The Sentinel=record., 1918-10-05

''us taken for that purpose by the mu- hlcipai authorities. .Gf said town, and clIles or the tEst and second class may iysSe' by and with the consen; u1ee qualified electors of said muni- pcipality 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 It Enacted by the People of tho
 State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 1G, Section l. Neither the 1 State, nor any city, county, town or other municipality in this State shall | ever lend its credit for any purpose 1 whatever; nor shall any county, city, town or municipality ever issue any l interest-bearng evidence of indebted ness, except such bonds as may be authorized by law to provide for ana | secure the payment of the indebted ness existing at thetime of the adop 1 ton of the Constitution of 1874, and the State shall never ssue any inter- bearing treasury warrants oi 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 for ! 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:
 s For the funding or refunding of any eisting indebtedness incurred prior to
 the adoption of this amendment; tol
 the acquisition of rights of way for
 and construction of public highways
 streets, alleys and bouleyards within
 the corporate limits of such munich
 pallty; for the purchase, development l and improvement of parks, located
 either within or without the corporate
 limits of such municipality; for the ! construction of sewers; for the pu1~ chase or construction of, city or town
 halls auditoriums, prisons, libraries
 hospitals. viaducts, bridges, or build - ings for housing fire fighting appara- , tus; and for the purpose of acquiring, l purchasing, extending, improving, en-
 larging, building or constructing Of
 water works, or light and heat plants I AS additional security in proFidiu- 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 r property connected therewit
 No bonds or other interest-bearins
 evidences of indebtedness issued un-
 der the authority of this amendment 3, shall bear a greater rate of interest Ithan six per cent per annum, payable
 either annually or semi annually. and
 bonds iseued by cities of the frs,
 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 oi| bonds shall not exceed per cent perl annum, ana bonds issued by cities off 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, eXcep at public sale after twenty days ad- yertisement in some newspaper hay ing boni fide circulation in the mu nicpality issuing said bone
 In order to provide for the payment of the bonds and other interest-bear- ing evidences of indebtedness issued .l under the provisions of this amend ment. and interest thereon. a special tax, not to exceed five mills on the dollar, in addition 10 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 eW | dences of indebtedness shall, befor or at the time of doing so, levy al 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 f indebtedness as the same natures. and also sufficient to pay aud discharge theprincipal of all such bonds or other interest-bearing eyi- dences of indebtedness at their re- spec respective maturities; provided,