The Sentinel=record., 1918-08-28
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 13.

I - w. iSs
Amending Section l 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, ana
cities Of the first and second class
may issue, by and with the consent
of the qualified electors of said NUM-
cipality 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. IS.
AGAINST AMENDMENT NO 10.
BE il Enacted by the People Of tho
State of Arkansas:
That Section ! of Article 1G Of the
Constitution of the state of Arkansas
be amended to read as follows:
Article 16. Section 1. Neither the
State, nor any city, county, town or
other municipality in this State shall
ever lend its credit for any purpose
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 to provide for and
secure the payment OF the indebted
NO tot Inc nt hot Nf Ion
ton Of the Constitution Of 1874, and
the State shall never ssue any inter-
est-bearing treasury warrants OF
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:
For the funding or rofunding 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 boulevards within
! the corporate limits of such munici q
! 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 pur-
chase or construction Of, city or town
halls, auditoriums, prisons, libraries
hospitals, yiaducts, bridges, or build
ing5 for housing fire fighting appara-
tus; and for the purpose of acquirin 2,
J purchasing, extending, improving, en-
| larging, building or constructing OF
water works, or light and heat plants.
| AS additional security in providins
water works or light ana 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
class shall not be sold on basis Of
more than five per cent; that is to say,
the cost to the municipality for inter
est and discount on each issue W
bonds shall not exceed . per cent per
annum, and bonds issued by cities Of
the second class and incorporated
towns shall not be sold on a basis Of
more than six per cont, 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 boni fide circulation in the mu
nicipality issuing said bonG-
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 per-
mtted, may be levied by municipal
ties on the taxable property therein;
and any municipality issuing any
bonds or other interest-bearing evi
denoes Of Indebtedness shall, before
or at the time of doing so, levy az
rect tax payable annually not exceed
ing the amount limited as above, sur
ficient to pay the interest on such
bonds or other Understanding evil
dences o ( Indebtedness as the same
natures, and also sufficient to pay
and discharge theprincipal Of all such
bonds or other interPst-bparing eVt-