The Sentinel=record., 1918-08-27
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO IA

VI "tcu tuNHb VI one tnOubdnu OF
more population, as shown by the mex
preceding Federal census, or by cen
sus taken for that purpose by the mn
nicipal authorities Of said town, aud
| cities OF the first and second class
may issue, by aud with the consent
of the qualified electors Of said NUM-
cipality voting on the question at IN
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. 10.
| AGAINST AM FNIDMENT NO. Is.
BE Il Enacted by the People Of tho
State Of Arkansas:
That Section / of Article 1G 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 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-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 lifetime Of the adop.
ton of the Constitution of 1874, and
the State shall never ssue any inter-
est-bearing treasury warrants OF
scrip.
Provided, that incorporated towns
of 900 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 on
the question at en- 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
| the adoption Of this amendment; 20,
/ 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, deyolopm
and improvement of parks, located
| either within or without the corporate
! limits of such municipality; for the
construction Of sewers; for the pui-
chase or construction of, city or town
halls. auditoriums, prisons, libraries
:, ospitals, 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 oil
, water works, or light and heat plants
AS additional security in providing
water works or light and heat plants
4 for cities and towns, 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
Il property connected thereWiC
i No bonds or other interest-bearins
i evidences Of indebtedness issued un-
der the authority OF this amendment
shall bear greater rate Of interest
than six per cent per annum. payable
! either annually or semi annually, and
4 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 ui
| amum. and bonds issued by cities OF
| 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, except
at public sale after twenty days ad-
/ yertisement in some newspaper hay-
ing boni fide circulation in the mu
nicipality issuing said hone-.
In order to provide for the payment
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 10 exceed five mills on the
dollar. in addition to the rate now per-
mitted, may be levied by municipaii-
ties on the taxable property therein;
and any municipality issuing any
bonds or other Understanding eyi
dences of Indebtedness shall, before
or at the time OF doing so, levy az
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 o indebtedness as the same
| natures, and also sufficient to pay
| 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, eN-
tending, improving, enlarging, build
I ing or constructing water works and
light and heat plants, but the levy of
u D.