The Sentinel=record., 1918-09-10
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. t3.

I Amending Section 1 of Article 16 of the Constitution of the State of Ark ansas, 1874, and providing that incor porated towns of one thousand or
 more population, as shown by the next ! preceding Federal census, or by cen sus taken for that purpose by the ma- nicipal authorities of said town, anu cities of the first and second class ! may issue, by and with the consent of the qualified electors of said munl- ' cfpallty 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 tho State of Arkansas:
 That Section 1 of Article 1G of the 1 Constitution of the State of Arkansas be amended to read as follows:
 Article 1G, Section 1. Neither the State, nor any city. county, town or other municipality in this State shall ever lend it's credit for any purpose whatever; nor shall any county, city, town or municipality ever issue any 1 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 thetime of the adop- ton of the Constitution of 1874, and 1 the State shall never ssue any inter- est-bearing treasury warrants or scrip.
 Provided, that incorporated towns of 1 ,000 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 q majority of the qualified electors of said municipality voting 1n ! the question at an election held for 1 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 1 the adoption of this amendments; tor 1 the acquisition of rights of way for ] and construction of public highways
 streets. alleys and boueyards within | the corporate limits of such munici . pality; for the purchase, deyelopm | .urIss lH,a q either within or without the corporate limits of such municipality; for the construction of sewers; for the pur- chase or construction of, city or town
 halls, auditoriums, prisons, libraries 1 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 providing water works or light and heat plants for cities and towns. a mortgage 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 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 annum, payable either annually or semi annually, and bonds issued by cities of the first l 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 issue Ui | bonds shall not exceed per cent per annum. and bonds issued by cities or the 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, except at public sale after twenty days ad- vertisement in some newspaper hav- ing a boni fide circulation in the mu nicipality issuing said bonc-
 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 mitted, may be levied by municipali- ties on the taxable property therein; and any municipality issuing any bonds or other interest-bearing eYi deoces of indebtedness shall, befOrC or at the time of doing so, levy df
 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 O 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-