The Sentinel=record., 1918-10-12
PROPOSED INITIATIVE PETITION.
PROPOSED CONSTITUTIONAL
 AMENDMENT NO. 13.

duhdS, l0f4, ana pfONlulNS LHaL luCOT- ) 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 mu- 'l nicipal authorities of said town, and
 cities of the first and second class
 may issue, by and with the consent ,l of the qualified electors of said muni- I cipality voting on the question at m | election held for that purpose, bonds or other interest-bearing evidences Of indebtedness, and providing tho means and manner of payment of said bonds I FOR AMENDMENT NO. 13. I AGAINST AMENDMENT NO. 13. Be IL Enacted by the People of the | State of Arkansas:
 That Section l of Article 16 of tho | Constitution of the State of Arkansas
 be amended to read as follows:
 i Article 1G, Section l. Neither the l 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 my interest-bearng evidence of indebted ness, except such bonds as may be authorized by law to provide for ana secure the payment of the indebted. ness existing at thetime of the adop-
 ton of the Constitution of 1874, and 1 the State shall never esue any inter
 est bearing treasury warrants oi
 scrip.
 | Provided, that incorporated towns
 of LOGO or more population, as shown
 by the next preceding federal census Tor 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 q majority of the qualified
 electors of said municipality voting oH
 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; 70, the acquisition of rights of way for and construction of public highways
 streets, alleys and bouleyards within the corporate limits of such munich lpality; 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 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 thel 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
 1 No bonds or other interest-bearins l evidences of indebtedness issued un-
 der tse authority of this amendment | shall pear a greater rate of interest than six per cent per annum, payable ] either annually or semi-annually, and | bonds isDued by cities of the first
 class shall not be sold on a basis of l f. fc tp a0V
 the cost to the municipality for inter
 est and discount on each issue UI bonds shall not exceed per cent per annum, ana bonds issued by cities oi the second class and incorporated towns shall not be sold on a basis ot
 more than six per cent, and no bonds issued under the authority of this amendment shall ever be sold, excep
 at public sale after twenty days ad- vertisement in some newspaper hav- | ing a boni fide circulation in the mu
 nicipalty Issuing said bone. In order 10 provide for the payment of the bonds and other interest-bear- l ing evidences of indebtedness issued 1
 under the provisions of this amend ment, and interest thereon. a special 1 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 any bonds or other interest-bearing eyi dences of indebtedness shall, beforG or at the time of doing so, levy di | rect tax payable annually not exceed l ing the amount limited as above, sur ficient to pay the interest on such bonds or other interest-bearing eyi- denees indebtedness as the same l natures. and also sufficient to pa, and discharge theprincipal of all such bonds or other interest-bearing evi- dences of indebtedness at their re- spec respective maturities; provided, | that the above limitation of the rate l of taxation shall not apply to bonds l issued by any municipality for the purpose of acquiring, purchasing, ex- tending, improving, eniarging, build ing or constructing water works and