The Monticellonian., 1918-09-06
LEGAL NOTICES.
1 This Publication Will Cost
 the Tax-Payers S7.25.
PROPOSED DY INITIATIVE
 PETITION. PROPOSED CoNSTITUTIoNA AliES MENT NO. I3.

eealns edefal census, or by census talk en for that purpose by the municipal authorities of said town. and cities Of tn 2 first and second class may issue. by and with the consent of a ma joritY of the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other tnterest-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 the People of tho
 State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 1G. Section 1. Neither the other municipality in this State shall ever lend its credit for any purpose whatever; nor shall any county. city. town or nun isipality ever issue any interest bearing evidences ef indebted ness. except such bonds as may b. au- thorized by law to provide for and se- cure the payment of the indebtel lness existing al the time Of the adoption of the Con@titution of 1874. and the State shall never issR any interest bearing treasury warrants or scrip.
 Provided. that incorporated towns or 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 second class. may issue. by and with the consent of majority Of the qualified electors or eaid municipality voting on the queS- tion at an election held for the pur- pose. bonds or other interest-pearfng evidences of indebtednss in sums and for the purposes approved by such ma jority at such election, as follows, to- wit
 Tor 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 i'm provement of parks. located either within or without the corporate limits of such icipality: for the construc- ton Of sewers: for the purchase or sites for, or for the purcnase or 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 acquiring. purchasing, e1- tending, improving. cnlarging. building or constructing of water works, or light and heat plants. As additional security in providing water works or light and heat plants for cities and towns, mortgage or other lien may be given by such municipalities on such water works or light and heat plants and the income thereof, and the franchise and other property connect cd therwith.
 evidences of indebtedness issued under the authority of this amendment shall bear a greater rate of interst than six per cnt per annun, payable either an nually or semi-snnually. and bonds is- sued by cities of the first class shall not be sold on basis of more than live 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 Is sued by cities of. the second class and inca1loratsd towns. shall not be sold en~asbhis of more than six per cent. and no bonds issued under the author Sty Of this amendment shall ever be cold. d.erespt st'publfc sale after twenty dayE advertisem in some newspaper having bona f1de circulation in the municipality Issuing said bonds
 Tn order to provide for the payment of the bonds and other interest-bearfnR evidences of indebtedness issued under the provisions of thisi amendmnt, and interest thereon, special tax, not 10 exceed five mills on the dollar, in ad- dition to the rate now permitted, may be levied by municipalities on the tax able property therein; and any munfc- ipality issuing any bonds or other ln~ serest~ bearing evidences of indebted ness shall before or at the time of dotng so levy direct taI payable an- nually not exceeding the amount linn ited al above, sufficient to pay the h. terest on such bonds or other interest bearing evidences of indebtedness as the same natures. and also sufficient to pay and discharge the principal oi all such bonds or other interest-pear- ing evidences of indebtedness at their respective maturities; provided, that the above limitation of the rate Of tax, ation shall not apply to bonds issued by any municipality for the purpose or acquiring, purchasing, extendlns' lm-
 ,Ior tnD htrtldinG structing water works and light ana heat plants. but -the levy of the spe- cial tax of five mills authorized by this amendment having been exhausted or the balance unlevied being insufficient to pay interest on and retire the pro- posed bonds. said municipality. Tor the purpose of paying the principal ano Interest of such water works ana iiSht and heat plant bonds. may, so Tar as required. levy and collect a special tax in addition to the rate allowed by this amendment, of not to exceed nve HilIs on the dollar; provided also, that, as further and additional limitation upon both the issuance Of bonds or other interest bearing evidences of Indebted ness and the levy Of special ta1 to pay interest thereon and retire the same at their respective maturities, no municipality shall have the power to make an issue of bonds or other in- tsrest- bearing evidences Of indebted ness if said proposed issue itself, or together With all previous issucS VI bonds and other interest-bearing evil dences of indebtedness then outstand- ing by such municipality, shall aggre- gate as to city of the first class moro in amount than five per cent {5es1 and ss to incorporated towns and cities of the second class more In amount than seven per cent GS) or the assessed valuation of all taxable property in the municipality proposing 10 issue the same, according 10 the last general assessment next preceding said proposed issue Of bonds or other inter sst-bearing evidences Of Indebtedness.
 Said bonds and other interest bearing evidences of indebtedness shall be se- rial. maturing annually after three wears from date of issue. and shall De paid of as they mature. and no bonds for the acquisition of rights of way for and the construction of public nigh ways. streets. alleys or boulevards is sued under the authority Of this amend raent shall be issued for longer pc riod than fifteen years. and no other bonds shall be issued for longer pe- Sfod 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 ation or by sale of bonds for specific purpose shall ever be used for any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, under the terms of this amendment. there shall be chosen three citizens tax payers commissioners. These commis- sioners shall not be otherwise connect cd with the administration of the af- fairs Of said municipality, and shall be chosen by the City Council or other governing body st the time of the pas sage Of the ordinance calling an cleo tion for the purpose of voting upon eaid particular issue of bonds. The adverti semsnt of such election shall