The Carlisle independent., 1918-08-29
PROPOSED BY INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO, r3.


 | porated towns of one thousand or more population, as shown by the next pre- | ceding Federal census, or by census talk
 en for that purpose by the municipal
 authorities of said town, and cities of the | first and second class may issue. by and | with the consent of majority of the | qualified electors of said municipality | voting on the question at election | held for that purpose, bonds other l interest-hearing evidences of indebted ness and providing the means and | manner of payment of said bonds
 FOR AMENDMENT NO 13.
 AGAINST AMENDMENT NO. Is.
 Be It Enacted by t-e People of the State of Arkansas:
 That Section 1 of Article Is of the l Constitution of the State of Arkansas | be amended to read 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 | bearing evidences of indebted | ness, except such bonds as may be au | thorized by law to provide for and | cure the payment of the indebtedness 1 existing st the time of the adoption ! of the Constitution of 1874, and the | State shall never Issue any interest | bearing treasury warrants or scrip. l Provided. that incorporated towns Of | 1000 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 o: | said municipality voting on the cues | tion at an election held for the pur~ | pose, bonds or other interest bearing 1 evidences O. inde btednss 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 im- | proyement of parks, located either | within or without the corporate limits | of such municipality; for the construc- | ton of sewers; for the purchase oY sites for, or for the purcnase c- cen l struetion of, city e town halls. audi 1 toriums prisons, libraries. hospitals, | viaducts. bridges, or buildings for hous- | ing fire fighting apparatus; and for the | purpose of acquiring, purchasing. ex- | tending, improving. enlarging, building | or copstructirg 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 E | 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 iaterest-bearing | evidences of indebtedness issued under | the authority of this amendment shall l bear greater rate of interst than six l per cnt per annum. payable either an | nually or semi-annually and bonds fs- sued by cities of the first class shall not | be sold on a basis of more tl.an five 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 fs- sued 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 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
 mt licipality 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 ameBamnt, and interest thereon. q special tax, not to 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 munlc-
 ipality issuing any bonds Cor other in- terest- bearing evidences of indebted
 ness shall. before or at the time Of doing so levy a direct tax payable an nua1ly not exceeding the amount linn 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 inde btedness at their respective maturities: provided, tha, the above limitation of the rare Of tax stion shall not apply to bonds issued ic;y he acquiring, purchasing, extending. fm- proving. enlarging. building or con structing water works and light and heat plants hut the levy of the spe-
 c%al 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 bopds. may, so far as required, levy and collect special tax, in addition to the rate allowed by this amendment of not to exceed five mills on the dollar; provided also, that. as
 further and additional limitation upon
 both the issuance Of bonds or other
 interest bea ring evidences of indebted
 ness and the levy of special tax 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 fn terest-bearing evidences of indebted
 ness. if said proposed issue itself, or
 together with all previous issues of bonds and other interest-besring evil dences of indebtedness then outstand- ing by such municipality, shall aggre- gate as to city of the first class more in amount than five per cent t5ea) and as to incorporated towns and cities of the second class more in amount than seven per cent CI9a) 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 bearing evidences of indebtedness shall be se- rial, maturing annually after three years from date of issue, and shall be paid of a. 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 longer pe- riod than fifteen years. and no other bonds shall be issued for a longer pe- riod than thirty-five years.
 No municipality shall ever grant financial aid toward the construction of