The Sentinel=record., 1918-10-30
LEGAL Nor1cEs
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMEN NO ia

the Constltution of the State of Ark Il 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-
 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 munl-
 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. l3.
 | 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 16. Section l. Neither the
 State, nor any city county, town oI other municipality in this state shall l ever lend it's credit for any purpose whatever; nor shall any county, city ! town or municipality ever issue aas
 interest bearing evidence of indebted
 ness. except such bonds as may De authorized by law 10 provide for ana
 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 o1 | 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, a follows, towit:
 For tho funding or refunding Of ar! eisting indebtedness incurred prior toI the adoption of this amendment; 70 the acquisition of rights of way forl and construction of public highway streets, alleys and bouleyards within the corporate limits of such munici pality; for the purchase, deyelOpmen and improvement of parks, located either within or without the corporate limits of such municipality; for tn construction of sewers; for the pu1 chase or construction of city or tow halls. auditoriums prisons lioraria hospitals. viaducts, bridges, or bui ings for housing fire fighting appara tus: and for the purpose of acqulrin purchasing extending, improving, en arging, building or constructing O water works, or light and heat plant
 As additional security in providiut water works or light and heat plant. for cities and towns, a mortgage or other lien may bo 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 t,,e authority of this amendment shall pear a greater rate of interes. than six per cent per annum, payable either annually or semi-annually, and bonds isJued by cities of the firs' class shall not be sold on a basis oi more than five per cent; that is to say the cost 10 the municipality for inter est and discount on each issue ul bonds shall not exceed per cent pc annum, ana bonds issued by cities the second class and incorporate towrfs shall not be sold on q basis o more than six per cent, and no bonds issued under the authority of tHis amendment shall ever be sold, eNcep a{ public sale after twenty days ad vertisement in some newspaper hay ing boni flde circulation in the mu nicipality issuing said 5onr-
 In order 10 provide for the paymen of the bonds and other interest-bear ing evidences of indebtedness issue under the provisions of this amend ment, and interest thereon, a special tax, not to exceed five mills on the dollar, in addition Q the rate now per mitted. may be leyW1 by municipaii ties on the taxable property therein and any municipality issuing an bonds or other interest-bearing evi tlences of indebtedness shall, befor' or at the time of doing so, levy a di rect tax payable anudally not exceed ing the amount limited as above. srr- ticient to pay the interest on such bonds or other interest-bearing eyi- dences f indebtedness as the same natures. and also sufficient to pay and discharge theprincipal of all such bonds or other interest-bearing eyi- dences of indebtedness at their re- spec respective raturities; provided. that the above Irritation of the rate of taxation shall not apply to bonds issued by any municipality for the purpose of acquiring, purchasing, eX-