The Sentinel=record., 1918-10-16
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

preceding Federal census, or by cen
sus taken for that purpose by the ma
! nicipal authorities of said town, ant
cities OF the first and second elias;
may issue, by and with the consent
Of the qualified electors of said muni-
cipality voting on the question at an
election held for that purpose, bonds
or other Understanding evidences Of
Indebtedness, and providing the means
and manner OF payment of said bonds
FOR AMENDMENT NO. IS.
AGAINST AMENDMENT NO. 10.
Be It Enacted by the People Of the
State of Arkansas:
That Section of Article 16 OF the
Constitution OF the state Of Arkansas
be amended to read as follows;
Article 16, Section l. Neither tbs
State, nor any city, county. town Of
other municipality in this state shall
ever lend its credit for any purpose
whatever; nor shall any county, city
town or municipality ever issue an.
interest bearing 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 qualifiei
electors OF said municipality voting 81
the question at an election held tOf
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 Il
| the adoption of this amendment; toi
the acquisition of rights of way fol
and construction of public highways
streets, alleys and bouleyards withiE
the corporate limits of such munich
pality; for the purchase, development
and improvement of parks, located
either within or without the corporate
limits of such municipality; for thu
| construction of sewers; for the pur-
| chase or construction Of, city or towl
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 o
water works, or light and heat plants
AS additional security in providing
water works or light and heat plants
for cities snd towns, mortgage Of
other lien may DO given by such mu-
inequalities on such water works o.
light and heat plants aud the income
thereof, and the franchise and othei
property connected therewit'
No bonds or other interest-bearlns
evidences of Indebtedness issued un-
der re 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 isoued by cities of the frs
class shall not be sold on basis D
more than five per cent; that is to say
the cost to the municipality for inter
est and discount on each issue Ol
bonds shall not exceed per cent pei
annum, ana bonds issued by cities o.
the second class and incorporate
towns shall not be sold on a basis OF
more than six per cent, and no bonds
issued under the authority Of tGis
amendment shall ever he sold, eXcep'
at public sale after twenty days ad-
vertisement in some newspaper hav-
ing a boni fide circulation in the mu
nicipality issuing said bonc-.
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 10 the rate now per
mitted, may be levied by municipal
ties on the taxable property therein
and any municipality issuing aSE
bonds or other Understanding eyi
dences Of Indebtedness shall, before
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-hearing evil
dences Indebtedness as the same
natures, and also sufficient TO pay
and discharge theprincipal OF all sucf
bonds or other interest-bearing evt-
denees 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, ex-
| tending, improving. enlarging, build
ing or constructing water works anS
light and heat plants. but the levy o
the special tax OF five mills author