The Sentinel=record., 1918-08-29
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

! AMENDMENT NO. 13.
 | Amending section l of Article 16 of
 the Constitution of the State of Ark
 ansas, 1874, and providing that incor-
 porated towns of one thousand or Il more population, as shown by the next J 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- clpality 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. 13.
 | AGAINST AMENDMENT NO. 13.
 Be lt Enacted by tho People of tho
 State of Arkansas:
 l That Section l of Article 16 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 or other municipality in this State shah 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 be 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- ost-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 l consent of a majority of the qualified ! 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 the purposes approved by such majority at such election, as follows, toWit:
 For the funding or refunding Of any { eisting indebtedness incurred prior to the adoption of this amendment; ioi 1 the acquisition of rights of way for and construction of public highways streets, alleys and boulevards within
 the corporate limits of such munici
 pality: for the purchase, development
 and improvement of parks, located either within or without the corporate
 limits of such municipality; for the l construction of sewers; for the pur-
 chase or construction of, city or town
 halls, auditoriums, prisons, libraries hospitals, viaducts, bridges. or build ings for housing fire fighting appara- | tus; and for the purpose of acquiring, :, purchasing, extending, improving, en 1 larging, building or constructing of
 water works, or light and heat plants. As additional security in providing l water works or light and heat plants for cities and towns, a mortgage or other lien may be given by such mu-
 nicipalities on such water works or
 light and heat plants and the income
 thereof, and the franchise and other
 property connected therewit
 No bonds or other interest-bearlns
 evidences of Indebtedness issued un- der the authority of this amendment ! shall bear a 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 be sold on q basis of more than five per cent; that is to say the cost to the municipality for inter est and discount on each issue U bonds shall not exceed per cent per annum, and bonds issued by cities of the second class and incorporated towns shall not be sold on a basis Of more than six per cent, and no bonds
 issued under the authority of this at public sale after twenty days ad- yertisement in some newspaper hav- ing honi 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 special tax, not to 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 anyl bonds or other interest-bearing eyi 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 such bonds or other interest-bearing evil l dences O f indebtedness as the same | natures, and also sufficient to pay and discharge theprincipal of all such | bonds or other interest-bearing evi dences of indebtedness at their re-