Newport daily independent., 1918-08-24
PRC POSED BY INITIATIVE
 PETITION.
PROPOSED CON AL
 AMENDMENT NO. 13.

ceUlng Federal census, or by census tax 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. 1s.
 AGAINST AMENDMENT NO. IS.
 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 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 municipality ever issue any interest 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 al the time of the adoption of the Conetitution of 1874, and the State shall never issue any interest bearing treasury warrants or scrrp.
 Provided. that incorporated towns of 1000 or more population, as shown by the next preceding federal census, or by census taken for that purpose py 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- ton 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 to the adoption of this amendment; for the acquisition of rights of way for and construction of public highways, streets, alleys or boulevards 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 municipality; for the construc- ton of sewers; for the purchase or sites for, or for the purcnase of con struction of, city or town halls, audi toriums, prisons, libraries. hospitals, viaducts, bridges, or buildings for hous- ing fire fighting apparatus; and for the purpose of acquirings purchasing, ex- tending, improving. onlarging, building or construetirg g of 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 or other lien may be given by such municir 1lities on such water works or light and heat plants and the income thereof, and the franchise and other property connect ed tncrwith.
 No bonds or oth CT interest bearing evidences of indebtedness issued under the authority of this amendment shall bear a greater rate of interst than SIX Der cnt per annum, payable either an- nuafly or semi annually, and bonds is- sued by cities of the first class shall not be sold on a basis of more tf.an five per cent that Is to say, the cost to the municipality for interest and discount on each issue of bonds shall not exceed per cent per annum, and bonds 1s- sued by cities of the second class ana incorporated towns shall not De sold on a basis of more than six per cent, and no bonds issued under the author ity of this amendment shall ever De sold. except at public sale after twenty days advertisement in some newspaper having a bona fde circulation Tn the mt icipality 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 amendmnt ana interest thereon, special tax, not so exceed i've 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- ipslity issuing any bonds or otner III . terest- bearing evidences of indebted. shall pe1Ore OF at tHC tiiiiO VI doing so. levy a direct tax payable an nually not exceeding the amount nm 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 sufficient to nav and discharge the principal of all such bonds or other interest pear ing evidences of indebtedness at theIr respective maturities; provloeo, that the above limitation of the rave or tax
 to by any municipality for the purpose or acquiring purchasing, extending, lm- proving, enlarging, building or con- structing water works ana H!ht anu heat plants, but the levy or the spe- cial tax of five mills authorized by.th1s amendment having been exhausted or the balance unlevied being fnsufficlen' to pay interest on and retire the pro- posed bonds, said municipality, TOT the purpose of paying the prlnclpal anu interest of such water works and llghl and heat plant bonds. may, so Tar as reouired levy and collect special tax in addition to the rate allowed by tnls amendment of not to exceed hve mills further and additional limitation upon both the issuance of bonds or other Interest -boarfnE evidences Uf r1rucptcet- ness and the lew of special tax to pay interest thereon and retire the same at their respective maturit1es. nc municipality shall have the power to make an issue of bonds or other 1n- terest bearing evidences of lndented- ness if said proposed issue ftself, ol together with all previous issues oi bonds and other interest bearing evi- dences of indebtedness then outstand- ine by such municipality. shall aggre- gate as to a city of the first class more in amount than five per cent (5co) and as to incorporated towns and cities of the second class more m amount than seven per cent l9o) ol the assessed valuation of all taxable property In the municipality proposing 10 issue the same. according to 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 boulevards is- sued under the authority of this amend ment shall be issued for longer pc riod than fifteen years. and no other bonds shall be issued for longer pe- riod than thirty-five years.
 No municipality shall ever grant financial aid toward the construction of railroads or other private enterprises operated by any person, firm or corpo- ration, and no money raised under the provisions of this amendment by tax