The Carlisle independent., 1918-09-05
PROPOSED BY INITIATIVE
 PETITION. PROPOSED CONVENTIONAL AMENDMENT NO. I3.


 the Constitution of the State of Ar kansas. 1874, and providing that incor- porated towns of one thousand or more population. ss shown by the next pre- ceding Federal census, or by census talk en for that purpose by the municipal authorities of said town, and cities of the first and second class may issue. by and with the consent of majority of the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other interest bearing evidences of indebted ness. and providing the means and manner of payment of said bonds.
 FOR AMENDMENT NO. Is.
 AGAINST AMENDMENT NO. IS.
 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 1e, 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 tnterest-bearing evidences of indebted ness, except such bonds as may be au- thofized by law to provide for and se- cure the payment of the indebtedness existing at 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 1000 or more population, as shown by the next preceding federal census, or by census taken for that purpose py the municipal authorities of said towns and cities of the first and second class. may issue, by and with the consent of majority of the qualified electors O. said municipality voting on the ques-i tion at an election held for the pur- pose. bonds or other interest-oearrrG avfG of irda kfads ir1 md for the purposes approved by such ma jority ct such election, 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 o. sites for, or for the pu-cnase CT ccn- struction of, city os town halls. audi toriums. prisons, libraries. hospitals yiaduots, bridges, or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring. purchasing. ex- tending. improving. charging. building or coEstructiTg of water works, or light and heat plants. As additional security in providing water works or light and heat plants for cities and towns. q mortgage or other lien may be given by such fnunicip alities 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 interst than six h 1a sF. .hor an nually or semi-annually. and bonds is- sued by cities of the first class shall not be sold on a basis of more tlan five per cent; that Is to say. the cost to the municipality for interest and discount on each issue of bonds shall not exceed per cent per annum. and bonds is- sued 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 author ity of this amendment shall ever be sold. except at public sale after twenty days advertisement in some newspaper having bona fide circulation in the mt -licipality issuing said bonds.
 In order to provide for the payment of the bonds and other interest bearing evidences of indebtedness issued under the provisions of this amendmnt and interest thereon, special tax, not to exceed five mills on the dollar in ad- dition to the rate now permitted. may be levied by municipalities on the tax able property therein: and any munic- | ipslity issuing any bonds or other ln- | terest- bearing evidences of indebted i ness shall. before or at the time Of doing so. levy direct tax payable an 1 nuaiiy not exceeding the amount lim- 1 ited as above. sufficient to pay the in- | terest on such bonds or other interest," 1 bearing evidences of indebtedness as | the same natures. and also sufficient to pay and discharge the principal of all such bonds other interest-bear- 1 gx,rr If irde G respective raturities; provided, tha: | the above limitation of the rnre of tax ation shall not apply to bonds issued by any municipality for the purpose or | acquiring. purchasing. extending. im- | proving. enlarging. building or con- | structing water works and light and | heat plants. but the levy of the spe- | ctal tax of five mills authorized by this | amendment having been exhausted or | the balance unlevied being insufficient to pay interest on and retire the s,ro- 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 Tar Rs | required levy and collect special tax, | in addition to the rate allowed by this | amendment. of not to exceed i've mills i on the dollar; provided also, that, as | 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 ana retire the | same at their respective maturities. no municipality shall have the power to | make an issue of bonds or other in- | terest-hearing evidences of indebted ness if said proposed issue itself, OF together with all previous issues Of bonds and other interest-bearing evil dences of ndebtedness then outstand- L ing by such municipality. shall aggre | gate as to a city of the first class more in amount than five per cent ! (5eo). and as to incorporated towns and cities of the second class more in amount than seven per cent C7fc) of the assessed valuation of all taxable property in the municipality proposing to issue the same. according to the last general assessment next preceding said | proposed issue of bonds or other inter est bearing evidences of indebtedness.
 Said bonds and other interest bearing evidences of indebtedness shall be se- rial, maturing annually after three years from date of issue, and shall be paid off as they mature and no bonds for the acquisition Of rights of way for and the construction of public high ways. streets, alleys or boulevards is- sued under the authority of this amend ment shall be issued for a longer pe- riod than fifteen years. and no other ]. bonds shall be issued for longer pe- riod than thirty-fve years.