on such water works or l
 thereof, and the franchise and other property connected therewiL
 No bonds or other interest-bearlns
 evidences of indebtedness issued un- der the authority of this amendment
 shall bear @ greater rate of interest
 than six per cent per annum, payable
 either annually or semi-annually, and
 bonds issued by cities of the first
 class shall not he sold on a basis of
 more than five per cent; that is to say the cost to tho municipality for inter
 est and discount on each issue Ol
 bonds shatl not exceed , per cent per annum, and bonds issued by cities oi
 the second class and incorporated
 towns shall not he sold on a basis of
 more than six per cent, and no bonds
 issued under tho authority of this
 amendment shall ever he sold, except at public sale after twenty days ad- yertisement in some newspaper hav-
 ing a boni fide circulation in the mu
 nicipality issuing said bone
 In order Co 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, a special tax, not to exceed five mills on the | dollar. in addition 10 the rate now per mitted, may be levied by municipaii- ties on the taxable property therein; 1 and any municipality issuing any bonds or other interest-hearing eyi dences of indebtedness shall, befou or at the time of doing so, levy a di rect fax payable annually not exceed ing the amount limited as above, sur ficient to pay the interest on such bonds or other interest-hearing evil 1 dences indebtedness as the same natures, and also sufficient Co pay and discharge theprincipal of all such bonds or other interest-bearing evt- dences of indebtedness at their re- spec respective maturties; provided, that the above limitation of the rate oc tox,ttcr eboH r,nf aunIv tO bOuis