The Sentinel=record., 1918-09-14
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.

| 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 mu-
 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. l3.
 Be It Enacted by the People of tho
 State of Arkansas:
 That Section l of Article 1G of the Constitution of the State of Arkansas
 be amended to read as follows;
 Article 16, Section l. Neither ths State, nor any city, county, town or other municipality in this state shah ever lend it's 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 thetime of the adop ton of the Constitution of 1874, and the State shall never ssue any inter- est bearing treasury warrants oI 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 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: soi 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 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, a mortgage or
 other lien may be given by such mu- 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-bearlns
 evidences of indebtedness issued un-
 der the authority of this amendment shall bear greater rate of interest
 than six per cent per annum, payable l either annually or semi-annually, and l bonds issued by cities of the first 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 on each issue m
 bonds shall not exceed 6 per cent per
 annum, ana bonds issued by cities of | the second class and incorporated 1 towns shall not be sold on a basis of more than six per cent, and no bonds amendment shall ever be sold, except at public sale after twenty days ad- vertisement in some newspaper hav- ing boni fide circulation in the mu nicipality issuing said bone
 In order to provide for the payment
  ing evidences of indebtedness issued under the provisions Of this amend ment, and interest thereon, special 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 eyi 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 10 pay and discharge theprincipal of all such bonds or other interest-bearing eyi-I dences of indebtedness at their re- spec respective maturities; provided that the above limitation Of the rate