Newport daily independent., 1918-08-27
PROPOSED ny INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

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 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 majority 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. 13.
 AGAINST AMENDMENT NO. 13.
 Be It Enacted by t..e People of the
 State of Arkansas:
 That Section 1 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 fnterest-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 Con~titution of 1874, and the State shall never issue any interest
 bearing treasury warrants or scrfp
 Provided, that incorporated towns of 1000 or more population, as shown py
 the next preceding federal census, or
 
 the municipal authorities of said towns and cities of the first and second class
 may issue, by and with the consent Of
 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-pearrng
 evidences of indebtednss 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 10
 the adoption of this amendment; for
 the acquisition of rights Of way Tor
 and construction of public highways,
 streets, alleys or boulevards within the
 corporate limits of such municipal1ty'
 for the purchase, development and im-
 provement of parks. located eltner
 within or without the corporate limits
 of such municipality; for the construc-
 ton of sewers for the purchase oY
 sites for, or for the purcnase cf con
 struction of. city or town halls, audl-
 toriun1s prisons, libraries, hospitals,
 viaducts, bridges. or buildings for hous-
 ing fire fighting apparatus; and Tor the
 purpose of acquiring, purchasing. ex-
 tending. improving, charging, building
 or constructi'rg of water w9rKs, ri.;ao Q, 9,
 security in providing water works or
 light and heat plants for cities ana
 towns. a mortgage or other lien may
 be given by such munic1T 1litles on |
 plants and the income thereof, and the franchise and other property connect~ ed tnerwith
 No bonds or othe ger interest bearing evidences of indebtedness issued under the authority of this amendment shall bear greater rate of interst than SIX per cnt per annum, payable either an nuafly or semi-annually, and bonds ls-
 sued by cities of the first class shall noI
 be sold on basis of more Ian five per cent; that is to say the cost to the municipality for interest and discount on each issue of bonds shall not exceed s per cent per annum ana ponos is- sued by cities of the second class ana iueorporated towns shall not be sold on A basis of more than six per cent and no bonds issued unGer the au-hor- fty of this amendment shall ever pc sold except a public sale after twenty days, advertisement in some newspaper having a bona fide circulation in the ml iicipality issuing said bonds
 Tn order to provide for the payment of the bonds and other interest bearing evidences of Indebtedness issued under the provisions of this amendrnnt' anu interest thereon, a special tax, not .o exceed five mills on the dollar, Tn au-
 dition to the rate now permitted, may be levied by municipalities on the tax able property therein; and any munlc- fpslity issuing any bonds or other ln- | terest- bearing evidences or lnoepteu ness shall, before or at the tune oi dofnE levy a Q1TeCL tdA pay dpiO ebii | nualIv not exceeding the amount linn | ited as above, sufficient to pay the ln- | terest on such bonds or other interest | bearing evidences of indebtedness as | the same natures. and also suiIic,ell. l 10 pay and discharge the principal ol | All such bonds or other interest bear | ing evidences of indebtedness at tneil | respective maturities; provided, tha' | the above limitation of the rH,e or tax. | ation shall not apply to bonds fssueo 1 by any municipality for the purpose ol
 acquiring, purchasing, extending, i'm l proving, enlarging. building or con, l structing water works and nsht ane | heat plants, but the levy of the spe i ciaI tax of five mills authorized by th1s l amendment having been exhausted ol l the balance unlevied being 1nsurflclcn | to pay interest on and retlre tse pro 1 posed bonds, said municipality: Tor tn' | nurpose of paying the principal ant l interest of such water works ana nsh l and heat plant bonds. may, so far al required, levy and collect a special tax in addition to the rate allowed py tni' | amendment of not to exceed nye mlll' | on the dollar; provided also, that, as i further and additional limitation upor | both the issuance of bonds or othel l interest bearing evidences or indepteu 1 ness and the levy of special tax t' | pay interest thereon and retire th' | same at their respective maturities, nc l municipality shall have the power t' l make an issue of bonds or olher m l tereSt- bearing eVlQenSeS ol iiiuSpeS" l ness. if said proposed issue 1tself, O | together with all previous issues Q l bonds and other interest bearing evi | dences of indebtedness then outstano | ing by such municipality, shall aggre l gate as to city of the first clas | more in amount than five per cen | (5qo), and as to incorporated town l and cities of the second class more 1T | amount than seven per cent (l@o) O | the assessed valuation of all taxapi' | property in the municipality proposint | to issue the same. according 10 the las I general assessment next preceding satt | 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 thre' | years from date of issue, and shall p' 1 paid off as they mature and no bond i for the acquisition of rights of way TO l and the construction of public high
 ways, streets. alleys or boulevards IS | sued under the authority of this amend | ment shall be issued for longer pc | riod than fifteen years, and no otEel | bonds shall be issued for longer pc | riod than thirty-five years.
 No municipality shall ever gran l financial aid toward the construction O. l railroads or other private enterprises I onarafed hv any person, firm or cOrpO