Sharp County record., 1918-08-30
PROPOSED By INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. Is,

Amending Section of Article 1s Of
the Constitution OF the State OF Ar
kansas, 1874, and providing that ineor-
porated towns Of one thousand or more
population, as shown by the next pre-
ceding Federal census, or by census taxi
en- for that purpose by the mpaicipal
authorities Of said town. and cities Of the
frst and second class may issue, by and
with the consent Of a majority of the
qualified electors of said municipality
voting ON the question at an election
held for that purpcsa bonds or other
interest-bearing evidences OF indebted
ness, and providing the means and
manner Of payment Of said bonds.
FOR AMENDMENT NO. 1s.
AGAINST AMENDMENT NO. 1S.
Be It Enacted by the People of the
State Of Arkansas;
Constitution Of the State OF Arkansas
be amended to read as follows:
Article Is, Section 1. Neither the
State nor any city, county, town or
other municipality in this State shall
ever lend Its credit for any purpose
whatever; nor shall any county, city,
town or municipality ever issue any
interest bearing evidences OF indebted
ness, except such bonds as may be au-
cure the payment of the indebtedness
existing at the time Of the adoption
OF the Constitution OF 1874, and the
State shall never issue any interest
bearing treasury warrants or scrip.
Provided, that Incorporated towns OF
1000 or more pQpulation, as shown by
the next preceding federal census, or
by census taken for that purpose ny
the municipal authorities OF said towns
nd pttt pf hA Ave- nd pl
may issue by and with the consent Of a
majority Of the qualified electors OF
said municipality voting on the ques-
tion at an election held for the pur-
pose, bonds or other interest . caring
evidences Of indebtedness in sums and
for the purposes approved by such ma
jority at such election, as follows. to-
wit:
For the funding or refundlng or any
existing indebtedness incurred prior to
the adoption OF this amendment; for
the acquisition Of rights of way for
and construction Of public highways,
streets. alleys or boulevards within the
corporate limits of such municipality;
for the purchase, development and i'm
provement of parks, located either
within or without the corporate limits
Of such municipality; for the construc-
ton OF sewers; for the purchase or
struction OF, city or town halls, audi
toriums, prisons, libraries, hospitals,
viaducts, bridges, or buildings for hous-
ing Are fighting apparatus; and for the
purpose of acquiring, purchasing, ex-
tending improving, charging, building
or constructing Of water works, or
light and heat plants. As additional
security In providing water works or
light and heat plants for cities and
~ n ~ q VI
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
ed therwith.
No bonds or other interest-b bearing
evidences OF Indebtedness Issued under
the authority Of this amendment shall
bear a greater rate Of interst than six
per cnt per annum, payable either an
nually or semi annually, and bonds is-
sued by cities OF the frst class shall not
be sold on a basis Of more than fve Per
cent; that Is to say, tho 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
incorporated towns shall not be sold
ON q basis Of more than six per cent
and no bonds Issued under the author
"
sold, except at public sale after twenty
days 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 70
exceed Ave mills on the dollar, In ad-
dition to the rdte now permitted, may
be levied by municipalities on the tax
able property therein; and any munic-
ipnlity Issuing any bonds or other In
terest- bearing evidences OF indebted
ness shall, before or at tho time OF
doing so, levy a direct tax payable an
nualiy not exceeding the amount linn
tted as above sufficient to pay the In
terest on such bonds or ether interest
bearing evidences OF Indebtedness as
{he snIno natures, and also sufficient
10 pay and discharge the principal OF
ali such bonds or other interest bear.
ing evidences OF indebtedness at thor
respective maturities; provided, thar
the above limitation OF the rate or tax /.
alton shall not apply TO bonds Issued
by any municipality for the purpose or
acquiring, purchasing, extending, I'M
structing water works and light and
heat plants, but the levy OF tho spe-
c,al tax OF hvo mills authorized by this
amendment having been exhausted or
the balance unleviod being insufficiens
10 pay Interest on and retire the pro-
posed bonds, said municipality, for the
purpose Of paying the principal and
interest of such water works ana light
and heat plant bonds, may, 80 far aB
required, levy and collect q special tax,
In addition TO tho rate allowed by this
amendment, OF not TO exceed fve mills
on the dollar; provided also, that, as n
further and additional limitation upon
both tho Issuance OF bonds or other
interest bearing evidences OF Indebted
meas and the levy OF special tax TO
nav interest thereon and retire the
snme at their respective maturities, no
municipality shall have tho power TO
make an issue OF bonds or other In
terest. bearing evidences OF indebted
neps, II said proposed Issue Itself or
together with all previous Issues OF
bonds and other interest bearing evil
deneos OF Indebtedness then outstand-
ing by such municipality, shall aggre.
gate az to city OF the nfBt class
more In amount than 1ve per cent
Ib%), and a. TO Incorporated towns
and cities OF the second class more In
amount than seven per cent G%) OF
tho nssessed valuation OF all taxable
property In tho municipality proposing
10 issue the same, according 70 the last
general asgeuBnent noxt preceding said
propoaed issue OF bonds or other Inter-
eat bearing evidences OF indebtedness,
Said bonds and other interest bearing
evidences OF indebtedness shall be 40
,iei maturing annually after three