The Monticellonian., 1918-08-16
LfUAL NOTICES.
This Publication Will Cost
 the Tax-Pavers S7.25.
fRG POSED BY INITIATIVE
 PETITION PROPOSED COMPETITION 4%ENB.fEST NO. Il.

kansas 1874. and providing that ineor- porated towns of one thousand CT more population. as shown by the next pre- csasns Federal census. or by census talk en for that purpose by the municipal authorities Of said town and cities ot the frst and second class may issue by and with the consent of majority Of the C4alned electors or said municipality voting on the question at an election held for that purpose. bonds or other Interest bearing evidences CT ird- bted- ness, and providing he means and manner Of payment CT said bonds.
 FOR AMENDMENT NO. 1s.
 AGAINST AMENDMENT NO. ls
 B. T. Enacted by the People Of the
 State oE Arkansas:
 That Section l ot Article Is Of the Constitution of the State Of Arkansas b amended t0 read zs follows
 Article lf, Section !. Neither the State nor any city. county. town o- ether H1uuici pality in th4s State shall ever lend it's credit for any purpose whatever nor shall any county. city. town CT uaIEl lpzlity essr issue any interest aseali5z=- eTill-- es Ct indebted ness, excspt sch bou4s as nay h. su- thorizeG b. l2T. 70 provide saE and SC cure the payment O. the indebtedness existing a+ tae time of t.se adoption Of the Contribution of aS-4 and the State shall never issue any interest bearing treasury warrants or scrip.
 Provided. that incorporated towns a- loco or more population. as shown by the next preceding federal census. or ey census taken for that purpose ty the municipal authorities Of said towns and cities ot the first and second class may issue, by and with the consent Of a majority Of the qualified electors oc said municipality voting on the ques- ton zt an election held for the pu=- pose. bonds or ether iuterest-sear.ng 2 evidences Of ndebtednss in sums and for the purposes approved by such ma joTity al such election. as follows. to- wit:
 For the funding or retunding Of any existing indebtedness incurred prior 10 the adoption uf tllz amendment. for the acquisition 0: rights Of way for and construction of public highways. streets alleys or bouIeyards within the corporate limits Of such municipality; for the purchase. development and inn preNemeat ef parks. located either within or without the corporate limits of such municipality for the construe- tion of sewers: for the purchase or sites for. or for the purCnase or con- stEuction of. city or town halls audi torlums. prisons. libraries hospitals. viaducts bridges CT buildings for hoGs- ing fire fighting apparatus: and for the puTpose Of acquiring. purchasing, ex- tending. improy ing. charging. 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. mortgage or 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 ee therSith.
 So bonds or other interest bearing evidences Of indebtedness issued under the authority of this amendment shall bear a greater rate Of interst than six per cnt per snnum- payable either an nualty or ssra5-annusiIy. and bonds is- sued by cities of the first class shall not be sold on basis of more than five per cent: that is 10 say. the cost to the municipality for interest and diseoun, on each issue ot bonds shall not exceed : per cent per annum, and bonds f.. sued hy cities of the second class and 1 Incorporated towns shall not he sold On basis of more than six per cent and no bonds Issued under the author fly Of this 1eudnent shall ever be sold except a public sale after V ents days advertisement in some hewspape, havins.a bona fde circulation in the municipality issuing said bonds
 Tn order to provide for the payment Of the boa9s and other interest besrfn evidences Of indebtedness issued under the provisions Of this smendmnt= and i interest thereon. 6 special tax. not e exceed five mills on the dollar. Tn ad- i dition 10 the rate now permitted, may be levied by municipalities on the tax able property therein: and any munfc- ,pality issuing any bonds or other in- terest- bearing evidences Of indebted ness shall. before or at the time of |=doing SO. levy direct tax payable an I ruadly not exceeding the amount lfm- fted ss above. sufficient to pay the in- tsrest on such bonds or ether interest f bearing evidences ef tnde htedness a, the same natures. and also sufficient 10 pay and discharge the principal oi all such bonds or other interest-eear- ing evidences of indebtedness al theil ' respective maturities; provided. thai i the above limitation of the rste Of tax stion shall not apply to bonds Issued by any municipality for the purpose oi | acquiring purchasing. extending. I'm. proving, enlarSins, building or con- structing water works and light and heat plants. but the levy or the spe- eiai tax Of five mills authorized by tn Is amendment having been exhausted or i the balance unleyied being insufficient to pay interest on and retire the pro- posed bonds. said municipality. fer the l purpose Of paying the principal and interest Of such water works and Hgni and heat plant bonds. may. go far as recuirsd levy and collect special tax in addition to the rate allowed oy thl s amendment Of not to exceed five mills on the dollar: provided also, that. as a further and additional limitation upon both the issuance of bonds or other interest-bearing evidences c. indebted ness and the levy of 8 special tsx to pay interes: thereon and retire the 6 municipality shall have the power to make an issue os bonds or other in- terest-bearing evidences Of indebted ness if said proposed issue itself. or together with all previous issues oi b4ds and other interest bearing evt- deness Of indebtedness then aItstant- ing by such municipality. shall aggre- gate as 10 city of the first class more in amount than Eve per cent fsG3, and as 10 incorporated towns and cities Of the second class more In amount than seven per cent f4E of the assessed valuation of all taxable property in the municipality proposing 10 issue the same. according 10 the last general assessment next preceding said proposed issue of bonds or other inter- est-besring evidences of indebtedness.
 Said bonds and other tnterest-bearing 2 evidences Of indebtedness shall he se- rial maturing annually after three years from date Of issue. and shall hs paid of ss they mature, and no bonds for the acquisition Of rights of way for and the construction Of public high ways streets. alleys or boEleNsrds is- sued under The authority ot this amend rae-t shall be issued for . longer pc riod than Ettesn years, and TO other bonds shah be issued for longer pe- riod than. .thirty-fvs years.
 No municipality shall ever grant financial aid toward the constFuctfon Cf railroads CT other private enterprises operated hy any person firm oE corpo- ration ,znd no money raised under the provisions of this an endn4ent by tax stion or ey sale of bonds for speci1c purpose shall ever be used for all. other O. different purpose.
 For .sch separate issue of bonds. ss proposed by any municipality, under the terms Of this amendment. there