The Sentinel=record., 1918-09-13
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AME ENnM EMF NO 12

 ? 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 m1- nicipa authorities of said town, ana cities of the first and second class may issue, by and with the consent of the qualified electors of said munl- cipality voting on the question at m 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.
 l AGAINST AMENDMENT NO. 13.
 Be It Enacted by the People of the State of Arkansas:
 That Section l of Article 1G of the Constitution Of the State of Arkansas be amended to read as follows:
 Article 1G, 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 1 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. tion of the Constitution of 1874, and | the State shall never ssue any inter- bearing treasury warrants oi | scrip
 l Provided, that incorporated towns of 1000 or more population, as shown 1 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 l consent of a majority of the qualified electors Of said municipality voting ou 1 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:
 I For the funding or refunding of any eisting indebtedness incurred prior to the adoption of this amendment; iol the acquisition of rights of way for and construction of public highways streets, alleys and bouleyards within , the corporate limits of such munich pality; for the purchase, development l and improvement of parks, located ; either within or without the corporate limits of such municipality; for the construction of sewers; for the puI- 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 acQuirln2' , purchasing, extending, improving, en- . larging building or constructing oi water works, or light and heat plants l As additional security in providing water works or light and heat plants | for cities and towns, a mortgage oI other lien may be given by such mu- nicipalities on such water works or light and heat plants and the income | ! property connected therewit
 No bonds or other interest-bearint evidences of indebtedness issued un- der the authority of this amendmen 1 shall bear 8 greater rate of interest than six per cent per annum, payable either annually or semi-annually, and 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 est and discount on each issue ui bonds shall not exceed , per cent per annum, and bonds issued by cities oi the second class and incorporated towns shall not he sold on a basis of more than six per cent, and no bonds issued under the authority of this amendment shall ever be sold, except at public sale after twenty days ad-. yertisement in some newspaper hav- ing a bom fide circulation in the mu nicipality issuing said bone.
 In order 10 provide for the payment 1 of the bonds and other interest-bear- 1 ing evidences of indebtedness issued under the provisions Of this amend ment and interest thereon. a special tax, not to exceed five mills on the dollar, in addition to tho 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 denees of indebtedness shall, befort or at the time of doing so levy a df rect tax payable annually not exceed ! ing the amount limited as above, sur ficient to pay the interest on such 1 bonds or other interest-bearing evil dences O indebtedness as the same natures. and also sufficient to pay and discharge theprincpal of all such bonds or other interest-bearing evf- dences of indebtedness at their re- spec respective maturities; provided. that the above limitation of the rate lrat. +fls