Sharp County record., 1918-08-09
PROPOSED RY INITIATIVE
PMrTTIok.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. IL.

Amending Section l OF Article ls OF
the Constitution Of the State Of Ar
kansas, 1874. and providing that incer-
porsted towns OF one thousand or more
population, as shown By the next pre-
esding Federal census, or by census taxi
On for that purpose BY the municipal
| authorities OF said town, and cities Of the
hrst and second class may issue, by Snd
with the consent Of q majority Of the
| qualified electors OF said municipality
voting on the question at An election
held for that purpose, bonds or other
ness, and providing the means and
manner OF payment Of said bonds.
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. l3.
Be 1t Enacted by the People OF the
State Of Arkansas:
That Section l Of Article ls Of the
| Constitution of the State OF Arkansas
be amended to read as follows:
Article Is, Section I. Neither the
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 any
interest bearing evidences Of indebted
ness, except such bonds as may be au-
| thorised by law to provide for and Sc
euro 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 or
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 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-pearrng
evidences OF indebtednss in sums and
for the purposes approved by such ma
jority at such election, as follows, to-
wit:
For tho 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 I'm
provement Of parks. located other
within or without the corporate limits
Of such municipality; for the construe-
tion OF sewers; for the purchase or
| sites for, or for the purchase or con
| struction Of city or town halls, audi
toriums, prisons, libraries, hospitals
viaducts, bridges. or buildings for hous-
Ing hre lighting 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 ana
towns, a mortgage or other lien may
be given by such municipalities on
such water works or light and heat
plant. 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 amendment shall
| bear a greater rate OF interst than six
per cnt per annum, payable either an
| nually or semi mi-annually and bonds Is
| sued by cities Of the first class shall not
be sold on a basis OF more than nve per
| cent; that Is to say, the cost to the
| municipality for interest and discount
| on each issue Of bonds shall not exceed
| s per cent per annunn. 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 a bona fde circulation In the
municipality 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 anendmnt ana
interest thereon, a special tax, not 70
exceed ave 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 rnunic-
ipality issuing any bonds or other IN
terest- bearing evidences OF Indebted.
nsss shall, before or at the time OF
auaIiy not exceeding the amount lin
ited as above, sufficient to pay the In
terest on such bonds or other Interest,"
hearing evidences Of indebtedness as
The same natures and also sufficient
20 pay and discharge the principal OF
all such bonds or other interest-bear-
Ing evidences OF indebtedness AZ tneir
respeetive naaturities; provided, that
the above limitation OF the rate Of tax:
atien shall not apply TO honda Issued
by any municipality for the purpose OF
aeouirtng, purchasing, extending, I'M
proving, enlarsins. building or con.
struetins water works ana light and
heat plants, but the levy OF the spe-
eiai tax OF fve mills authorized by this
Amendment having been exhausted or
The balance unlevied being insuffieieh'
10 pay interest on and retire the pro-
nosed 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 special tax,
in addition TO the rate allowed by this
amendment, OF not TO exceed nve mills
on the dollar; provided also, that, as
further and additional limitation upon
both the issuance OF bonds or other
interest. bearing evidences OF Indebted
ness and the levy OF special tax 70
nav interest thereon and retire the
seY,,e AT their respective maturities, no
municipality shall have the power 10
make an Issue OF bonds or other IN
erest.benring evideneet OF Indebted
nsss, n said proposed Issue Itself or
toqstber with all previous issues OF
bonds and other interest bearing evil
dences OF Indebtedness then outstand-
ing by such municipality shall aggre-
rate as TO city OF the nrst class
more In amount than nVe per cent
tbes), and as 10 incorporated towns
srd cities Of the second class more IN
amount than seven per cent TS OF
the essesred valuation OF all taxable
nroperty In the municipality proposing
to issue the sanio, according 10 the last
General assessment next preceding said
propo.ed Issue OF bonds or other inter
AT t'besrinR evidences of indebtedness,
gsid bonds and other interest bearing
Svldeness OF indebtedness shall be Sc
vial maturing annually after three
years from date of Issue, ana shall pc