The Sentinel=record., 1918-09-19
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

' Amending Section l of Article l6 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 mu- e nicipal authorities of said town ana 5 cities of the first and second class
 may issue, by and with the consent
 of the qualified electors of said muni- Il 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. 13.
 Be It Enacted by the People of the
 State of Arkansas:
 That Section of Article 1G of the Constitution of the State of Arkansas
 be amended to read as follows;
 Article 16, Section l. 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 3 town or municipality ever issue any q interest-bearng evidence of indebted- F ness, except such bonds as may be authorized by law to provide for and secure the payment of the indebted l ness existing at thetime of the adop-
 ton of the Constitution of 1874, and
 the State shall never ssue any inter ,l est bearing treasury warrants or
 scrip.
 | Provided, that incorporated towns 5 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 0 the question at an election held for
 the purpose, bonds or other interest
 bearing evidences of indebtedness in 2 sums and for the purposes approved tI 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; tol ' 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 acquiring, 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 or
 other lien may be given by such mu-
 inequalities on such water works or
 light and heat plants and the income
 thereof. and the franchise and other ! property connected therewit
 No bonds or other interest-bearins
 evidences of indebtedness issued un-
 der the authority of this amendment shall bear a greater rate of interest e than six per cent per annum, payable n either annually or semi-annually, and l d b,r of4 nP bn 2 class shall not be sold on a basis of
 more than five per cent; that is to say, the cost to the municipality for inter n est and discount on each issue Ui
 bonds shall not exceed . per cent per I annum, ana bonds issued by cities oi 1 the second class and incorporated
 towns shall not be sold on a basis of
 more than six per cent. and no bonds
 issued under tho authority of this
 amendment shall ever he sold, except
 at public sale after twenty days ad-
 yertisement in some newspaper hay- p ing a boni fide circulation in the mu Il 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
 ment, and interest thereon, a special tax. not to exceed five mills on the dollar, in addition to the rate now per D mitted, may be levied by municipal ties on the taxable property therein; | and any municipality issuing any bonds or other interest-bearing eyi 3 dences of indebtedness shall, befort or at the time of doing so, levy dt
 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 fe- spec respective maturities; provided, / that the above limitation of the rate of taxation shall not apply to bonds