The Sentinel=record., 1918-09-04
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

Amending section Of Article 16 o the Constitution of the state of Ark
 ansas, 1874, and providing that incor- |, porated towns of one thousand O. V more population, as shown by the nexi tl preceding Federal census, or by cen I sus taken for that purpose by the mI-
 nicipal authorities of said town, ana f cities of the first and second class
 may issue, by and with the consent
 of the qualified electors of said muni- i cipality voting on the question at an
 election held for that purpose, bonds or other interest-bearing evidences of B indebtedness. and providing the means and manner of payment of said bonds
 FOR AMENDMENT NO. 13. l AGAINST AMENDMENT NO. 13. ' Be IL Enacted by the People of tho i State of Arkansas:
 That Section l of Article 16 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-hearng 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 1871, and the State shall never esue 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 I consent of a majority of the qualifie1 electors of said municipality voting ou the question at an election held for the purpose, bonds or other interest bearing evidences of indebtedness in sums and for the purposes approved l 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; ;oi | the acquisition of rights of way for and construction of public highways streets, alleys and boulevards within the corporate limits of such uuniCi
 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, CT build D ings for housing fire fighting appara- 9 tus; and for the purpose of acquiring ) purchasing, extending, improving, en-
 larging, building or constructing O
 water works, or light and heat plants U As additional security in proyidlnl
 water works or light and heat plant.
 for cities and towns. mortgage ol other lien may be given by such mu-
 nicipalities on such water works ol light and heat plants and the income thereof, and the franchise and other property connected therewit,
 Nu bonds or other interest bcar!nl
 evidences of indebtedness issued un-
 der the authority of this amendment
 shall bear 8 greater rate of interest than six per cent per annum, payable , either annually or semi-annually, and } bonds issued by cities of the first class shall not he sold on basis of more than five per cent. that i5 to say the cost to Inc municipality for inte;
 est and discount ou each issue u
 bonds shall not exceed 8 per cent per anuum, and bonds issued by cities o, tho second class and incorporated towns shall not be sold on a basis of moro than six per cent, and no bonds issued under tho authority of this amendment shall ever be sold eXccp, at public sale after twenty days ad- yertisement in some newspaper hav- ing a 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 DOT mitted may be levied by municipali- ties on the taxable property therein; and any municipality issuing any bonds or other interest-hearing eYi dencos of indebtedness shall, before or at the time of doing SO, levy a of rect tax payable annually not exceed ing the amount limited as above, sur ficient to pay the interest on such bonds or other interest-boaring eyi- donces O f indebtedness as the samo natures, and also sufficient 10 pay and discharee theprincipal of all such bonds or other interest bearing eyi-