The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-09-25
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. IS.


" Amending Section OF Article 16 0
the Constitution of the State of Ark
ansas, 1874, and providing that incor
= porated towns OF one thousand o
more population, as shown by the mex
preceding Federal census, or by cen
= sus taken for that purpose by the ml.
nicipal authorizes Of said town, ant
cities OF the first and second class
q may issue, by and with the consen
+. of the qualified electors Of said NUM-
cpality voting on the question at az
y election held for that purpose, bond'
or other interest-bearing evidences o
Indebtedness, and providing the means
and manner OF payment OF said bonds
FOR AMENDMENT NO, Is.
AGAINST AMENDMENT NO. 10.
Be 1t Enacted by the People Of the
State of Arkansas:
I That Section OF Article 16 OF the
| Constitution OF the State Of Arkansas
be amended to read as follows:
Article 1G, Section T. Neither the
State, nor any city, county, town on
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
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 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 qualified
electors or 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, az
follows, towit:
For the funding or reminding 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 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 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, en-
larging, building or constructing OF
water works, or light and heat plants
AS additional security in proyidiuh
water works or light and heat plants
for cities and towns, mortgage OF
other lien may be given by such mu
inequalities on such water works OF
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 the authority Of this amendment
shall bear a greater rate Of interest
than six per cent per auuum, payable
either annually or emi-annually, and
bonds issued by cities Of the first
class shall not be sold on a basis Of
more than five per cent; that is to say.
the cost to the municipality for inter
est and discount on each il sue on
bonds shall not exceed : per cent per-
annum, ana bonds issued by cities OIL
the second class and Incorporated
towns shall not be sold on a basis OIL
more than six per cent, and no bonds
issued under the authority of this
shall ever he sold, eXcep'
at public sale after twenty days ad-
yertisement in some newspaper hav-
ing a boni fide circulation in the mu
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 thel
dollar. in addition to the rate now per-
mtted, may be levied by municipal
ties on the taxable property therein;
aud any municipality issuing a17
bonds or other interest-bearing eyi
dences of Indebtedness shall, before
or at the time Of doing so, levy IL
rect tax payable annually not exceed
ing the amount limited as above, sur
ficient to pay the interest on such
bonds or other DEMONSTRATING evil
dences o Indebtedness as the same
matmes, 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 toxat;On shall not apply to bonds |