The Sentinel=record., 1918-09-15
PROPOSED INITIATIVE
 PETITION. PROPOSED CONSTITUTIONAL AMENDMENT NO. 13.


 ansas. 1874, and providing that incor- 2 porated towns of one thousand or g more population, as shown by the next 2 preceding Federal census, or by cen- sus taken for that purpose by the mu- r nioipal 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 mmi- cipality voting on the question at an sI election held for that purpose, bonds 5 or other interest-bearing evidences of indebtedness, and providing the means and manner of payment of said bonds
 FOR AMENDMENT NO. 13. ! AGAINST AMENDMENT NO. 13.
 Be IL 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 1G, Section l. Neither the State, nor any city, county, town oi other municipality in this State shall ever lend it's credit for any purpose 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 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 LOGO or more population. as shown by the next preceding federal census or by census taken for that purposeI 1 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 qualifiel| | electors Of said municipality voting on' I 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
 | For the funding or refunding of any eisting indebtedness incurred prior to 1 the adoption of this amendment; 1ol 1 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 and improvement of parks, located either within or without the cOrporate limits of such municipality; for the construction of sewers; for the pur- chase or construction of, city or iowa
 halls. auditoriums, prisons, libraries hospitals, yiaducts, bridges, or build ings for housing fire fighting appara-
 tus and for the purpose Of acquiring,
 purchasing, extending, improving, en-
 larging, building or constructing of
 water works, or light and heat plants. 3 As additional security in proyidins . water works or light and heat plants
 for cities and towns, a mortgage or : 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 the authority of this amendment shall bear a 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 m l bonds shall not exceed per cent per | annum, ana bonds issued by cities ot inc 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, except at public sale after twenty days ad- ' vertisement in some newspaper hav- 1 ing a boni fide circulation in the mu nicipality issuing said bone.
 In order to provide for the payment 1 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 10 the rate now per mitted, may be levied by municipali- ties on the taxable property therein; and any municipality issuing anF i bonds or other interest-bearing eyi dences of indebtedness shall, befort or at the time Of doing so, levy di ' rect tax payable annually not exceed ing the amount limited as above, sur- ficient to pay the interest on such bonds or other interest-bearing evil dences indebtedness as the same | natures. and also sufficient to pay and discharge theprincipal of all such bonds or other interest bearing eyf- 1 dences of indebtedness at their re- spec respective maturities: provided, that the above limitation of the rate of taxation shall not apply 10 bonds i issued by anv municipality for the|