The Sentinel=record., 1918-10-27
LEGAL NOTICES
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

Amending Section 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 m1- nicipa 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 munI- cipalhy 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. 13. AGAINST AMENDMENT NO. 13. Be t Enacted by the People of tho State of Arkansas:
 That Section l 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 OAutl ulNIAh patty III AhlG ADAaNG nudtA ever lend it's 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 and secure the payment of the indebted ness existing at thetime of the adop ton of the Constitution of 1874, and the State shall never ssue any inter est-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 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 oa the question at an election held for the purpose, bonds or other interest bearing evidences of indebtedness in sums and for Che 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; ;o. the acquisition of rights of way for and construction of public highways streets, alleys and bouleyards within 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 the construction of sewers; for the pur- chase or construction of, city or town halls, auditOriums, prisons, libraries hospitals, viaducts, bridges, or build ing5 for housing fire fighting appara- tus; and for the purpose of acquiring, purchasing extending, improving, en- larging, building or constructing or water works, or light and heat plants. As additional security in providing water works Or light and heat plants for cities and towns, mortgage or other lieu may be given by such mu- nicipaities 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 fEe authority of this amendment shall pear a greater rate of interest than six per cent per annum, payable either annually or semi-annually, and bonds isoued by cities of the first class shall not Do sold on a basis of more than five per cent; that is to say. the cost to the municipality for inte-- est and discount on each issue U bonds shall not exceed per cent per annum, ana bonds issued by cities O. 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 authority of this amendment shall ever be sold, eXcep: at public sale after twenty days Gd~ vertisement in some newspaper hay- ing boni fide circulation in the mu niclpality 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 10 the rate now per mitted, may be levied by municipali- ties on the taxable property therein and any municipality issuing any bonds or other intcrest-bearing eyi dences of indebtedness shall, befort 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-bearing eVi- dences indebtedness as the same natures, and also sufficient to pay and discharge theprincipal of all such bonds or other interest-bearing eyi- 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 .F. .ras.