The Sentinel=record., 1918-08-23
PROPOSED INITIATIVE
PETITION.
PROPOSED CONSTITUTIONAL
AMENDMENT NO. 10.

; piettulHB FtueIdl census, or by cen
sus taken for that purpose by the mu-
nicipal authorizes Of said town, ana
| cities OF the first and second class
may issue, by and with the consent
of the qualified electors of said NUM-
cipaity 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. 10.
AGAINST AMENDMENT NO. -.
BE 1t Enacted by the People OF tho
State of Arkansas:
That Section of Article l6 Of the
| Constitution of the State OF Arkansas
be amended to read as follows:
Article 16, Section /. Neither the
State, nor any city county, town OF
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-hearing treasury warrants OF
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 on
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
| the adoption of this amendment; tol
the acquisition of rights of way for
and construction of public highways
| streets, alleys and bouleyards within
i the corporate limits or such munici
palty; 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 puI-
| chase or construction of, city or town
halls, auditoriums, prisons, Libraries
| hospitals, viaducts. 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
AS additional security in proyidins
water works or light and heat plants
! for cities and towns, a 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
property connected therewiL
4 NO bonds or other interest bearlns
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 mi-annually and
bonds issued by cities Of the flrs,
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 On
| bonds shall not exceed per cent per
annum. 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. cXcep,
at public sale after twenty days adj
vertsemont in some newspaper hav-
! ing o boni fide circulation in the mu
nieipality issuing said bone
In order to provide Tor the payment
of the bonds and other interest-bear-
ing evidences of Indebtedness issued
under tho provisions of this amend
ment, and interest thereon. a special
tax. not TO exceed five mills on the
dollar in addition to the rate now per-
mitted, may be levied by municipal
ties on the taxable property therein
and any municipality issuing any
bonds or other interest-bearing cyl
dences of Indebtedness shall, before
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-bearins evil
dences 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 te-
spec respective maturities: provided,
that the above limitation Of the rae
OF taxation shall not apply to bonds
issued by any municipality for the
purpose OF acquiring, purchasing, ex-
tending, improving. charging, build
ing or constructing water works and,
light and heat plants, but the levy of
the special tax Of five mills author
lied bv this amendment having been