Newport daily independent., 1918-10-16
PROPOSED ny INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMEN NO. I3.


 Amending Section 1 of Article 1s Of the Constitution of the State of Ar kansas, 1874, and providing that incor- porated towns of one thousand or more population, as shown by the next pre- ceding Federal census or by census tax en for that purpose by the municipal authorities of said town, and cities of the first and seeond4class may issue, by and with the consent Of majority or the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other interest bearing evidences of indebted ness, and providing the means and manner of payment of said bonds.
 FOR AMENDMENT NO. 1S.
 AGAINST AMENDMENT NO. 13. Be It Enacted by t..e 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 1. Neither the State nor any city, county, town or ever lend its credit for any purpose whatever; nor shall any county, city, town or municipality ever issue any interest bearing evidences of indebted ness, except such bonds as may De au- thorized by law to provide for and se- cure the payment of the indebtedness existing at the time of the adoption of the Conatitution of 1874, and the
  bearing treasury warrants or scrip.
 Provided, that incorporated towns or 1000 or more population, as shown py the next preceding federal census or by census taken for that purpose py the municipal authorities of said towns and cities of the first and second class, may issue, by and with the consent Of a majority of the qualified electors or said municipality voting on the ques- ton at an election held for the pur- pose, bonds or other interest-pearrng evidences of indebtednss in sums and for the purposes approved by such ma jority at such election, as FOLLOWS, to- wit:
 For the funding or refunding or any existing indebtedness incurred prior to the adoption of this amendment; Tor the acquisition of rights of way TOT and construction Of public highways, streets. alleys or bouleyards within the corporate limits of such municipality; for the purchase. development and lm- provement of parks, located either within or vyiInout the corporate limits of such municipality; for the construc- ton of sewers; for the purchase OF sites for, or for the purcnase of con struction Of city or town halls, auGi- toriurns, prisons libraries hospitals vfaducts. bridges, or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring, purchasing, eX- tending, improving, cnlarglng pGllolh3 or eonstmctiig g of w9ter works, or light ana EGaL p'GIlS. <AS ttdbi'i ici'"'i security in providing water works or light and heat plants for cities ana towns mortgage or other lien may be given by such munich }utlss on such water works or light and neat plants and the income thereof, and the franchise and other property connect ed therWith.
 No bonds or other interest-bearing evidences of indebtedness issued uaocT the authority of this amendment shall bear a greater rate Of interst than SIX per cnt per annuTaI payable either an nuafly or seni-annuaily, and boNds ls- sued by cities of the first class snail not he sold on a basis of more Il an five per cent; that Is to say, ths cost to the municipality for interest and discount on each issue of bonds shall not exceed s per cent per annum, and bonds ls- sued by cities of the second class ana incorporated towns shall not be sold on a basis of more than six per cent and no bonds issued under the adhoF- ity of this amendment shall ever pc sold except at pu blie sale after twenty days advertisement in some newspaper having a bona fide circulation i'll the mt licipality issuing said bonds.
 In order to provide for the payment of the bonds and other iUterest-bear1ng evidences of indebtedness issued under the provisions of this amendmnt, ana Interest thereon, special tax, not 10 exceed i've mills on the dollar, Tn au- ditfon to the rate now permitted, may 
 able property therein; and any munic- ins1ity Issuing any bonds or other ln- terest- bearing evidences of lndeoteo. ness shall before or at the time or doin. SO levy g direct tax payable an- nuaIly not exceeding the amount llrn- tied as above, sufficient to pay the ln- terest on such bonds or other interest," bearing evidences of indebtedness as the same natures. and also sufficient to pay and discharge the princ1pal or all such bonds or other interest pear ing evidences of indebtedness at thelF rospecfive maturities; provided that t.e above limitation or the rete or ta%7 efion shall rot apply to bonds issued bt am inuuicipa litT for the purpose or accuiring, prrchasinG. extending, iin- proving, enlarging. building or con- structing water works and II ght anu heat plants but the levy of the spe- cial tax of five mills authorized by this sunndnert having been exhausted or the balance unieVicd being lnSulilcleh' to pay interest on and retire the pro- nosad bonds said municipality. for the nurpose of paving the principal and interest of such water works and nght and heat plant bonds may, so Tar as required. levy and collect special tex, h, addition to the rate allowed by tf1 anen1nrcnt of not to exceed five mills on the dollar: provided also. that, as further and additional limitation upon both the issuance of bonds or othef interest bearing cVioences or lnaSote. ness pay interest thereon and retire the aa3ne al their respective matulities no municipality shah have the power to make an issue Of bonds or other in terest- bearing evidences of tndehted- ness, if said proposed issue itself or together with all previous issues of bonds and other interest bearing evil dences Of indebtedness then outstand- inc by such municipalty shall aggre- gate as to a city of the first class more in amount than five per cent C5G) and as to incorporated towns ,Is and cities Of the second class more Tn amount than seven per cent (1fo) of the assessed valuation of all taxable property h the municipality proposing to issue the same according 10 the last general assessment next preceding said proposed Issue of bonds CT other inter- est-bearing evidences of indebtedness.
 Said bonds and other interest bearing evidences Of indebtedness shall be se- rial maturing annually after three years from date of issue, and shall De paid off as they mature, and no bonds for the acquisition of rights of way for and the construction of public high ways, streets. alleys or boulevards is sued under the authority of this amend