Sharp County record., 1918-08-23
PROPOSED BY INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO, Is.

Amending Section l OF Article ls OF
kansas, 1874. and providing that incor-
porsted towns Of one thousand or more
population as shown by the next pre-
csding Federal census, or by census tax.
en- for that purpose by the mnnicinai
authorities Of said town, and cities OF the
first and second class may issue. by and
with the consent OF a majority OF the
voting on the question at an election
held for that purpose, bonds or other
intersst-bearfng evidences OF indebted
ness, and providing the means and
manner Of payment Of said bonds.
FOR AMENDMENT NO. IS.
AGAINST AMENDMENT NO. 13.
Be It Enacted by the People Of the
State Of Arkansas:
That Section / OF Article 16 Of the
Constitution Of the State OF Arkansas
be amended to read as follows:
Article 1s, Section /. Neither the
State nor any city, county, town or
other municipality in this State shall
ever lend its credit for any purpose
town or municipality ever Issue any
intsrest-bsarins evidences Of indebted
ness, except such bonds as may be au-
thorized by law to provide for and Sc
cure the payment Of the indebtedness
existing at the time of the adoption
Of the Constitution Of 1874, and the
State shall never issue any interest
bearing treasury warrants or scrip.
Provided, that incorporated towns OF
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
majority Of the qualified electors or
said municipality voting on the ques-
tion at an election held for the pur-
evidences Of indebtedness In sums and
for the purposes approved by such ma
jority at such election, as follows, to.
wit:
For the funding or refunding OF any
existing indebtedness 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 i'm
provement Of parks, located either
within or without the corporate limits
Of such municipality; for the construc-
ton of sewers; for the purchase or
sites for. or for the purchase or con
struction 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, 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. a mortgage or other lien may
~ ulu Nv, n
such water works or light and heat
plants and the income thereof, and the
franchise and other property connect
ed therwith.
No bonds or other interest bearing
evidences Of indebtedness issued under
the authority of this amendment shall
bear a greater rate Of interst than six
nually or semi-annually, and bonds Is
sued 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 interest and discount
on each issue Of bonds shall not exceed
per cent per annum, and bonds Is.
sued by cities OF the second class and
incorporated towns shall not be sold
on a basis Of more than six per cent,
and no bonds issued under the author
ity Of this amendment shall ever be
sold. except at public sale after twenty
days advertiseme ent in some newspaper
having q bona fde circulation In tho
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 amendmnt, and
interest thereon, q special tax, not to
exceed ave 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:
moss shall, before or at the time OF
doing 10, levy a diSeot tax payable an
nualiy not exceeding the amount lin
tied as above, sufficient to pay the In
tcrest 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
rospectiye maturities; provided, that
the above limitation OF the rnte Of tax.
alton shall not apply to bonds Issued
by any municipality for the purpose or
acquiring, purchasing, extending, I'M
proving, enlarging, building or con:
strueting water works and light and
heat plants, but the levy or thp spe-
cial tax OF fvo mills authorised By this
the balance unlevled being insufficient
10 pay Interest on and retire the pro-
posed bonds, said municipality, for the
purpose OF paying the principal ana
Interest OF such water works and light
and heat plant bonds, may, so far as
required, levy and collect q special tax
In addition to the rate allowed by this
amendment, OF not TO exceed Ave mills
on tho dollar; provided also, that, as a
further and additional limitation upon
both the issuance OF bonds or other
interest bearing evidences OF indebted
meas and the levy OF n special tax 10
pay interest thereon and retire the
same al their respective maturitlee, no
municipality shall have the power to
make an Issue Of bonds or other In
terest- bearing evidences OF indebted
noss, II said proposed issue itself, or
together with all previous Issues OF
bonds and other interest bearing evil
denoes OF Indebtedness then outstand-
Ing by such municipality, shall eggre-
gate as TO city OF the nfst class
more In amount than Ave per cent
(bes), and as to incorporated towns
and cities Of the second class more IN
amount than seven per cent T% OF
tho assessed valuation Of oil taxa bic
property In the municipality proposing
10 Issue the same, according 20 the last
general assessment next preceding said
proposed issue OF bonds or other inter-
ests bearing evidences OF Indebtedness,
Said bonds and other interest.bearlng
evidences Of Indebtedness shall be 40.
rial maturing annually after three
years from date OF Issue, ana shall be
aex tL..1 t,,E a1 ,,A IA