The Sentinel=record., 1918-08-14
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. t3.

I fNsh'Rh ANNIh Ol but tHONHanU
 more population, as shown by the neA ' preceding Federal census. or by cen
 sus taken for that purpose by the ml
 nicipal authorities of said town, an
 cities of the first and second clas
 may issue, by and with the consen
 of the qualified electors of said muul eipality voting on the question at al election held for that purpose, bona or other interest-bearing evidences Q indebtedness, and providing the mean and manner of payment of said bonds
 FOR AMENDMENT NO. 1S.
 | AGAINST AMENDMENT NO. 13.
 Be It Enacted by the People of tn, State of Arkansas:
 That Section of Article 1G of th, Constitution of the State of ArkausM be amended to read as follows:
 l Article 16, Section l. Neither tn. | State, nor any city, county, town u other municipality in this State sinai ever lend it's credit for any purpose whatever; nor shall any county, city 1 town or municipality ever issue an! | interest-bearng evidence of indebted. 1 ness, except such bonds as may be authorized by law to provide for anl l secure the payment of the indebted ness existing at thetime of the adop l ton of the Constitution of 1874, an( the State shall never ssue any inter | est bearing treasury warrants O. 1 scrip
 | Provided, that incorporated towns of 1000 or more population, as showI by the next preceding federal census or by census taken for that purpose | by the municipal authorities of sait l towns and cities of the first and sec ond class, may issue, by and with thu 1 consent of majority of the qualified electors of said municipality voting or l the question at an election held fol | the purpose, bonds or other interest | bearing evidences of indebtedness il l sums and for the purposes approved by such majority at such election, a' follows, toRit
 For the funding or refunding of an, eisting indebtedness incurred prior t | the adoption of this amendment; io
 the acquisition of rights of way fo and construction of public highways 1 streets, alleys and boulevards within the corporate limits of such munici pality; for the purchase. developmen and improvement of parks, located either within or without the corporatl l IfmifG of gttgh f1f construction of sewers; for the put
 chase or construction of, city or tow
 halls, auditoriums, prisons, libraries hospitals viaducts, bridges, or build
 iugs for housing fire fighting appara
 tus. and for the purpose of acquirml tpurchasing, extending, improving, en
 larging, building or constructing 0
 water works, or light and heat plante
 As additional security in proyidiu
 water works Or light and heat plant
 for cities and towns, a mortgage o
 other lien may be given by such mu
 inequalities on such water works O
 light and heat plants and the incom
 thereof, and the franchise and othe
 property connected therewit
 | No bonds or other intereSt-bearin
 evidences of indebtedness issued un
 der the authority of this amendmen shall bear a greater rate of interes than six per cent per anuum, payabl either annually or semi annually, an l bonds issued by cities of the flrs class shall not be sold on basis q | ha 5t. 4,, s the cost to the municipality for inter est and discount on each iesgo q bonds shall not exceed per cent pc annum. and bonds issued by cities Q the second class and incorporate' towns shall not be sold on basis c more than six per cent, and no bond issued under the authority Of thi amendment shall ever be sold. excep at public sale after twenty days ad- vertisement in some newspaper hay ing a honi fide circulation in the mu nicipality issuing said houl-
 In order to provide for the payment of the bonds and other interest bear. ing evidences of indebtedness issued | under the provisions of this amend ment. and interest thereon. a specia | tax. not to exceed five mills on the dollar. in addition to the rate now per mitted, may be levied by munlcpai
 ties on the taxable property therein and any municipality issuing any bonds or other interest-bearing eH dences of indebtedness shall, before or at the time of doing so. levy a di rect tax payable annually not exceed ing the amount limited as above, sur ficient to pay the interest on such bonds or other interest-bearins evil iences indebtedness as the same natures. and also sufficient to pay and discharge theprincipal of all such bonds or other interest-boariug eyt- dences of indebtedness at their re- spec respective maturities; provided, that the above limitation of the rate of taxation shall not apply to bonds issued hy any municipality for the purpose or acquiring, purchasing, eX- tending, improving, charging, build ing or constructing water works and light and heat plants, but the levy of the special tax of five mills author fsaa hu fhfc amapdp,apf bayfuo hp u