The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-10-31
LEGAL NOTICES
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT MO "a

/, ansas, 1874, and providing that incor
porated towns OF one thousand 0
4 more population, as shown by the mex
preceding Federal census, or by cen
sus taken for that purpose by the mn
nicipal authorities of said town, an
cities of the first and second elias
may issue, by and with the consen
of the qualified electors Of said mum
cipaity voting On the question at al
election held for that purpose, bona
or other interest-bearing evidences o
Indebtedness, and providing the mean
and manner Of payment Of said bonds
FOR AMENDMENT NO. 13.
AGAINST AMENDMENT NO 13.
BE II 1na yted by the People Of tht
State OF Arkansas:
That Section OF Article 16 Of tn,
Constitution Of the state of Arkansa
be amended TO read as follows:
Article 16, Section L. Neither th.
State, nor any city county town o.
other municipality in this State shat
ever lend its credit for any purpose
whatever; nor shall any county, city
! town or municipality ever issue an!
| interest-bearng evidence OF indebted
ness, except such bonds as may BE-
authorized by law to provide for an
secure the payment of the indebted
ness existing at lifetime of the adop
| ton Of the Constitution Of 1874, anu
the State shall never ssue any inter
est-bearing treasury warrants Or
scrip
Provided, that Incorporated town
OF 1000 or more population, as show
by the next preceding federal census
or by census taken for that purpose
by the Municipal authorities Of sale
towns and cities Of the first aud sec
ond class, may issue, by and with thu
consent Of a majority Of the qualified
electors Of said Municipality voting o.
the question at an election held fof
the purpose, bonds or other interest
bearing evidences OF Indebtedness in
sums and for the purposes approved
by such majority at such election, a
lOlbNNs tuNlls
For the funding or refunding OF any
.eisting Indebtedness incurred prior To
the adoption of this amendment; 70.
the acquisition OF rights Of way TO
and construction Of public highways
streets, alleys and bouleyards With
tie corporate limits OF such munici
pality; for the purchase development
and improvement Of parks, located
either within or without the corporate
limits Of such municipality; for TIL
construction Of sewers; for the pun
chase or construction of, city or tow
halls, auditoriums, prisons, liDrarie
hospitals, viaducts, bridges, or build
ings for housing fire fighting appara-
tus; and for the purpose of acquiring
purchasing, extending, improving, en-
larging, building on constructing Of
water works, OK light and heat plants
AS additional security in proyidiuk
water works or light and heat plant
for cities ana towns, mortgage o
other lien may be given by such mu
inequalities on such water works o.
light and heat plants and the incom
thereof, and the franchise and otner
property connected therewit
No bonds or other interest-bearlns
evidences. of Indebtedness issued un-
der re authority of this amendment
shall Dear a greater rate OF Interest
than six per cent per annum, payable
either annually or eemi-dnnually, anu
bonds isJued by cities Of the first
class shall not be sold on a basis o.
more than five per cent; that is to say
the cost to the municipality for inter
est and discount on each issue ul
bonds shall not exceed per cent pc
annum ana bonds issued by cities %
the second class and incorporate
towns shall not be sold on a basis o,
more than six per cent, and no bonds
issued under the authority OF tGi
amendment shall ever be sold. eXcep
at public sale after twenty days al
yertisement in some newspaper hav-
ing a boni fide circulation in the mu
nicipality issuing said oonC-
In order to provide for the paymen,
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 to exceed five mills on the
dollar. in addition 10 the rate now per
mitted, may be LEVIED by municipaii
ties on the taxable property therein
and any municipality issuing ans
bonds or other interest bearing eyi
deuces OF indebtedness shall, before
or at the time OF doing SO, levy al
rect tax payable annually not exceed
ing the amount limited as above, sur
ticient to pay the interest on such
bonds or other Understanding evil
dences o ( Indebtedness as the same
natures, and also sufficient to pay
and discharge theprincipal OF all such
bonds or other interest-bearing evi-
dences OF Indebtedness at their re-
spec respective raturities; provided
that the above Imitation of the rate
Of taxation shall not apply to bonds
issued by any municipality for the
purpose OF acquiring, purchasing, ex-
4