Mexico weekly ledger., 1920-10-07

JOINT AND CONCURRENT REsoLU-
TlON providing for the amendment OF
article 10 OF the Constitution of the
state OF Missouri by striking out sec
ton IL thereof. and adding n new sec
ton in lieu thereof. to be known as
section IL thereof. relating to the lin
IL or indebtedness Of counties cities,
towns. townships. school districts and
other political corporations and sub
divisions.
BE 1t resolved by the Senate. the House
or representatives concurTing therein,
as follows:
That at the general election to be held
on IGeIday next following the first Mon
Gay IN November, A. u. 1920, there shall
DE submitted for adoption or rejection, 10
the qHaliicd voters of the state of Mis-
sour the repeal Of section IL OF article
ADOPTION OF the following new section in
lieu thereof, to be known as section ~
~thefcot. relating to the limit Of indebted
ness OF counties. cities, towns. townships. |
school districts and other political corr
poratlons and subdivisions:
Section IL. No county. city, town.,
township. school district or other political
corporation or subdivision OF the state
shall be allowed to become Indebted In
any manner or for any purpose to an
amount exceeding In any year the income
ana revenue provided for such year, with
out the consent Of two-thirds Of the vot-
crs thereof voting on such proposition, |
at an election to be held for that purpose:
nor ~ cases requiring such assent shall
CURED to an amount including existing
Indebtedness, In the aggregate exceeding
nSe per centum on the value Of the tax
able property therein. to be ascertllned
by the assessment next before the last
assessment for state and county PURPOSES.
previous to the mourning of such in
d~ebtedness. except that cities having a
population of scventy-fiYe thousand In
habitants or more may. with the assent
OF twn-thirds Of the voters thereof vot-
ing on such proposition at an election to
be held Tor that purpose, incur an in
debtedness not exceeding ten per centum
on the value of the taxable property
therein, TO be ascertained by the ASSESS
ment next before the last assessment for
state and county purposes previous to
the mourning of such Indebtedness; such
proposition may be submitted at any
election, general or special; provided, that
with such assent any county may he al
lowed to become indebted to a larger
amount for the erection OF courthouse or
jail. or for the grading, construction.
paving, or malntGing of paved, graveIed,
macadamlzed or rock roads and neces-
sary bridges and c%ulverts therein; and
provided further, that any county, city.
town. township, school district or other
state, mourning any Indebtedness requtr-
Ing the assent Of the voters as aforesaid.
SHAH before or at the time of doing so.
provide for the collection OF an annual
tax SUFFICIENT to pay the interest on such
indebtedness as it falls due. aud also TO
constitute q sinking fund for the pay
ment OF the principal thereof, within
twenty years from the time OF contract
ing the same; and provided further, that
the corporate authorities of the city OF
st. Louis are hereby authorized TO issue
interest bearing bonds Of said city in
the amount of five million dollars, at n
rate OF interest not TO exceed four per
cent per annum, the principal payable
within thirty years from the date OF their
Issue, n the proceeds thereof shall be
paid to the corporation organized for the
celebration of the Louisiana purchase
centennial in said city, to be used by said
corporation for said celebration, holding
n worlds fair or exposition in said city.
And said corporate authorities of st.
Louis shall be repaid as large a proper
tionate amount OF the aid given by them
as shall be repaid to the stockholders OF
said corporation on the sum subscribed
and paid by them. n any surplus re-
naming from the assets of said corpora
tion after said stockholders and said city
shall have been paid in full, shall be
divided between said stockholders and
said city In proportion to the aggregate
amount OF said stock so paid In and the
amount so loaned by said city; and any
amount so received by said city from
said corporation shall be paid into the
sinking fund q said city for the redemp-
ton OF its outstanding bonds: Provided,
that II. at the election for the adoption
Of this amendment TO the Constitution, a
majority OF the votes cast within the linz
Its OF said city of st. Louis voting for and
aguinst this amendment shall be against
its adoption. then no bonds shall be is
sued under this amendment: and provid-
ed further. that no such Indebtedness so
created shall be in any part thereof paid
by the state or from any state revenue,
tax or fund, but the same shall be paid
by the city OF st. Louis alone: Provided,
that In the city of st. Louis the amount
Of bonds now aggrcgating S6.lil, 600, that
being the amount. assumed. by said city
in tho scheme of separation from the
county of st. Louis. and the sun OF So
sos. 600 heretofore prior to January /.
1901. expended in the construction Of
any bonds which may be hereafter issued
by said city In the construction and i'm
provemcnt OF waterworks, the payment
of the interest wherein and the principal
whereof shall be provided from the rev.
enue of said w~aterworks, that Is to say,
the amount Of said bonds which shall be
outstanding at the time shall not be in
cluded in the computation of the exist
Ing bonded indebtedness in determining
the amount of bonds authorized to be
Issued by said city with the assent OF
ions of this article, but said city shall
be authorized at any time to issue bonds,
with he assent aforesaid. to an amount,
including outstanding indebtedness, other
than that above named, to the amount
OF ten per cent of the value of the tax
able property in said city. to be ascer-
tained as above provided, and said city
shall rave power, with such assent Of the
voters, to Issue bonds for the construc-
ton and Improvement OF waterworks, the
interest wherein and the principal where
Of shall be provided for from the income
of said waterworks. Said city shall es-
tablish q sinking fund for the payment OF
the bonds so authorized according to
tho times fixed for the maturity Of the
same: Provided further. that any city
which now has or may hereafter attain
a population OF seventy-five thousand or
more Inhabitants may acquire by pur-
chase, condemnation or construction,
waterworks, gasworks, electric light
works, street railways, telegraph and
telephone systems, heating plants, ice or
refrigeration plants. or any other plant
system or public service Institution. with
in or outside OF the limits Of such city.
for the use Of the city or its citizens,
and for the purpose Of paying therefor,
in whole or in part. may issue public util-
tiles bonds. which public utilities bonds
shall not be included In the liabilities or
Indebtedness OF the city limited by tho
prior provisions of this eection; but the
!, total amount Of such public utilities
bonds to be issued by such city shall
t not exceed twenty per centum OF. the
y,oI,ra NJ tho tnxahIn Drnperty in said City.