The Sentinel=record., 1918-09-27
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

anSaS, 1St4, and providing that moor 2 porated towns of one thousand oi more population, as shown by the nexi preceding Federal census, or by cen lsus taken for that purpose by the mu- nicipal authorities of said town, ana cities of the first and second class may issue, by and with the consen, of the qualified electors of said muni- !, cipality voting on the question at an 7 election held for that purpose, bonds or other interest-bearing evidences of indebtedness, and providing tho means and manner of payment of said bonds
 FOR AMENDMENT NO. 13.
 | AGAINST AMENDMENT NO 13.
 Be It Enacted by the People of tne
 State of Arkansas:
 That Section l of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 16, Section 1. 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 town or municipality ever issue an! interest-bearng 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 thetime of the adop. | tiOn of the Constitution of 1874, and the State shall never ssue any inter l est-bearing treasury warrants oi scrip
 | Provided, that incorporated towns of 1000 or more population, as shown | by tho 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 qualiCieI 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 rcfundlng of any eisting indebtedness incurred prior 10 the adoption of this amendment; tol the acquisition of rights of way for and construction of public highways streets, alleys and bouleyards within ,l the corporate limits of such munici ,l 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 l ings for housing fire fighting appara- tus; and for the purpose of acquiring purchasing, extending, improving, en l larging, building or constructing o
 water works, or light and heat plante
 As additional security in providing
 water works or light and heat plant
 for cities and towns, a mortgage O
 other lien may be given by such mu
 nicipalities on such water works O
 light and heat plants and the incom
 thereof, and the franchise and othe
 property connected therewit
 3 No bonds or other interest-bearin,
 evidences of indebtedness issued un-
 der the authority of this amendmen shall bear a greater rate of interes
 than six per cent per annum, payabl,
 either annually or semi-annually, anC
 bonds is1ued by cities of the frs
 class shall not be sold on basis Q ] more than five per cent; that is to say D the cost to the municipality for inter l. est and discount on each issue U !, bonds shall not exceed per cent pel
 annum, ana bonds issued by cities o e the second class and incorporated c towns shall not be sold on basis oi J more than six per cent. and no bonds
 issued under the authority of'tGis amendment shall ever be sold, excep' at public sale after twenty days ad- !, yertisement in some newspaper hay ing a boni fide circulation in the mu ' 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, special tax, not to exceed five mills on the dollar. in addition to the rate now per mitted. may be levied by municipali- ties on the taxable property therein and any municipality issuing any bonds or other interest-bearing eyi dences of indebtedness shall, beforC or at the time of doing so levy a di rect tax payable annually not exceed ing the amount limited as above, sur ficient 10 pay the interest on such bonds or other interest-bearins evil dences O indebtedness as the same natures, and also sufficient to pay and discharge theprlncipal of all such bonds or other interest-bearing evi- 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, eX- | tpndinw in1urOyinu puiarging bufld-