The Sentinel=record., 1918-09-17
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

p Amending Section 1 of Article 16 O.
 the Constitution of the State of Ark ansas, 1874, and providing that incor-
 porated towns of one thousand ol - more population, as shown by the nexl V preceding Federal census, or by cen D sus taken for that purpose by the mu- f nicipal authorities of said town, anc cities of the first and second class
 may issue, by and with the consen;
 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 oi
 indebtedness, and providing the means
 and manner of payment of said bonds
 FOR AMENDMENT NO. 13.
 l AGAINST AMENDMENT NO. 13. l Be It Enacted by the People of the
 State of Arkansas:
 That Section 1 of Article 16 of the
 Constitution of tho State of Arkansas
 be amended to read as follows:
 Article 16, 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 l whatever; nor shall any county, city, town Or municipality ever issue any
 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 1 the State shall never ssue any inter- 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 1 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 1 electors of said municipality voting on 1 the question at an election held for tho 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 rofunding 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 muniei l 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 pu1-
 chase or construction or city or town
 halls. auditOriums, prisons, libraries hospitals, yiaducts, bridges, or build
 ings 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 providing
 water works Or light and heat plants
 for cities and towns, mortgage or nicipalities on such water works or light and heat plants and the income
 thereof, and the franchise and other property connected therewit
 No bonds or other interest-bearins evidences of indebtedness issued un- ] der the authority of this amendment 1 shall bear greater rate of interest than six per cent per annum, payable | either annually or semi-annUally, and 1 bonds issued by cities of the first i class shall not be sold on a basis of more than five per cent; that is to say, the cost to the municipality for inter- 1 est and discount OF each issue U | bonds shall not exceed per cent per annum, anu bonds issued by cities of 1 the second class and incorporated towns shall not be sold on a basis of moro than six per cent. and no bonds issued under tue authority of this amendment shall ever be 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
 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 tAeI dollar, in addition to the rate now per mitted may be levied by municpaii- ties on the taxable property therein; and any municipality issuing any bonds or other interest-bearing evi dences of indebtedness shall beforC 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-bearing evil dences O f indebtedness as the same natures, and also sufficient to pay and discharge theprincipal of all such bonds or other interest-bearing evi- dences of indebtedness at their re- spec respective maturities; provided, |