The Sentinel=record., 1918-08-20
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

Amending Section 1 Of Article 16 of
 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 next preceding Federal census, or by cen
 sus taken for that purpose by the mI- 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-bearihg evidences of
 indebtedness, and providing the means
 and manner of payment of said bonds FOR AMENDMENT NO. F. AGAINST AMENDMENT NO. 13. Be IL Enacted by the People of the State of Arkansae:
 That Section l of Article 16 of the Constitution of the State of Arkansas
 be amended to read as follows:
 Article 1G, Section l. 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 bearing evidence of indebted- ness, except such bonds as may bel 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 esue any inter
 est-bearing treasury warrants orI 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 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 rofunding of any 1 eisting indebtedness incurred prior to
 the adoption of this amendment; toi | the acquisition of rights of way for and construction Of public highways
 streets, alleys and bouleyards within | the corporate limits of such munich | pality. for the purchase, development and improvement of parks, located either within or without the corporate limits of such municipality; for the construction of sewers; for the puI- chase or construction of, city or town
 halls, auditoriums, prisons, libraries,
 hospitals, yiaducts, bridges, or build ing5 for housing fire fighting appara-
 tus; and for the purpose of acquiring, purchasing, extending. improving, en- larging, 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. 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-bearlnl } evidences of indebtedness issued un- } der the authority of this amendment , shall bear greater rate of interest , than six per cent per annum, payable
 either annually or semi-annually and , bonds issued by cities of the frs, class shall not be sold on basis oi , more than five per cent; that is 10 say
 the cost to the municipality for inter
 est and discount on each issue u,
 bonds shall not exceed 3 per cent pel annum, and bonds issued by cities oi the second class and incorporated toy ns shall not be sold on basis Of
 more than six per cent and no bonds
 issued under the authority of this amendment shall ever be sold, except lat public sale after twenty days ad- Yertisement in some newspaper hav- ing a boni fide circulation in the mu nicipality issuing said bone
 In order 10 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 q special tax, not to exceed five mills on the dollar in addition to the rate now per l mitted, may be levied by municipali- l ties on the taxable property therein;
 and any municipality issuing any
 bonds or other interest-bearing evi
 dences of indebtedness shall, before or at the time of doing so levy a di | rect tax payable annually not exceed l ing the amount limited as above, sur
 ficient to pay the interest on such 1 bonds or other interest-bearing evil 1 dences O f indebtedness as the same
 natures, and also sufficient to pay
 and discharge theprincipal of all such
 bonds or other interest-bearing evil dences of indebtedness at their re- spec respective maturities; provided, that fnn ahOvn limitation pf inc rate