The Sentinel=record., 1918-09-20
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL ENT NO. 13.

I AMENDM ENT T NO. 13.
 I Amending Section I 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 mu-
 nicipal authorities of said town, ann ] cities of the first and second class
 may issue, by and with the consent of tho qualified electors of said muni-
 cipality voting on the question at an l election held for Chat 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. 1 Be IL Enacted by the People of the State of Arkansas:
 That Section 1 Of Article 1G Of the i Constitution of the State of Arkansas 1 be amended to read as follows;
 Article 16, Section 1. Neither the 1 state, nor any city, county town or l other municipality in this State shall ever lend it's credit for any purpose 1 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 10 provide for and secure the payment of the indebted ness existing at thetime of the adOp ton of the Constitution of 1874, and the State shall never ssue any inter l est-bearing treasury warrants or scrip.
 Provided, that incorporated towns of ,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 majority of the qualifieI| electors Of said municipality voting on' 1 the question at an election held for the purpose, bonds or other interest bearing evidences of indebtedness i'll sums and for the purposes approved by such majority at such election, a5. follows, towit;
 For the funding or refunding of any | eisting indebtedness incurred prior to i the adoption of this amendment; tot ] 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 1 and improvement of parks, located :. either within or without the corporate limits of such municipality; for the I construction of sewers; for the puI-
 chase or construction of city or town
 halls, auditoriums. prisons, libraries hos pitals, yiaducts, bridges, or build
 ing5 for housing fire fighting appara-
 tus: and for the purpose of acquiring, purchasing, extending, improving, en- | larging, building or constructing ot 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- nicipalities on such water works or
 light and heat plants and the income
 thereof, and the franchise and other property connected therewt
 | No bonds or other interest-bearlns 1 evidences of indebtedness issued un- ! der the authority of this amendment l shall bear greater rate of interest than six per cent per annum, payable l either annually or semi-annually, and l bonds issued by cities of the first
 class shall not be sold on basis of ] more than five per cent; that is to say | the cost 10 the municipality for inter 1 est and discount on each issue U
 bonds shall not exceed per cent per 1 annum. ana bonds issued by cities Of 1 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 i amendment shall ever be sold, eXcep'
 at public sale after twenty days ad- vertisement in some newspaper hav- | ing a boni fide circulation in the mu nicipalty issuing said bone
 1 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, Q special tax. not to exceed five mills on the dollar, in addition 10 the rate now per mitted, may be levied by municipaii-
 ties on the taxable property therein;
 and any municipality issuing any l bonds or other interest-bearing evi dences of indebtedness shall, beforC
 or at the time of doing so, levy di rect tax payable annually not exceed
 ing the amount limited as above, sur
 ficlent to pay the interest on such. bonds or other interest-bearing eyi- | dences O f indebtedness as the same natures. and also sufficient to pay and discharge theprincipal of all such | bonds or other interest-bearing evil dences of indebtedness at their re- spec respective maturities; provided.