The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-08-09
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT MO IA

FHOFOSED CONSTlT OTlONAL
AMENDMENT NO. 10.
Amending Section | OF Article lG oil
the Constitution of the State OF Ark |
ansas, 1874, and providing that incor- |
porated towns of one thousand orl
more population, as shown by the next
preceding Federal census, or by CEN
sus taken for that purpose by the mn
nicipal authorizes of said town, ana
cities of the first and second class
may issue, by and with the consent
Of the qualified electors of said num-
cipaity voting on the question at an
election held for that purpose, bonus
or other interest-bearing evidences Of
Indebtedness, and providing Jhe means
and manner of payment of said bonds
FOR AMENDMENT NO. IS.
AGAINST AMENDMENT NO. 10.
Be 1t Enacted by the People of the
State OF Arkansas:
That Section I of Article 16 of the
Constitution of the State of Arkansas
be amended to read as follows:
Article 16 Section /. Neither the
State, nor any city, county, town OF
other municipality in this state shat
ever lend its credit for any purpose
whatever; nor shall any county, city
town or municipality ever issue any
lnterest-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-beaiins treasury warrants or
scrip
Provided. that Incorporated towns
of LOCO 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 majority of the qualified
electors OF said municipality voting on
the question at an election held fof
the purpose. bonds or other interest
bearing evidences Of Indebtedness in
sums and for the purposes approved
by such majority at such election, as
follows, towit.
For the funding or refundiug of any
eisting Indebtedness incurred prior toI
the adoption of this amendment: ,oi
the acquisition of rights of way for
and construction of public highways
"A lou. t-ga mill IL,
the corporate limits of such munici
paity; 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-
chase or construction of, city or town
halls, auditoriums, prisons, libraries. |
hospitals. viaducts, bridges, or built
ngs for housing fire fighting appara-
tus; and for the purpose of acquiring. |
purchasing, extending improving, en-
larging, building or constructing Of
water works. or light and heat plants |
As additional security IN proyidiug |
water works or light and heat plants |
Tor cities and towns, a mortgage OF |
other lien may be given by such mu-
inequalities on such water works or
hight and heat plants and the ncomei
thereof, and the franchise and other
property connected therewn
No bonds or other interest -hearins |
evidences Of Indebtedness issued an
der the authority of this amendment
shall bear "A ssrc-tar rot 80 s,...,..
than six per cent per annum. payable
either annually or semi-annually. and |
bonds issued by cities of the FIRST
class shall not be sold on a basis oil
| more than tive per cent, that is to say |
the cost TO the municipality Tor utter |
est and discount on each issue On
bonds shall not exceed 5 per cent perl
annum, ana bonds issued BY cities oil
the second class and Incorporated |
towns shall not be sold on a basis oil
more than six per cent, and no bonds
issued under the authority OF this i
amendment shall ever be sold. except
| at public sale after twenty days adj
vertisement in some newspaper hav- !
ing boni tide 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
under the provisions OF this amend
ment and interest thereon. a special
tax, not to exceed five mills on tael
dollar, in addition to the rate now per-
mitted, may be levied by municipal
ties on the taxable property thereini