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

I
 | Amending Section of Article 16 of tho Constitution of the State of Ark
 ansas, 1874, and providing that incor-
 porated towns of one thousand or
 more population, as shown by the nexl preceding Federal census, or by cen sus taken for that purpose by the mu-
 nicipal authorities of said town, and cities of tue first and second class
 may issue. by and with the consen;
 of the qualified electors of said muai- 1 cipality 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 IL Enacted by the People Of the State of Arkansas:
 That Section 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 oi other municipality in this state shah 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 b. authorized by law to provide for ana secure the payment of the indebted
 ness existing at thetime of tho adop ton of the Constitution of 1874. and the State shall never ssue any inter st-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 qualified l 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, a. follows, towit:
 For the funding or rerunding of any eisting indebtedness incurred prior to the adoption of this amendment; toi
 the acquisition of rights of way for and Construction of public highways strests. alleys and bouleyards within the corporate limits of such munici- 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, yiaducts, bridges, or build
 ings for housing fire fighting appara-
 tus; and for the purpose of acquiring, l purchasing, extending, improving, en 1 larging, building or constructing oi
 water works, or light and heat plants. | As additional security in proyidiut water works or light and heat plants ! for cities and towns. a mortgage or other lieu may be given by such mu-
 nicipalties on such water works or light and heat plants and the income | thereof. and the franchise and other
 property connected therewiC
 No bonds or other interest-bearlns
 evidences of indebtedness issued un der ,,e authority Of this amendment shali pear greater rate of interest than six per cent per annum, payable either annually or semi annually, and 1 bonds isgued by cities of the firsJ
 class shall not be sold on basis oi
 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. tho 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 ad- vertisement in some newspaper hav- ing 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, a 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, before or at the time of doing so, levy a di rect tax payable annually not exceed
 ing the amount limited as above, sur ficient to pay the interest on such bonds or other interest-bearing evil dences indebtedness as the same natures, and also sufficient to pay and discharge theprincipal of all such bonds or other interest-bearing evf- dences of indebtedness at their re- spec respective maturities; provided,
 that the above limitation of the rate of taxation shall not apply to bonds 1 issupd bv any municipality for tho