The Sentinel=record., 1918-09-03
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

T Amending SectlOn l or Article 16 O ! the Constitution of the State of Ark
 ansas, 1874. and providing that incor-
 porated towns of one thousand ol ? more population, as shown by the nex preceding Federal census, or by cen.
 sus taken for that purpose by the mn
 nlcipal authorities of said town, ant
 cities of the first and second clas.
 may issue, by and with the consent
 of the qualified electors of said munl- | cipality voting on the question at ar
 election held for that purpose, bonds or other interest bearing evidences ol indebtedness. and providing the means and manner of payment of said bonds
 FOR AMENDMENT NO. I3.
 AGAINST AMENDMENT NO. 13.
 Be Il Enacted by the People of the
 State of Arkansas:
 That Section 1 of Article 1G of the Constitution of the State of Arkansas be amended to read as follows:
 Article 1G. Section l. Neither the State, nor any city. county, town or other municipality in this State shah ever lend its 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 dis 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 oI scrip.
 Provided, that incorporated towns of ,0O0 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 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 refunding 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 tho purchase, eyclopmea and improvement of parks, located either within or without the corporate | limits of such municipality; for the construction of sewers; for the puI- ! 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, CT larging, building or constructing oi water works, or light and heat plants As, additional security ill providine
 water works or light and heat plants for cities and towns, a mortgaee 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 therewiG
 No bonds or other interest bearins evidences of indebtedness issued un-
 der the authority of this amendment shall bear a greater rate of interest than six per cent per annum, payable either annually or semi-annually, and
 bonds issued by cities of the frs,
 class shall not be sold on basis ot
 more than five per cent; that is to say the cost to the municipality for inter
 est and discount on each issue Ui
 bonds shall not exceed per cent per annum, and bonds issued by cities oi
 the second class and incorporated towns shall not be sold on basis Of
 more than six per cent, and no bonds
 issued under the authority of tais amendment shall ever be sold. except at public sale after twenty days ad- yertisement in some newspaper hav- 1 ing a b0ni fide circulation in the mu
 nicipalty issuing said bone
 In order to provide for the payment of the bonds and other interest-hear- ing evidences Of indebtedness issued under the provisions of this amend ment, and interest thereon. a special tax. not to exceed five mills on inc dollar in addition 10 the rate now per mitted, may be levied by municipaii- | ties on the taxable property therein; | and any municipality issuing any bonds or other interest-bearing eW dences of indebtedness shall, befort i or at the time of doing so. levy a d' rect tax payable annually not exceed ing ehe amount limited as above. sur ficient 10 pay the interest on such bonds or other iuterest-bearing evil dences O f indebtedness as the same natures, and also sufficient 10 pay and discharge theprincipal of all such bonds or other interest-bearing eyt- dences of indebtedness at their re-