The courier-index., 1918-08-16
PROPOSED nv INITIATIVE
PETITION


Amending Section / Of Article 1s Of
4he Constitution Of the State Of Ar
kansas, 1874. and providing that incor-
porated towns Of one thousand or more
population, as shown by the next pre-
@adtng Federal census, or by census TAX
en- for that purpose by the municipal
Eauthorities Of said town. and cities Of the
sarst and second class may issue. by and
with the consent Of n majority OF me
aaelified electors Of said municipality
voting on the question at an election
bald for that purpose. bonds or other
interest bearing evidences Of indebted
>ness. and providing the means and
manner OF payment OF said bonds.
FOR AMENDMENT NO. 10.
ACAIN6T AMENDMENT NO. IL.
De II Enacted by the People Of the
State Of Arkansas;
THAT Section or Article 1s OF the
Constitution of the State of Arkansas
be amended TO read as follows:
Article 1s. Section I. Neither the
state nor any city, county. town or
other municipality In this state snau
ever lend its credit for any purpose
whatever; nor shall any county, city.
town or municipality ever fssus any
fnterest-bearing evidences of indebted
meas. except such bonds az may pc eu-
thorfzed By law TO provide FOR ana Sc
care the payment OF the indeD.e
existing at the time OF the adoption
q the Constitution OF 1874. and the
Sfata sbaII never issue any interest
bearing treasury warrants or SCRIP
Provided. that Incorporated towns OF
.. 80 or more poeais.Acn.. as SHOWN ~
vhe next preceding federal census, or
by census taken for that purpose oy
the municipal authorities or said towns
anA cities OF the nrst and second class
may issue BY and with tho consent or a
majority OF the qualified electors or
aald municipality voting on the dues-
thor at an election held for the pur-
p~se. bonds or other interest bearing
evidences OF indebtedness In sums and
fer the purposes approved by SUCH ma
jority at such election as follows TO-
wit:
For the funding or refunding or any
existfng indebt edness Incurred prior 70
the adoption Of this Amendment. Tor
- acuuisition or rights of way Tor
nj construction or public highways.
nfreets. alleys or bouicvards within the
oorporate limits Of such municipality;
for the purchase. development and I'M
prpvement OF parks. located either
within or without the corporate limits
q such municipality; for the construc-
don OF sewers: for the purchase or
rntes for, or for the purchase or con
struction OF. city or town halls, audi /
torfums. prisons. libraries. hospitals.
viaducts. bridges or buildings for nous
ing Are fighting apparatus: and for the
purpose of acquiring. purchasing. ex-
tendfng improving. charging. euilding
- constructing OF water WORKS OF
Ilwht and heat plants. ~ additional
aocurity in providing water works or
Dwbt and heat plants for cities ana
towns q mortgage or other lien may
- given By such municipalities on
sch water works or light ana neat
plAnts and the income thereof. and the
franchise and other property connect
- therwith.
No bonds or other Understanding
Evidences OF Indebtedness Issued under
t. authorf OF this amendment shall
bar greater rate OF interest than SIX
rally or semi annually, and bonds is-
nnod by cities of the nrst class shall not
- sold on . basis OF more than nve per
oeat: that IL to say. the cost 70 tne
- each issue OF bonds shall not exceed
8 per cent per annum. and bonds 10.
seed by cities oe the second class ana
Incorporated towns shall not be SOLD
- Z basis OF moro sthan six per cont
and no bonds issued under the Autnor-
ltv Of this amendment shall ever be
cold. except at public sale after twenty
dnyas advertisement In some newspaper
having q bona ade circulation In the
nnnnioipality Issuing said bonds.
r. the bonds and other interest-bearing
svfdences OF indebtedness issued under
the provisions OF this amendmnt. anu
fmkerost thereon. . special tax. NOT 20
exceed Ave mills on the dollar. In ad-
Aition to tho rate now permitted. may
Is levied by municipalities on the tax
abge property therein: and any munic-
foalfty Issuing any bonds or otner IN
toreat- bearing evidences OF Indebted
eass shall. bsfore OF AZ the tlme OF
nsnaIIy not exceeding the amount Inn
6feA a. above, sufficient to pay the TIA
tnrest on such bonds or other Interest,"
bonrinw evidences OF indebtedness a.
AtAF =
= pay and discharge the principal OF
al such bonds or other interest bear
60 evidences of indebtedness At their
respective maturities; provided. thar
the above limitation OF tho rate OF TAX
alton shall not apply TO bonds issued
- any municipality for the purpose or
arauirlng. purchastng. extending, Inn
proving. eniarging. building or con-
etructing water works and light ana
heat plants. bat the levy or the spe-
cal tax OF ave mills authorised By this
agnnndmsnt having been exhausted or
- balance unisvisd being tnsufficicns
- pay interest On and retire the pro-
peecd bonds. said municipality. for the
purpose Of paying the principe ana
and heat plant bsnds. may. so far ss
reuuired levy and collect special tax.
ia addition to the rate allowed sy this
am>ndment, of not TO exceed nve mills
- the dollar: provided also. That a.
both the Issuance OF bonds or other
fnterest- bearing evidences OF Indebted
noas and thu levy OF special tax to
ny interest thereon and retire the
sesne at their respective naturities. no
municipality shall have the power to
make an issue OF bonds or other In
tersst- bearing evidences OF indebted
ness. IL said proposed issue itself. or
together with all previous Issues OF
l,ouds and other Understanding evil
dcnoes OF indebtedness then outstand-
ing by such municipality. shall aggre-
wAte as to q city OF the frst class
usore In amount than Ave per cent
<S4), and as to Incorporated towns
and cities Of the second class more in
amount than seven per cent t7%l Of
the assessed valuation OF all taxable
property In the municipality proposing
TO issue the same. according 10 the last
general assessment next preceding said
proposed Issue Of bonds or other inter-
est -bearing evidences OF Indebtedness.
Said bonds and other interest-bearLng
evidences Of Indebtedness shall be se-
rial. maturing annually. after three
yearx from date OF issue. and shali~be
aid on As they mature. and no bonds
nBr the acquisition OF rights of way for
amd the construction Of public high
ways. streets. alleys or boulevards is
sued under the authority of this amead-
-~.t ahaff hA taauad for n Ionxar DA-