The Sentinel=record., 1918-10-29
LEGAL NOTICES
PROPOSED INITIATIVE PETITION.
PROPOSED CONSTITUTIONAL
 AMENDMENT NO. 13.

ansas, 1874, and providing that incor
 porated towns of one thousand O
 more population, as shown by the mex 1 preceding Federal census, or by cen
 sus taken for that purpose by the ma
 nicipal authorities of said town, an
 cities of the first and second clas
 may issue, by and with the conscn
 of the qualified electors of said mum
 cipality voting on the question at al
 election held for that purpose, bond
 or other interest-bearing evidences o
 indebtedness, and providing the mean1
 and manner of payment of said bonds
 FOR AMENDMENT NO. 13.
 1 AGAINST AMENDMENT NO 13.
 Be It Enacted by the People of tht
 State of Arkansas:
 That Section l of Article 16 of tn, 1 Constitution of the State of Arkansas 1 be amended to read as follows:
 Article 16, Section l. Neither ths State, nor any city, county, town O. other municipality in this State shai l ever lend its credit for any purpose whatever; nor shall any county, city town or municipality ever issue an5 interest-bearng evidence of indebted | ness. except such bonds as may be authorized by law to provide for an1 | 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 or scrip.
 Provided, that incorporated town' 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 o1 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, a. follows, towit:
 For the funding or rcfunding ot any eisting indebtedness incurred prior to the adoption of this amendment; 10. the acquisition of rights of way for and construction of public highways streets, alleys and bouleyards wlthi the corporate limits of such munici palty; for the purchase, deyelOpmen 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 halls, auditoriums, prisons, lihrarie hospitals, yiaducts, 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 water works, or light and heat plants As additional security in proyidiul water works or light and heat plant for cities and towns, mortgage o. other lien may be given by such mu nicipallties on such water works or light and heat plants and the incom thereof, and the franchise and other property connected therewit
 No bonds or other bearins evidences of indebtedness issued un der Se authority of this amendmen, shall pear a greater rate of interes, than six per cent per annum, payable either annually or semi-annually, ant bonds isJued by cities of the frs. class shall not be sold on a basis o more than five per cent; that is to say the cost to the municipality for inter est and discount on each issue ul bonds shall not exceed per cent per annum, ana bonds issued by cities O. the second class and incorporate towns shall not be sold on a basis oi more than six per cent, and no bonds issued under the authority of tGis amendment shall ever be sold, eXcep at public sale after twenty days ad yertisement in some newspaper hay ing a boni fide circulation in the mu nicipality issuing said bone
 In order to provide for the payment of tho bonds and other interest-bear- ing evidences of indebtedness issued under the provisions of this amend ment, and interest thereon, special tax, not to exceed five mills on the dollar, in addition to the rate now per mitted, may be levied by municipaii ties on the taxable property therein and any municipality issuing any bonds or other interest-bearing eYl dences of indebtedness shall. belon or at the time of doing SC, ley q 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 ed- dences 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 st their re- spec respective maturities; provided, | that the above limitation of the rate of taxation shall not apply to bonds | issued by any municipality for the purpose ol acquiring, purchasing eX. | tending improving, enlarging, build