The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-10-15
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

p ansas, 1874, and providing that incor
more population, as shown by the mex
preceding Federal census, or by cen
sus taken for that purpose by the M
i, nicipal authorities Of said town, ana
cities of the first and second class
may issue, by aud 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 Understanding evidences Of
Indebtedness. and providing the means
= and manner Of payment of said bonds
/; FOR AMENDMENT NO. 10.
\ AGAINST AMENDMENT NO. 49,
Be It Enacted by the People Of the
7 State of Arkansas:
That Section OF Article lG OF the
Constitution Of the State OF Arkansas
DO amended to read as follows:
Article 16, Section L. Neither tn,
State, nor any city, county, town OF
other municipality in this state shall.
ever lend its credit for any purpose
whatever; nor shall any county, city
town or municipality ever issue an!
\ interest-bearng evidence of indebted
ness, except such bonds as may b,
authorized by law to provide for an
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 o!
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 aud sec
/ ond class, may issue, by and with The
consent OF a majority of the qualified
electors of said municipality voting o.
/ the question at an election held for
the purpose, bonds or other interest
4 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 amendments; 10,
the acquisition Of rights of way for
and construction of public highways
/ streets, alleys and boulevards within
the corporate limits OF such munici
palty; 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 pun
/ chase or construction Of, city or towu
halls, auditoriums, prisons, libraries
| hospitals, yiaducts, bridges, or build
ings for housing fire fighting appara
tus; and for the purpose of acquiring,
I purchasing, extending, improving, en-
larging. building OF constructing o.
water works, or light and heat plants
| AS additional security in proyidlut
water works or light and heat plants
for cities and towns, a mortgage OF
other lien may be given by such mu-
| inequalities 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 re authority of this amendment
, shall Dear greater rate OF interest
than six per cent per annum, payable
either annually or emi-annuaily, and
bonds issued by cities of the flrst
more than five per cent; that is to say
the cost TO the municipality for iute~-
est and discount on each issue %
bonds shall not exceed per cent per
annum, ana bonds issued by cities o.
| 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 authority OF this
amendment shall ever be sold, excep
at public sale after twenty days ad
yertisemcnt in some newspaper hav-
ing boni fide circulation in the mu
nieinality issuing said honc-
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
ment, and interest thereon. a special
tax, not to exceed five mills on The
dollar in addition to the rate now per
mitted, may be levied by municipal
ties on the taxable property therein
and any municipality issuing ang
bonds or other interest-bearing eW
dences OF Indebtedness shall, before
or at the time Of doing so. levy a a.
rect tax payable annually not exceed
ing the amount limited as above sur
ficient to pay the interest on such
bonds or other iuterest-bearing evil
dences o Indebtedness as the same
natures, and also sufficient to pa!
and discharge theprincipal OF all such
bonds or other interest-bearing evil
dences OF Indebtedness at their re-
spec respective maturities: provided
that the above limitation of the rate
OF taxation shall not apply to bonds
issued by any municipality for the
purpose OF acquiring, purchasing ex-
7 grf,prpxrtpn Ia hufl0 b.