The Monticellonian., 1918-08-09
LEG AL NOTICES,
fThis Publication Will Cost the Tax-Pavers S21..5.
THC POSED DY INITIATIVE
 PETITION. PROPOSED CoNsrITUTIoNA AMENDMENT NO. n.


 porsted towns Of one thousand or more population, shown by the next pre- cedtnG Federal census. or by census talk
 en Tor that purpose by the municipal authorities of said town. and cities of the first and second class may issue by and with the consent of majority of the qualified electors of said municipality voting on the question at an election held for that purpose, bonds or other interest bearing evidences Of indebted ness. and providing the means and
 manner of payment of said bonds.
 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NC. 12.
 Be It Enacted by the People of the State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 16, Section l. 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 bearing evidences of indebted
 ness except s&ch bonds as may be au- thoriZed by law to provide for and se-
 cure the payment of the idebtedness existing at the time of the adoption
 of the Conrtitution of 1874. and the
 State shall never issue any interest bearing Urea. ury warrants or scrip.
 Provided, that incorporated towns or
 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 second class. may issue. by and with the consent of a majority of the qualified electors Of
 said municipality voting on the aues-
 tion at an election held for the pur- pose. bonds or other interest-oearYng evidences Of indebtednss in sums and
 for the purposes approved by such ma jority at such election, follows. to- wit:
 For the funding or refunding Of any existing debtedness incurred prior to the adoption of this amendment; for
 the acquisition of rights of way for
 and construction of public highways. streets, alleys or boulevards within the corporate limits of such municipality;
 for the purchase. development and im- provement of parks. located either within or without the corporate limits of such municipality; for the eonstruc- tion of sewers; for the purchase or sites for, or for the purcnasc or con
 etruetion of, city or town halls, audi toriums, prisons, libraries. hospitals. viaducts. bridges. or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring. purchasing, ex- | tending. improving. enlarging, 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 CT other lien may be given by such municipalities on such water works or light and heat plants and the income thereof. and the franchise and other property connect cd therwith.
 No bonds or other interest bearing
 evidences of indebtedness issued under the authority of this amendment shall bear greater rate of interst than six per cnt per annum, payable either ana
 nually or semi-annually, and bonds is- sued by cities Of the first class shall not l | G,~<
 cent; that is to say, the cost to the | municipality for interest and discount
 on each issue of bonds shall not exceed
 . per cent per annum. and bonds Is sued by citiet of the second class and l incorporated towns shall not be sold on q basis Of more than six per cent. and no bonds Issued under the author ity Of this amendment shall ever be gold. except al public sale after twenty days' advertisement in some newspaper having bona flde circulation in the municipality issuing said bonds.
 In order to provide for the payment
 of the bonds and other interest bearing evidences of indebtedness issued under the provisions of this amendrnnt and interest thereon, special tax, not to exceed i've mills on the dollar, in ad- dition to the rate now permitted, may be levied by municipalities on the tax able property therein; and any munic- ipality issuing any bonds or other in- terest-bearing evidences of indebted ness shall. before or at the time or doing SO levy direct tax payable an | nually not exceeding the amount 1im- | tted as above, sufficient to pay the in- terest on such bonds or other interest bearing evidences of indebtedness as the same natures, and also sufficient | 10 pay and discharge the principal of all such bonds or other interest bear | ing evidences of indebtedness at their respective maturitiesi provided. that the above limitation of the rave of tax tn by any municipality for the purpose or acquiring, purchasing, extending, fm- proving enlarging. building or con structing water works and light ana | heat plants but the levy of the spe- 1 eial tax of five mills authorized by this 1 amendment having been exhausted or l the balance unlevied being insufficient | to pay interest on and retire the pro- | posed bonds. said municipality, for the purpose of paying the principal and l interest of such water works and light and heat plant bonds. may. so Tar az required, levy and collect special tax | in addition to the rate allowed by this | amendment. of not to exceed i've nllls | on the dollar; provided also. that, as a l further and additional limitation upon 1 both the issuance of bonds or other | fnterest-bearing evidences of indebted
 ness and the levy of special tax to | pay interest thereon and retire the 1 same at their respective maturities. no 1 municipality shall have the power to l make an issue or DOfus oi otIei III terest-bearing evidences of indebted | ness if said proposed issue itself. or | together with all previous issues of l bonds and other interest-bearin2 evil | dences of indebtedness then outstand- i ing by such municipality. shall aggre- 1 gate as 10 city of the first class | more in amount than five per cent | (5es). and as to incorporated towns and cities of the second class more In i amount than seven per cent (l%) of | the assessed valuation of all taxable 1 property in the municipality proposing to issue the same. according to the last l general assessment next preceding said | proposed issue of bonds or other inter- | est bearing evidences of indebtedness. Said bonds and other interest bearing | evidences of indebtedness shall be se- rial maturing annually after three | years from date of issue, and shall be l paid off as they mature, and no bonds | for the acquisition of rights of way for l and the construction of public high | ways. streets, alleys or boulevards is-
 sued under the authority of this amend
 Ynent shall be issued for longer pe-
 riod than fifteen years, and no other | bonds shall be issued for a longer pe-
 riod than thirty-five years.
 1 No municipality shall ever grant 1 financial aid toward the construction Of 1 railroads or other private enterprises | operated by any person. firm or corpo-
 ration. and no money raised under the provisions Of this amendment by tax ! ation or by sale of bonds for a specific | purpose shall ever be used for any other or different purpose.
 For each separate issue of bonds, as
 proposed by any municipality, under l the terms of this amendment. there l shall be chosen three citizens tax | payers commissioners. These eommfS- | kioners shall not be otherwise connect 1 ed with the administration of the af-