The Sentinel=record., 1918-09-06
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

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 Amending Section l of 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 nexl 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
 FOR AMENDMENT NO. 1S. | 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 It, Section |. 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 bt 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.
 l 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 qualifiel 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 Inc purposes approved by such majority at such election, as follows, toWit:
 I For the funding or refunding of any eisting indebtedness incurred prior to } the adoption of this amendment; toi the acquisition of rights of way fol and construction of public highways streets, alleys and boulevards within the corporate limits of such munici , palty; for the purchase, development [ and improvement of parks, located i either within or without the corporate 3 limits of such municipality; for tht r construction of sewers for the puI- chase or construction of, city or towl , 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 9
 water works, or light and heat plants u AS additional security in providing Il water works or light and heat plant
 for cities and towns, a mortgage o
 other lien may be given by such mu inequalities on such water works O s light and heat plants and the incom
 thereof, and the franchise and othe
 property connected therewit
 l Nc bonds or other interest-bearlnl r evidences of indebtedness issued un
 der the authority of this amendmen
 shan bear d greater rate Of interes 2 than six per cent per annum, payabl , either annually or semi-annually, ant
 bonds issued by cities of the frs
 class shall not be sold on a basis Q
 more than five per cent; that is to say the cost to the municipality for inter
 est and discount on each issue q bonds shall not exceed , per cent pc annum, and bonds issued by cities Q the second class and incorporatct towns shall not be sold on a basis c more than six per cent, and no bond issued under the authority of tni amendment shall ever be sold, eXcep at public sale after twenty days ad yertisement 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, a specia tax, not 10 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 eV dences of indebtedness shall, befort or at the time of doing so, levy di rect tax payable annually not exceed ing the amount limited as above, sur ficient to pay the interest on sucn bonds or other interest-bearing evil dences indebtedness as the same natures, and also sufficient to pay and discharge theprincipal of all such bonds or other interest-bearing eyi- dcnces of indebtedness at their re- | cvon ~nepontiva p,aturitiGg. prONiQed.