Sharp County record., 1918-09-06
PROPOSED BY INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. Is.

Amending Section l 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 taxi
en- for that purpose by the municipal
| authorities OF said town, and cities of the
| frst and second 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 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. IS.
AGAINST AMENDMENT NO. -.
Be 1t Enacted by the People Of the
State of Arkansas:
That Section l of Article 16 Of the
Constitution of the State OF Arkansas
be amended to read as follows:
Article 1e, Section /. Neither the
State nor any city, county, town or
other municipality In this State shall
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 be au-
thorized by law to provide for and Sc
cure the payment OF the Indebtedness
existing at the time OF the adoption
Of the Constitution of 1874, and the
State shall never Issue any interest
bearing treasury warrants or scrip.
Provided, that incorporated towns OF
1000 or more pQpulation, as shown by
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 q
| majority OF the qualified electors or
said municipality voting on the ques-
tion at an election held for ths pur-
pose, bonds or other interest-pearing
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; for
the acquisition OF rights OF way for
and construction Of public highways.
streets, alleys or boulevards within the
corporate limits of such municipality;
for the purchase, development and i'm
provement OF parks, located either
within or without the corporate limits
of such municipality; for the construc-
tion Of sewers; for the purchase or
sites for, or for the purchase or con
struction of, city or town halls, audi
toriums, prisons. libraries. hospitals,
viaducts. bridges, or buildings for hous-
ing nre fghting apparatus; and for the
purpose OF acquiring, purchasing, ex-
tending, improving, charging, 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 ana
towns, q mortgage or other lien may
be given by such municipalities on
such water works or light and heat
plants and the income thereof, and the
franchise and other property connect
ed therwith.
No bonds or other interest bearing
evidences Of Indebtedness Issued under
the authority Of this amendment shall
bear a greater rate of interst than six
per cnt per annum, payable either an
nually or semi annually, and bonds Is
sued by cities Of the first class shall not
be sold on a basis OF more than nve per
cent; that Is to say, the cost to the
municipality for interest and discount
on each Issue of bonds shall not exceed
per cent per annum, and bonds Is
sued by cities Of the second class and
Incorporated towns shall not be sold
on a basis OF more than six per cent
and no bonds issued under the author
ity Of this amendment shall ever be
sold, except at public sale after twenty
days advertisement In some newspaper
having a bona fide circulation In the
municipality Issuing said bonds
In order to provide for the payment
Of the bonds and other interest bearing
evidences Of Indebtedness Issued under
the provisions Of this amendmnt and
interest thereon. a special tax, not 70
exceed fve mills on the dollar, In ad-
dition TO the rate now permitted, may
be levied by municipalities on the tax
able property therein; and any munic-
ipality Issuing any bonds or other In
terest- bearing evidences OF Indebted.
moss shall, before or at the time or
doing so, levy a direct tax payable an
nualiy not exceeding the amount Inn
ited az above. sufficient to pay the in
terest on such bonds or other interest
bearing evidences of Indebtedness as
the Same natures. and also sufficlent
10 pay and discharge the principal OF
all such bonds or other interest pear
Ing evidences OF indebtedness at their
respective maturities; provided, that
the above limitation OF the rate OF tax.
alton shall not apply to bonds Issued
by any municipality for the purpose or
ncouiring, purchasing, extending, I'M
proving, enlarging, building or con-
structing water works ana light ana
heat plants, but the levy OF the spe-
o,ai tax OF Ave mills authorized by this
amendment having been exhausted or
The balance unlevied being insufficien'
10 pay Interest on and retire the pro-
posed bonds, said municipality, for the
purpose of paying the principal and
Interest Of such water works and light
and heat plant bonds, may, 30 FAR as
required, levy and collect q special tnx,
in addition TO the rate allowed by this
aroendment, OF not TO exceed fve mills
on the dollar; provided also, that, as
further end additional limitation upon
both the issuance OF bonds or other
bearing evidences OF indebted
meas and the levy OF special tax TO
pay interest thereon and retire the
same at their respective maturities, no
municipality shall have the power TO
mike an Issue OF bonds or other In
terest. bearing evidences OF Indebted
meas, II said proposed issue Itself or
together with oil previous Issues OF
honda and other INTEREST," bearing evil
dences OF indebtedness then outstand-
Ing by such municipality shall oggre-
gate as TO q city or the nfst class
more In amount than fve per cent
tb%) and as TO incorporated towns
and cities OF the second class more In
amount than seven per cent W%) OF
the assessed valuation OF all taxable
property in the municipality propoeing
10 lssue the same, according TO the last
genoral assessment next preceding said
proposed Issue OF bonds or other inter-
atsbooring evidences OF indebtedness.
Said bonds and other interest. bearing
evidences OF indebtedness shall be 30.
rial, maturing annually after three