The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-08-13
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

1 bhNhaf A0t1g anu pAOf AutlS iudI luNOI
porated towns OF one thousand or
more population, as shown by the mex
] preceding Federal census, or by cen
sus taken for that purpose by the mn
niclpal authorities OF said town, ann
cities OF the first and second class
may issue, by and with the consent
OF the qualified electors OF said mum
cipa!ity voting on the question at az
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. 10.
AGAINST AMENDMENT NO. 10.
BE 1t Enacted by the People of the
State of Arkansas:
That Section i of Article 1G of the
Constitution OF the State Of Arkansas
be amended to read as follows:
Article 16, Section /. Neither the
State, nor any city, county, town o.
other municipality in this State shat
ever lend its 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 lifetime of the adop
ton OF the Constitution Of 1874, anc
the State shall never ssue any inter
est bearing treasury warrants o.
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 on
the question at an election held foi
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; 10,
| the acquisition of rights of way for
and construction of public highways
streets, alleys ami bOuieYards within
| the corporate limits OF such munici
| pality; for the purchase, development
| and Improvement of parks, located
| ~ b.,,.
limits of such municipality; for the
construction OF sewers for the puI-
chase or construction OF, city or town
| halls, audtOriums, 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 oi
water works, or light and heat plants
AS additional security in PROVIDING
water works or light and heat plants
for cities and towns, a 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 therewi
No bonds or other interest-bearin,
evidences of Indebtedness issued I'M
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, anC
bonds issued by cities of the frs
class shall not be sold on a basis 81
more than five per cent; that is to say
the cost TO the municipality for inter
est and discount on each issue q,
bonds shall not exceed per cent PEI
annum ana bonds issued by cities 81
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 this
amendment shall ever be sold eXcepl
at public sale after twenty days ad-
ing a boni fide circulation in the mu
nicipality issuing said bon1-
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
| mtted may be levied by municipal
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 Understanding evil
denees Indebtedness as the same
natures, and also sufficient to pay
and discharge theprincipal 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-
tending, improving, enlarging, build
ing or constructing water works and
light and heat plants, but the levy of