The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-08-21
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 13,

Amending section of Article ] 6 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 MI
niclpal 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 mum
cipality voting on the question at an
election held for that purpose, bonds
or other interest-bearng evidences Of
Indebtedness, and providing the means
and manner Of payment OF said bonds
FOR AMENDMENT NO. Is.
AGAINST AMENDMENT NO. 10.
BE II Enacted by the People Of the
State of Arkansaa:
That Section / of Article lG 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 OF
other municipality in this state shah
ever lend its credit for any purpose
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 lifetime Of the adop'
ton of the Constitution Of 1874, and
the State shall never ssue any inter
est-bearing treasury warrants OF
scrip
Provided that incorporated towns
OF ] 900 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 ana 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
| the question at an election held for
| 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 refunding of any
| eisting Indebtedness incurred prior to
the adoption of this amendment; foi
the acquisition of rights Of way for
streets, alleys and bouleyards within
the corporate limits of such munich
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 puI-
J, | chase or construction of, city or town
= halls. auditoriums, prisons, libraries
, hospitals, viaducts, bridges, or build
| ings for housing fire fighting appara-
/ tus; and for the purpose Of acquiring
r purchasing extending, improving, en-
I larging, building or constructing o
| water works, or light and heat plants
t As additional security in providing
S water works or light and heat plant
s for cities and towns, mortgage o
a 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 annum, payabl
! either annually or semi annually, an
! | bonds issued by cities Of the frs
class shall not be sold on a basis u
more than five per cent; that is TO say
the cost to the municipality for inter
4 est and discount on each issue q
bonds shall not exceed 8 per cent pc
| annum, ana bonds issued by cities o
the second class and incorporated
towns shall not be sold on basis @
more than six per cent, and no bond
issued under the authority Of tint
amendment shall ever be sold, eXcep
at public sale after twenty days adj
| yertisement In some newspaper hay
ing a boni fide circulation in the mu
uicipality issuing said bone
In order to provide for the paymen
of the bonds and other interest-bear-
ing evidences of Indebtedness ISSUED
under the provisions Of this amend
q | ment, and interest thereon, specia
o tax. not to exceed five mills on th'
D dollar 81 addition 10 the rate now per
D mitted, may be levied by municipali-
: ties on the taxable property therein
and any municipality issuing ans
3 | bonds or other Understanding eyi
@ dences of Indebtedness shall, before
q or at the time of doing so, levy a ~
i rect tax payable annually not exceed
- ing the amount limited as above, sur
4 ficient to pay the interest on sucl
bonds or other interest-bearing evil
dences o + Indebtedness as the same
natures, and also sufficient to pay
: and discharge theprincipal Of all suci
bonds or other Understanding eyi
u dences OF Indebtedness at their re-
, | spec respective maturities; provided
i that the above limitation of the rate
of taxation shall not apply to bonds