The Sentinel=record., 1918-08-22
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. "a.

| Amending section ! 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 mn
uicipal 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 mimi
cipality voting on the question at an
election held for That purpose, bonus
or other interest-bearing evidences Of
Indebtedness, and providing the means
and manner of payment OF said bonds
FOR AMENDMENT NO. 13.
AGAINST AMENDMENT NO. 13.
BE 1t Enacted by the People Of tho
State of Arkansas:
That Section l Of Article 1G of the
Constitution OF the State OF Arkansas
be amended TO read as follows:
Article 16, Section j Neither the
State, nor any city, county, town OF
other municipality in this state shall
ever lend its credit for any uurpose|
whatever; nor shall any county, ethyl
| town or municipality ever issue any
interest-bearng 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 lifetime OF the adop
| ton of the Constitution Of 1874, and
the State shall never ssue any inter
est-bearing treasury warrants on
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 onI
| the question at an election held for
the purpose, bonds or other interest
bearing evidences Of Indebtedness inl
sums and for the purposes approved
| by such majority at such election, as
| follows, toWlt:
For the funding or refunding of any
eisting Indebtedness incurred prior tot
| the adoption Of this amendment; .oi
| the acquisition Of rights OF way forI
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 corporatel
limits of such municipality; for the
construction of sewers; for the pu
chase or construction OF, city or town.
halls, auditoriums, prisons, Libraries
hospitals, Viaducts, bridges, or btnld
ine5 for housing fire fighting appara
tus; and for the purpose OF acquiring,
purchasing, extending, improving, en-
arging, 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-
inequalities on such water works or
e light and heat plants and the income
thereof, and the franchise and other
property connected therewit
NO bonds or other interest-bearns
evidences of Indebtedness issued I'M
der the authority of this amendment
shall bear greater rate of interest
tthan 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 Of
more than five per cent; that is to say
| the cost TO the municipality for inter
est and discount on each Issue VI
bonds shall not exceed per cent per
annum, and bonds issued by cities ot
the second class and incorporated
| towns shall not be sold on ii basis of
more than six per cent and no bonds
ISSUED under the authority Of this
| amendment shall ever be Sold except
at public sale after twenty days ad-
yertisement in some newspaper hay
ing boni fide circulation in the mu
nicipaity issuing said bone.
In order TO 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, a special
| tax. not 10 exceed five mills on tAeI
dollar. in addition TO the rate now per
mitted. may be levied by municipal
ties on the taxable property therein;
and any municipality issuing anFl
bonds or other interestbearing eH
dences of Indebtedness shall, before
or at the time of doing so, levy d
rect tax payable annually not exceed
ing the amount limited as above, sur
flcient to pay the interest on such
bonds or other interest-bearing evil
dences o + Indebtedness as the samel
natures, and also sufficient to payi
and discharge theprincipal of all such
! bonds or other interest-bearing evil
dences of Indebtedness at their re-
spec respective maturiues; provided !