The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-09-26
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

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 consen;
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
E, and manner OF payment of said bonds
FOR AMENDMENT NO 10.
i AGAINST AMENDMENT NO 10.
4 BE 1t Enacted by the People Of the
4 State of Arkansas:
! That Section l OF Article 16 OF the
Constitution of the State of Arkansas
4 be amended to read as follows:
Article 16, Section j. Neither tbs
State, nor any city. county, town OF
other municipality in this State shall
ever lend it's 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
ness existing at lifetime of the adop-
| 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
i by such majority at such election, as
follows, towit;
For the funding or refunding Of any
eisting Indebtedness incurred prior to
I the adoption Of this amendment; iol
the acquisition Of rights Of way for
and construction of public highways
streets, alleys and bouleyards within
the corporate limits of such munici
I 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 puI-
y chase or construction of, city or town
halls, auditoriums, prisons, libraries
hospitals, yiaducts, bridges, or build
Il ings for housing fire fighting appara-
tus; and for the purpose OF acquirins
purchasing, extending, improving, en-
b larging, building or constructing o.
a. water works, or light and heat plants
I AS additional security in PROVIDING
Il water works or light and heat plant.
for cities and towns, a mortgage Of
other lien may be given by such mu-
inequalities on such water works o.
] light and heat plants and the income
! thereof, and the franchise and othel
? property connected therewit
+, No bonds or other interest-bearins
evidences of Indebtedness issued I'M
der the authority of this amendment
. shall bear greater rate of interes
than six per cent per annum, payable
/. either annually or semi-annually, ant
bonds issued by cities Of the frs
class shall not he sold on a basis d
more than five per cent; that is to say
! the cost to the municipality for inter
est and discount on each issue vi
bonds shall not exceed . per cent PEI
annum, ana bonds issued by cities OIL
tho second class and incorporated
towns shall not be sold on a basis OF
more than six per cent. and no bonds
issued under the authority of tais
| amendment shall ever be sold eXcep'
at public sale after twenty days adj
vertisement 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
I 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
mitted, may be levied by municipal
ties on the taxable property therein
and any municipality issuing any
bonds or other Understanding evi
dences of Indebtedness shall, before
or at the time of doing so, levy di
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 Understanding evf-
dences OF Indebtedness at their re-
snee respective maturities; provided
that the above limitation Of the rate
of taxation shall not apply to bonds
issued by any municipality for the
purpose OF acquiring, purchasing, eX-
tending, improving, enlarging, build