The Carlisle independent., 1918-08-15
PROPOSED BY INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT No. IT.

porated towns of one thousand or moro population as shown by the next pre- cedfnG Federal census or by census talk en for that purpose by the municipal authorities of said town, and cities of the nrst and second class may issue. by and with the consent Of majority Of the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other interest-bearinR evidences of indebted ness. and providing the means and manner Of payment of said bonds-
 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NO. 1s.
 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 IS follows:
 Article 16. Section l. Neither the State nor any city. county, town or other municipality in this State shall ever lend its credit for any purpose whatever; nor shall any county. city. town or 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 at the time of the adoption of the Constitution of 1874, and the State shall never issue any interest bearing treasury warrants or 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 py 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
 said municipality voting on the ques-
 tion at an election held for the pur-
 pose, bonds or other interest pearing
 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 ir-
 proyement of parks, located either
 within or without the corporate limits of such municipality: for the conStruc-
 tion of sewers: for the purchase o.
 sites for or for the puTcnase or con
 struction of, city of town halls, audi toriums. prisons, libraries, hospitals. viaducts bridges. or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring, purchasing, ex- tending, improving. charging, 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 ed therwith.
 No bonds or other interest-bearing evidences of indebtedness issued under the authority of this anne ndment shall
 bear 8 greater rate of interst than six per cnt per annum, payable either an
 nually or semi-annualIy. and bonds fs-
 sued by cities of the first class shall not be sold on a basis of more than five per cent; that is to say, the cost to the municipality for nserest and discount
 on each issue of bonds shall not exceed
 per cent per annum. and bonds is
 sued by cities of the second class ana incorporated towns shall not be sold on a basis of more than six per cent. and no bonds issued under the author ity of this amendment shall ever be
 sold except at public sale after twenty days advertisement in some newspaper having bona fde circulation in the
 mc licipslity issuing said bonds.
 In order to provide for the payment of the bonds and other interest bearing evidences of indebtedness issued under the provisions of this amendmnt. and interest thereon a special tax. not to
 exceed five mills on the dollar, in ad-
 dition to the rate now permitted, may
 be levied by municipalitie on the tax
 able property therein; and any munie-
 ipality issuing any bonds or other ln-
 terest- bearing evidences of indebted
 ness shall. before or at the time of doing so. lew a direct tax payable an-
 nually not exceeding the amount lim- ited as above sufficient to pay the in-
 terest on such bonds or other interest
 bearing evidences of Indebtedness as
 the same natures. and also sufficient
 to pay and discharge the principal Of
 all such bonds or other interest bear ing evidences Of indebtedness at their
 respective naturities; provided, that
 .le above limitation of the rave of tax ~ln1 nnlx fn by any municipality for the purpose Of E acquiring. purchasing, extending, ini- proving, enlarging. building or con structing water works and light ana heat plants but the levy of the spe- ctal 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, for the
 purpose of paying the principal and interest of such water works and light
 and heat plant bonds, may, so far as
 required levy and collect 6 special tax,
 in addition to the ate allowed by this amendment of not to exceed five mills
 or the dollar: provided also, that. s a
 further and additional limitation upon
 both the issuance of bonds or other Interest bea ring evidences of inde ebted- ness and the levy of Q special tax to
 pay interest thereon and retire tho
 same at their respective maturities, no
 municipality shall have the power to make Sn issue or bOnQS or Olher H. terest- bearing evidences of indebted
 ness if said proposed issue itself, or
 together with all previous issues of bonds and other interest bearing evi- dences of indebtedness then outstand- ing by such municipality. shall aggre- gate az to city of the first class more in amount than five per cent (5%o) and as to incorporated towns
 and cities of the second class more in amount than seven per cent GS) of the assessed valuation of all taxable property in the municipality proposing to 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-b bearing evidences of indebtedness shall be se- rial, maturing annually after three years from date of issue, and shall he paid of 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 8 longer pc riod than fifteen years. and no other bonds shall be issued for Q longer pc riod than thirty-fve years.
 Nc municipality shall ever grant financial aid toward the construction Of