The Carlisle independent., 1918-08-08
PROPOSED BY INITIATIVE
 PETITION. rEOrosED CONVENTIONAL AMENDMENT No. IA

tt porated towns of one thousand or more population, as shown by the next pre- cedinE Federal census or by census tax en for that purpose by the municipal authorities of said town, and cities of tho first and second class may issue, by and with the consent of 8 majority of the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other interest-bearinR evidences of indebted ness. and providing the means ana manner of payment of said bonds
 FOR AMENDMENT NO. 13.
 AGAINST APARTMENT NO. 1s
 Be It Enacted by t..e People of the
 State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 16, Section 1. 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 4nterest-bearing evidences of indebted ness. except such bonds as may be ad- thorized by law to provide for and sc- cure the payment of the Indebtedness 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.
 Provided. that incorporated towns of
 
 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 8 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-pearfng evidences of 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- provement of parks, located either within or without the corporate limits of such municipality; for the construc- tion of sewers; for the purchase or sites for, for the purcnase ur con struction of, city os town halls, audi toriums. prisons, libraries. hospitals. viaducts, bridges. or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring purchasing, eK- 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 and 
 be given by such municipalities on 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 interest bearing evidences of indebtedness issued under the authority of this amendment shall bear a greater rate of iuterst than six per cnt per annum, payable either an nually or semi-annually, and bonds ts- sued by cities of th-e first class shall not be sold basis of more than five per cent: that Is to say. the cost to the munic cipality for interest and discount on each issue of bonds shall not exceed per cent per annum. end bonds is- sued by cities of the second class and incorporated towns shall not be sold and no bonds issued under the author fty 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-bearin& evidences Of ndebtedness issued under the provisions of this amendmnt. ana intete.t thereon. a special tax. not to exceed five mills on the dollar. in ao- dition to the rate now permitted, may be levied by municipalities on the tax able property therein: and any munfc- ipality issuing any bonds or other in terest-bea ring evidences of indebted ness shall. before or at the time Of doing SO. levy g direct tax payable an- pually not exceeding the amount linn tied 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 indebtedness at their respective maturities: provided. tha, tne above limitation of the rave of tax ation shall not apply to bonds issued by any municipality for the purpose of acquiring. purchasing, extending, im- proving. enlarging, building or con- structinE water works ana light ana heat plants. but the levy of the spe- cfai tax of five mills authorized by this amendment having been exhausted or the balance unlevied being insufficient to pay interest on and retire the tro- posed 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 a special tax. in addition to the rate allowed by this amendment. of not to exceed five mills on the dollar; provided also. that, a further and additional limitation upon both the issuance of bonds or other interest bearing evidences of indebted ness and the levy of special tax to pay interest thereon and retire thc same at their respective maturities, re municipa lity shall have the power to make issue of bonds or other fr- terest- bearing evidences of indebted ness. if said proposed issue itself. or together with all previous issues of bonds and other interest bearing evi- dences Of indebtedness then outstand- ing by such municipality. shall aggre- gate as to city of the first class more in amount than i've per cent (5ee), and to incorporated towns and cities of the second class more in amount than seven per cent (79o of the assessed valuation Of all taxable property in the municipality proposing to issue the game. according to the last general assessment next preceding said proposed issue of bonds or other inter- st-bearing evidences of indebtedness.
 Said bonds and other interest -bea ring evidences of Indebtedness shall be rial, maturing annually after three years from date of issue, and shall be paid eff as they mature, and no bonds fer the acquisition of rights of way for and the construction of public high ways. streets. alleys or bouleverds is- sued under the authority of this amend ment shaii be issued for Q 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