The Sentinel=record., 1918-08-24
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

1 'NAN'N ifNlA4hAiNtiB 40 bHpN II W lut HtAl
preceding Federal census, or by CEN
sus Iaken for that purpose by the nv
| nteipal authorities of said town. and
] cities Of the first and second class
may issue, by and with the consent
of the qualified electors of said MUM
cipality voting on the question at an
election held for that purpose, bonds
or other interest-bearing evidences Of
Indebtedness, and providing the means
and manner OF payment of said bonds
FOR AMENDMENT NO. IS.
AGAINST AMENDMENT NO. 49,
| BE 1t Enacted by the People of the
State OF Arkansas:
That Section of Article lG of the
Constitution of the state OF Arkansas
be amended to read as follows:
Article 1G, Section /, Neither the
I state, nor any city, county, town o.
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
interest-beang evidence of indebted
ness. except such bonds as may be
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 OF
| scrip.
Provided, that Incorporated towns
of / 900 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 on
| 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 rcfunding Of any
eisting Indebtedness incurred prior to
| the adoption of this amendment; tOi
| the acquisition of rights of way for
and construction of public highways
| streets, alleys and bouleyards within
| the 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 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 the purpose Of acquirin 3
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 Of
other lien may be given by such mu-
inequalities on such water works OF
light and heat plants and the income
| thereof. and the franchise and Other
property connected therewit
| No bonds or other interest-bearinl
evidences of indebtedness issued uu-
der the authority of this amendment
shall bear a greater rate of interest
| than six per cent per annum, payable
| either annually or semi-annually, anc
! bonds ISSUED by cities cf t5a frs
| class shall not he sold on basis 81
more than five per cent. that is to say
the cost TO the municipality for intec
est and discount on each issue VI
bonds shall not exceed 5 per cent pen
annum, and bonds issued by cities Of
| the second class and incorporated
towns shall not be sold on a basis Of
more than six per cent, and no bonds
issued under the authority of this
amendment shall ever he sold, except
at public sale after twenty days ad-
yertisement in some newspaper hav-
ing a boni fide circulation in the mu
uicipality 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 to exceed five mills on the
dollar, in addition to the rate now per-
mitted may be levied by municipal
ties on the taxable property therein;
and any municipality issuing any
bonds or other interest-bearing eyi
dences of indebtedness shall, before
or at the time of doing SO. levy a N
rect tax payable annually not exceed
ing the amount limited as above, sur
ficiont to pay the interest on such
bonds or other interest-bcaring evil
dences Indebtedness as the same
natures, and also sufficient to pay
and discharge theprincipal of all such
bonds or other interest-bearing owl
dences of Indebtedness at their re-
spec respective maturities; provided,
that the above limitation of the rate
Of taxation shall not apply to bonds
issued by any municipality for the
purpose OF acquiring. purchasing OK
| tending. improving, charging. build
Ing or constructing water works and
light and heat plants, but the levy Of
the special tax of five mills author
| lied by this amendment having been