The Sentinel=record., 1918-10-25
LEGAL NOTICES
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

Amending Section l 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 MI
niclpal 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 NUM-
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. 10.
AGAINST AMENDMENT NO. 10.
Be 1t Enacted by the People Of tho
State OF Arkansas:
That Section l OF Article JIG 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 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
interest-bearng evidence Of indebted
ness, except such bonds as may be
authorized by law to provide for ana
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 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 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 refunding OF any
eisting indebtedness incurred prior to
the adoption of this amendment; iol
| the acquisition of rights of way for
and construction of public highways
streets, alleys and boulevards within
| the corporate limits CT such munich
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, yiaducts, bridges, or build
ings for housing fire fighting appara-
tus; and for the purpose of acquiring
purchasing, extending, improving, en-
| larging, building or constructing Of
water works, or light and heat plants
AS additional security in providiut
water works or light and heat plants
| for cities and towns, a mortgage oil
| other lien may DO given by such mu-
inequalities on such water works OF
light and heat plants and the income
thereof, and the franchise and otne'
property connected therewit
No bonds or other interest-bearin.
evidences OF Indebtedness issued un-
| der TIE authority CT this amendment
| shall Dear a greater rate of Interest
than six per cent per annum, payable
| either annually or semi-annually, an(
bonds isoued by cities of the frs
class shall not be sold on a basis D
more than five per cent; that Is to say
the cost to the municipality for inte:-
est and discount on each issue "
bonds shall not exceed 5 per cent pei
annum, ana bonds issued by cities o
the second class and incorporated
towns shall not be sold on basis Of
more than six per cent, and no bonds
issued under the authority of tnis
amendment shall ever be sold, excep
at public sale after twenty days ad-
yertisement in some newspaper hav-
Ing UOHl lluc EiltuiutlOn III tue Aiu
nicipality 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
mont, and interest thereon. n 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 di
rect tax payable annually not exceed
ing the amount limited as above, sur
ficient to pay the interest on such
bonds or other interest-bearing evil
dences Indebtedness as the same
natures, and also sufficient to pay
and discharge theprincipal OF all such
bonds or other interest-bearing evil
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
nurnosa of acnuirinR purchasing, eX-