The Sentinel=record., 1918-08-30
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. f3.

AMENDMENT NO. 13.
 Amending Section of Article 16 of
 the Constitution of the State of Ark
 ansas, 1S74 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-
 nlcipal authorities of said town, and
 cities of the first and second class
 may issue, by and with the consent of the qualified electors of said muni-
 cipalty voting on the question at an | election held for that purpose, bonda 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 Arkansaa:
 That Section l of Article 1G of the
 Constitution of the State of Arkansas be amended to read as follows: Article 16, Section 1. Neither the l other municipality in this State shall ever lend it's credit for any purpose whatever nor shall any county, city, 1 town or municipality ever issue any 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 the State shall never ssue any inter est bearing treasury warrants ol 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 a majority of the qualifiel electors of said municipality voting on| 1 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. l follows, towit:
 l For the funding or refunding of any
 eisting indebtedness incurred prior to
 the adoption of this amendment; ioi 1 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, deyelopmen 1 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 l halls, auditoriums, 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 l water works, or light and heat plants. As additional security in providing
 water works or light and heat plants for cities and towns, mortgase or | other lien may be given by such mu- nicipalities on such water works or T light and heat plants and the income
 thereof, and the franchise and other property connected therewit
 No bonds or other interest-bearlns Il evidences of indebtedness issued un- :, der the authority of this amendment ' shall bear a greater rate of interest .l than six per cent per annum, payable l either annually or semi-annually, and bonds issued by cities of the first Il class shall not he sold on a basis of | more than five per cent; that is to say Il the cost to the municipality for inter est and discount on each issue m i bonds shall not exceed per cent per I annum, and bonds issued by cities or
 the secdud class and incorporated towns shall not be sold on basis Of imore 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- ' 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 tine prov isions of this amend ment, and interest thereon, a special tax. not to exceed five mills on the
 dollar. in addition to the rate now per
 mltted, may be levied by municipali-
 ties on the taxable property therein;
 and any municipality issuing any
 bonds or other interest-bearing eyi |, dences of indebtedness shall. befoN
 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 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 evi-