Newport daily independent., 1918-08-26
PRc POSED BY INITIATIVE
 PETITION. PROPOSED CONsTITUTIONA AMENDMENT NO. 13.

CtQlHB FtQGTal Ccf1SuS, OE Dy CtnSuS Ldh- en for that purpose by the municipal authorities of said town, and cities of the first and second class may issue, by and with the consent of majority of the qualified electors of said municipality voting on the question at an election held for that purpose. bonds or other interest-b bearing evidences of indebted ness and providing the means and manner of payment of said bonds.
 FOR AMENDMENT NO. 13.
 AGAINST AMENDMENT NO. IS.
 Be It Enacted by t.-e People of the
 State of Arkansas:
 That Section 1 of Article 16 of the Constitution of the State of Arkansas be amended to read as follows:
 Article 16. Section l. Neither the State nor any city, county. town or 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 bearing evidences of indebted ness, except such bonds as may be au- thorized by law to provide for and se- cure the payment of the indebtedness existing at the time of the adoption of the Conrtitution of 1874, and the State shall never Issue any interest," bearing treasury warrants or 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 py the municipal authorities of said towns and cities of the first and second class, may issue, by and with the consent of a majority of the qualified electors or said municipality voting on the ques- ton at an election held for the pur- pose, bonds or other fnterest-pearfng evidences of indebtednss in sums and for the purposes approved by such ma jority at such election, as follows, to- wit:
 For the funding or refunding or any existing indebtedness incurred prior to the adoption of this amendment; for the acquisition of rights of way Tor and construction of public highways, streets, alleys or boulevards within the corporate limits of such municlpallty; for the purchase development and im- provement of parks, located either within or without the corporate limits of such municipality; for the construc- ton of sewers; for the purchase or sites for, or for the purcnasc of con struction of. city or town halls, audi. toliums, prisons. libraries, hospitals, viaducts. bridges. or buildings for hous- ing fire fighting apparatus; and for the purpose of acquiring, purchasing, e1- tending, improving, Inlarging, building or constructirg g of water works, or light and heat plants As additional security in providing water WorkS or light and heat plants for cities ana towns. mortgage or other nsn may be given by such municir llities on such water works or light and neat plants and the income thereof, and the franchise and other property connect ed tilerwith.
 No bonds or other interest bearing evidences of indebtedness issued under the authority of this amendr. .ent shall bear a greater rate of interst than six per cnt per annum payable either an nuafly or semi annually, and bonds is- sued by cities of the first class shall not be sold on basis of more tlan hve per cent that is to say, the cost to the municipality for interest and discoun. on each issue of bonds shall not exceed per cent per annum, and bonds 1s- sued 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 author- ity of this araendment snail eyer pe sold, except at public sale after twenty days advertisement in some newspaper having a bona fde circulation in the mt icipality 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, ana interest thereon, special tax, not .o exceed five mills on the dollar. m ad- dition to the rate now permitted, may he levied by municipalities on the tax able property therein; and any munlc- ipality issuing any bonds or other m terest- bearing evidences of lndepted. ness shall before or at the time or SO. nually not exceeding the, amount linn Ited as above, sufficient to pay the in terest on such bonds or other interest," bearing evidences of indebtedness as the same natures ana also SUI. ic,en. !. to pay and discharge the principal or All such bonds or other interest bear ing evidences of indebtedness at their respective maturities; provided, tna' t.le above limitation of the rare or tax ation shall not apply to bonds fssued by any municipality for the purpose or acquiring purchasing, extending, im- proving, enlarging, building or con, structing water works and Hsht ana heat plants, but the levy or .ne spe- p = cial tax of five mills authorized by this amendment having been exhausted or the balance unlevied being fnsufficiens to pay interest on and retire tae pro- posed bonds, said .mun1clpailty, TOT tne purpose of paying the principal ano interest of such water works and light and heat plant bonds. may. so Tar as reouired levy and collect speclal tax in addition to the rate allowed py tnls amendment of not to exceed nve nllis : on the dollar: provided also. that, as a further and additional Limitation upon both the issuance of bonds or other interest bearing evidences of indepted- ness and the levy of special tax 70 nav interest thereon and retire the aone at their respective maturities, no municipality shall have the power 10 make an issue of bonds or olher in- terest- bearing evidences or lndeoted- ness. if said proposed issue itself or together with all previous issues o1 bonds and other interest bearing evl- dences of indebtedness then outstand- ing by such municipality. shall agEre- gate as to a city of the first class more in amount than five per cent (5go}. and as to incorporated towns and cities of the second class more m amount than seven per cent G@o) CT the assessed valuation of all taxable property in the municipality proposing to issue the same, according to the last general assessment next preceding said proposed issue of bonds or other inter- est-bearing evidences of indebtedness.
 Said bonds and other interest bearing evidences Of indebtedness shall be se- rial. maturing annually after three years from date of issue. and shall be paid off as they mature, and no bonds for the acquisition of rights of way for and the construction of public high ways, streets. alleys or boulevards is- sued under the authority of this amend ment shall be issued for a longer pe- riod than fifteen years, and no otEer bonds shall be issued for longer pe- riod than thfrty-five years.
 No municipality shall ever grant financial aid toward the construction of railroads or other private enterprises operated by any person, firm or corpo- "a lion and no money raised under the