The Sentinel=record., 1918-08-31
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

| AMENDMENT NO. 13.
 Amending Section of Article 16 of the Constitution of the State of Ark 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 mg- nicipal authorities of said town, and cities of the first and second class may issue, by and with the consent of the qualified electors of said muni- cipality voting on the question at an election held for that purpose, bonds or other interest-bearing evidences of indebtedness, and providing the means and manner of payment of said bonds
 FOR AMENDMENT NO. 13. AGAINST AMENDMENT NO. 13.
 Be It Enacted by the People of tho State of Arkansas:
 That Section l of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 1G, Section l. Neither the State, nor any city, county, town or 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 1 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 thetime of the adop- | ton of the Constitution of 1874, and the State shall never ssue any inter- est-bearing treasury warrants ol 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 1 the question at an election held for the purpose, bonds or other interest l bearing evidences of indebtedness in sums and for the purposes approved by such majority at such election, as follows, towit:
 For the funding or refunding of 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 within the corporate limits of such munici 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 pur- chase or construction of, city or towF halls auditoriums, prisons, libraries hospitals, yiaducts, bridges, or build
 ings for housing fire fighting appara- tus; and for the purpose of acquiring J purchasing, extending, improving, en } larging, building or constructing O water works, or light and heat plants
 As additional security in providing
 water works or light and heat plant for cities and towns, a mortgage O.
 other lien may be given by such' mu
 nicipalities on such water works O
 light and heat plants and the income
 thereof and the franchise and othe
 property connected therewite
 No bonds or other interest-bearin. evidences of indebtedness issued uu- der the authority of this amendment
 shall bear 8 greater rate of interes than six per cent per annum, payable either annually or semi-annually, anC bonds issued by cities of the firs class shall not be sold on a basis 0 more than five per cent, that is to say the cost to the municipality for inter est and discount on each issue U bonds shall not exceed 5 per cent pel annum, and bonds issued by cities o the second class and incorporated towns shall not be sold on a basis o more than six per cent, and no bonds issued under the authority of this amendment shall ever he sold, except at public sale after twenty days ad- vertisement in some newspaper hay ing a boni fide circulation in the mu nicipality issuing said bone
 I 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 municipali- ties on the taxable property therein and any municipality issuing any bonds or other interest-bearing eW dences of indebtedness shall, befort 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 iuterest-bearing eyi- dences O indebtedness as the same natures, and also sufficient to pay and discharge theprincipal of all such bnpdc or Othnr intarecf bpartpo qVf