The Monticellonian., 1918-08-23
LEGAL NOTICES.
This Publication Will Cost
 the Tax-Payers ST.25.
PROPOSED BY INITIATIVE
 PETITION. PR0POSED COSsTiTTTION AMENDMENT NO. f3.

i AtGAt4S T tGSTAt census, or Dy census fa K en Tor that purpose by the municipal authorities Of said town and cities Of the Erst anu second class may issue. b. and [ With the consent or q ma 1or!ty of tlc qualified electors of said municipality voting on the question al an election held for that purpose. bonds or other interest bearing evidences 0f indebted ness. and providing the means and manner ot payment CT said bonds.
 FOR AMENDMENT NO. l3
 AGAINST AMENDMENT NO. l3. Be IL Enacted by the People Of the State Of Arkansas:
 That Section l Of Article 16 ef the Constitution Of the State of Arkansas be amended to read as follows:
 Article If Section L Neither the State nor any city, county. town or other municipality in this State shall ever lend itS credit for any purpose whateFaHs reE shall any county. city. town 1auI ci palitx ever issue any 0eeri .z evidences -nf indE1ted- ness, except 44eh bonds as nay be aU- thorized by l.w to provide for and se- cure the payment of the lHdebtedaea existing at the time of the adoption Of the cor-fI3ation Of lSf.. and the | State shall never issue any interest 1 bearing treasury warrants or scrip. Provided. that incorporated towns or i 000 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 second class, may issue by and with the consent of majority of the qualified electors O. said municipality voting oa the Quess ton at an election held for the pur- pose. bonds or other 1nterest-Dearrng evidences of n0ebtedHss in sums and for the purposes approved by such ma 1 jerity at such eletion. as follows. to- wit
 For the funding or refunding or any l existing inde bGeduess incurred prior to Q 4aaC f. 1 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 ina- ! provement Of parks, located either | within or without ths corporate limits i Of such Hantcipalityi Tor the construc- i ton or sewers; for the purchase oY struction of. city or town halls, audi | toriums. prisons, libraries. hospitals, viaducts, bridges. or buildings for hous- | ing fire fighting apparatus and for the purpose of acquiring. purchasing. ex tending. improving, enlarging. building or constructing of water works, or 1 light and heat plants. As additional security in providing water works or light and heat plants for cities ana towns. mortgage CT other lien may be given by such municipalities on | ouch water works or light ana heat 1 plants and the income thereof, and the
 
 1 ed therwith.
 No bonds or other interest bearing evidences of indebtedness issued under ! the authority of this amendment shall | bear greater rate Of interst than six ] per cnt per aunum. payable either an i nually or seml- annually, and bonds is- sued by cities of the first class shall not i be sold on a hasig Of moro than i've Der l sent; that Is to say. the cost to the i municipality for interest and dfecount on each issue of bonds shall not exceed per cent per annum. and bonds is- i eued by cities of the second class and Incorporated toWns shall not be sold | on basHs of more than six per cent, and no bonds issued under the author tty of this amendment shall ever De 1 sold except a public sale after twenty days' Advertisement in some newspaper having 3 bona fde circulation in the municipality issuing said bonds
 Ia order t6 provide For the payment Of the bonds and other interest bearing eyidenees of indebtedness issued under 1 the provisions of this amendmnt, and interest thereon, special tax not 10
 exceed five mills on the dollar. in ad-
 dition to the rate now permitted, may
 be levied by municipalities on the tax able property therein; and any munfc-
 ipality issuing any bonds or other in-
 terest- bearing evidences of indebted
 ness shall before CT at the time or doing SO levy a direct tax payable an-
 nually not exceeding the amount lfm- ited as above, sufficient to pay the in-
 terest on such bonds or other interest
 bearIna evidences yf inde tsdIsAe a
 inc same natures, and also sufficient
 to pay and discharge the principal oi | all such bonds or other interest pear
 ing evidences of indebtedness at their
 respective maturities; provided, thai
 the above limitation of the rare of tax alton shall not apply to bonds issued
 by any municipality for the purpose oi
 acquiring purchasing, extending, 1m-
 proving, enlarging, building or con,
 Txy4f fpT
 heat plants but the levy Of the spe'
 cial tax of five mills authorized by thii
 amendment having been exhausted oi
 the balance unlevisd being insufficien'
 to nav interest on and retire the pro-
 posed bonds, said municipality, Tor the
 purpose of paying the principal anc
 interest of such water works ana ilgh' and heat plant bonds. may. so far al
 reouired. levy and collect a special tax
 in addition to the rate allowed by thls
 amendment, of not to exceed nve mill'
 on the dollar; provided also, that, as | further and additional limitation npof
 botb the issuance of bonds or other interest bearing evidences Of indebted'
 ness and the levy of a special tax te
 pay interest thereon and retire tho
 saIne at their respective maturitleS, At
 yaunicfpaHty shall have the power ti
 rneke an issue of bonds or other IT."
 terest-bearing evidences or indepteo
 ness, if said proposed issue Itself, ol | toQether with all previous Issues ol
 bonds and other interest-bearing evil
 dences Of indebtedness then outStanc'
 ing by such municipality. shall aggre' gate as to city of the nfst clas' more in amount than five per cen t5%), and as 10 ineorporateu town
 and cities of the second class more IT amount than seven per cent (i%) o' the assessed valuation Of all taxable , property in the municipality proposing | 10 issue the same. according 10 the las general assessment next preceding sait
 proposed issue of bonds CT other inter est-beariug evidences Of indebtedness
 Said bonds and other interest-searins ! evidences of indebtedness shall be se
 rial. maturing annually after thre' , years from date of issue. and shall n'
 pafd off as they mature. and no bond for the acquisition of rights of way To , and the construction of public high , ways. streets. alleys or beulevards Is
 sued under the authority of this amend ment shall be issued for longer De
 riod than fifteen years, and no othel
 bonds shall be issued for a longer pc
 Yiod than thiftyzflVe years,
 No municipality shall eyer gran
 dnancial aid toward the construction O railroads or other private enterprise I operated by any person, firm or corpo ration and no money raised under tn provisions of this amendment by tax
 ation or by sale of bonds for specih purpose shall ever be used for an! other CT different purpose.
 For each separate issue Of bonds, a ! proposed by any municipality. unde U the terms of this amendment. ther shall be chosen three citizens tax 1 payers commissioners. These commis I sioners shall not be otherwise connect J ed with the administration of the af . fairs of said municipality. and shall b
 chosen by the City Council or othe governing body at the time of the pas 1 sage of the ordinance calling an cleo
 tton for the purpose of voting upol n | ri