The Sentinel=record., 1918-08-15
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

tHt COilcti uLluH Oi the state or AFk- ansas, 1874. and providing that incor- porated towns of one thousand or more population, as shown by the neNt preceding Federal census, or by cen sus taken for that purpose by the ml- nicipal authorities of said town. ana cities of the first and second class may issue, by and with the consent of the qualified electors of said munl- cipallty voting on the question at an election held for that purpose. bonus or other interest-bearing evidences of
 indebtedness, and providing the meaue and manner of payment of said bonds
 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NO. 13.
 Be It Enacted by the People of the
 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 State, nor any city, county, town or other municipality in this State shaii 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 max 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 est 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 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 refunding of any 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 i 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 tho | construction of sewers; for the puI- ! chase or construction of, city or town
 halls, auditoriums, prisons, libraries, l hospitals, yiaducts, bridges, or build l ings for housing fire fighting appara tus; and for the purpose of acquiring ! purchasing, extending, improving, en- 1 larging, building or constructing oi
 water works, or light and heat plants
 As additional security in providing
 water works Or light and heat plants l for cities and towns, mortgage or
 other lien may be given by such mu-
 inequalities on such water works or
 light and heat plants and the income
 thereof and the franchise and other property connected therewi
 No bonds or other interest bearinl
 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 a basis 0l 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 5 per cent pel
 annum. and bonds issued by cities oi 1 the second class and incorporated l towns shall not be sold on a basis Of
 more than six per cent, and no bonds
 issued under the authority of this 1 amendment shall ever be sold. eXcepl at public sale after twenty days ad- yertsement in some newspaper hay ing a boni fide circulation in the mu nicipality issuing said bonC-
 In order to provide for the payment | or the DOnUS anu utltT lNlcI F1 otil | ing evidences of indebtedness issued under the provisions of this amend ment, and interest thereon special tax, not to exceed five mills on the dollar in addition 10 the rate now per mitted, may be levied by municipali- ties on the taxable property therein and any municipality issuing any bonds or other interest-bearing eyi dences of indebtedness shall. before or at the time of doing so, levy CT 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 evi- dences O f indebtedness as the same natures, and also sufficient to pay and discharge theprincipal of all such bonds or other interest-bearing eyi- dences of indebtedness at their re- spec respective maturities; provided, that the above limitation of the rate of taxation shall not apply to bonds issued by any municipality for the purpose of acquiring, purchasing, eN- tending, improving, enlarging, build ing or constructing water works and