The Monticellonian., 1918-08-30
LEGAL NOTICES
This Publication Will Cost
 the Tax-Paycrs S7.25.
PRG POSED ny INITIATIVE
 pY~FIaIFpEn-
PROPOSED CoNSTTTUTloNAL
 iNENDHE.P NO. f3.

authorities of said town. and cities Of in Q first and second class may issue by and With the consent of majority of the qualified electors Of said nunicipaIity voting on the question at an election held for that purpose, bonds or other 1 interest bearing evidences Of indebted ness and providing the means and manner of payment of said bonds.
 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NO. 13 I Be It Enacted by the People of the | State Of Arkansas:
 That Section 1 of Article 16 of the 1 Constitution of the State of Arkansas l be amended to read as follows
 Article 1G. Section 1. Neither the l State nor any city, county. town or i other municipality in this State shall i ever lend it's credit for any purpose i whatevtf, nor shall any county city. i town or municipality ever issue any interest bearing evidences Of indebted ness, except such bonds as may be au- i thorized by law to provide for and se- cure the payment of the Indebtedness $ 1 existing at the time of the adoption 1 of the Conetitution of 1874, and the 1 State shall never issue any interest bearing treasury warrants scrip.
 Provided that incorporated towns of 1 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 second class Issue, Dy ana With the consent or a majority of the qualified electors or said municipality voting on the ques- tion at an election held for the pur- i pose, bonds or other interest-pearfng evidences of indebtednss in sums and for the purposes approved by such ma l jority at such election, as follows, to- i wit
 For the funding or refunding or any l existing inde ebtedness incurred prior to the adoption Of this amendment: for the acquisition of rights of way for and construction of public highways, 1 streets, alleys or boulevards within the 1 corporate limits of such municipality; for the purchase, development and inn provement of parks, located either within or without the corporate limits i of such municipality; for the construc- tion of sewers; for the purchase or sites for. or for the purcnase con structon of. city or town halls. audi
 toriums, prisons. libraries, hospitals
 vtaduGts, bridges. or buildings for hous- ing Ire fighting apparatus; and for the l purpose of acquiring, purchasing, ex- i tending, improving, charging. building l CT constructing of water works, or light and heat plants. As additional security in providing water works or
 light and heat plants for cities and i towns. a 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
 cd therwith.
 No bonds or other interest bearing evidences of indebtedness issued under the authority of this amendment shall 1 bear a greater rate of interst than six
 per cnt per annum. payable either an. nua1ly or semi annually. and bonds is-
 sued by cities of the first class shall not
 be sold on & basis Of more than i've 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 | fpcorporated towns shall not be sold l oh b3sis Of more than six per cent. and rc bonds issued under the author
 " Of shis amendment shall ever be Sold, except at public sale after twenty
 dayI 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 to
 exceed five 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
 ness shall. before or at the time Of
 doing so levy a direct tax payable an-
 nually not exceeding the amount linn.
 tted as above, sufficient to pay the in-
 terest on such bonds or other interest-
 bearing evidences of indebtedness as
 the same natures, and also sufficient
 to pay and discharge the principal of
 all such bonds or other fnterest-bear- l ing evidences of indebtedness at their l respective maturities: provided, thar
 the above limitation of the rave of tax l ation shall not apply to bonds issued l by any municipality for the purpose or
 acquiring. purchasing. extending, fm-
 proving, enlarging. building or con-
 structing water works and light ana
 but 1AuN of l cial tax of five mills authorized by this 1 amendment having been exhausted or l the balance unlevied being insufficient l to pay interest on and retire the pro- | posed bonds, said municipality. for the l purpose of paying the principal and 1 interest of such water works and light
 and heat plant bonds. may. so far as
 required levy and collect a special tax,
 in addition to the rate allowed by this l amendment. of not to exceed five mills
 on the dollar; provided also, that as a 1 further and additional limitation upon both the issuance Of bonds or other interest bearing evidences of indebted
 ness andr the levy of special tax to
 pay interest thereon and retire the
 same at their respective maturities, no l municipality shall have the power to
 make an issue of bonds or other fn-
 terest- bearing evidences of indebted ness if said proposed Issue itself. or together with all previous issues of 1 bonds and other interest bearing evi- denCeS or indebtedness then Oulstanu-
 ing by such municipality. shall aggre-
 gate as to city of the first class
 more in amount than five per cent l (5ee), and as to incorporated towns
 and cities of the second class more in
 amount than seven per cent Gcs) of
 the assessed valuation of all taxable property in the municipality proposing l to Issue the same. according to the last | general assessment next preceding said l proposed issue of bonds or other inter- l est bea ring evidences of indebtedness l Said bonds and other interest bearing
 evidences Of indebtedness shall be Se- rial, maturing annually after three years from date of issue, and shall be | paid off as they mature. and no bonds 1 for the acquisition of rights of way for and the construction of public high
 ways. streets. alleys or bouleyards ts
 sued under the authority of this amend
 ment shall be issued for a longer pc
 riod than fifteen years. and no other | bonds shall be issued for longer pe-
 riod than thirty-fve years.
 No municipality shall ever grant financial aid toward the construction of railroads or other private enterprises | operated by any person, firm or corpo- ration, and no money raised under the provisions of this amendment by tax ation or by sale Of bonds for a specific purpose shall ever be used for any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, under the terms of this amendment. there shall be chosen three citizens as tax payers commissioners. These commis- xioners shall not be otherwise connect ed with the administration of the af- fairs of sa%d municipality. and shall be chosen by the City Council or other governing body at the time of the pas
 sage Of the ordinance calling an cleo tion for the purpose Of voting upon said particular issue of bonds. The Advertisement of such election shall ha nF h