Mexico weekly ledger., 1920-09-30


Inoeotedness that large cities may Incur
tiles.
JOINT AND CONCURRENT REsoI,Iy-
IioN providing for the amendment of
article 10 OF the Constitution of the
state OF Missouri by striking out sec
tio on ~ tnereoi, and adding new Sec
tion IN lieu thereof. to be known as
section IL thereof, relating to the linn
II OF indebtedness OF counties cities
towns townships. school districts and
divisions.
Be 1t resolved by the Senate, the House
OF representatives concurring therein
as follows:
Imat at the general election TO be held
on tuesday next following the first Nom
gay IN November. A. ID. 1920, there shall
pc submitted for adoption or rejection. TO
. tue qusllned voters OF the state of Mis-
sOuIt the repeal OF section IL OF article
~ OF the Constitution of Missouri and the
ADOPTION OF the following new section in
ieu tneTeof, to be known as section 12
.hereoi' relating TO the limit OF indebted
ness OF counties, cities, towns. townships,
schooi districts and other political cor
poratlons and subdivisions:
section Y. No county, city, town.
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 yot-
ers thereof voting on such proposition,
at an election to be held for that purpose;
nor nor IN cases recurring such assent shall
any indebtedness be allowed to be in
Cured to an amount including existing
Indebtedness. in the aggregate exceeding
five per centum on the value Of the tax
aDle property therein, to be aScertained
by the assessment next before the last
assessment for state and county PURPOSES
previous to the incurring Of such in
dehtedness. except that cities having a
population OF seventy-tive thousand in
habitants or more may. with the assent
OF two-thirds Of the voters thereof vot-
ing on such proposition at an election to
be held for 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 ana 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 be all
lowed to become indebted to larger
amount for the erection of courthouse or
| Jail, or for the grading, construction,
paving, or inaintatng, OF paved. graveled.
macddamiZed or rock roads and neces :
| saTy bridges and culyertss therein; and
| provided further, that any county city,
| town, township, school district or other
| political corporation or subdivision OF the
|
| ing the assent of the voters, as aforesaid.
| shall before or AT the time Of doing so,
provide for the collection of an annual
tax suificient to pay the interest on such
| Indebtedness as IL falls due, and also to
| constitute a sinking fund for the paw
| 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
| 81. Louis are hereby authorized to issue
interest bearing bonds of said city in
/ ha a nFRN.NF of H.. I-.If-
rate OF interest not to exceed four per
cent per anuum, the principal payable
| within thirty years from the date Of their
| issue, and the proceeds thereof shall be
| paid to the corporation organized for the
| celebration Of the Louisiana purchase
| centennial in said city. to he used by said
| corporation for said celebration, holding
world / far or exposition IN said city.
| Ana Sald 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. and any surplus re-
| manning from the assets of said corpora =
| tiQn after said stockholders and said city
divided between said stockholders and
| said city in proportion TO the aggregate
amount Of said stock SO paid In and the
amount 80 loaned by said city; and any
said corporation shall be paid into the
sinking fund Of said city for the redemp-
tion of It's outstanding bonds; Provided
that il, at the election, for, the adoption
of this amendment to the Constitution. a
majority Of the votes cast within the lin
it's Of said city OF st, Louis voting for and
against this amendment shall be against
its adoption, then no bonds shall be ts-
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 aggregating Sc, 900, that
being the amount assumed by said city
in the scheme OF separation from the
county of ST. Louis, and the sum OF 50,
sos, 600 heretofore prior to January l.
1901, expended in the construction OF
waterworks for the city of St Louis and
any bonds which may be hereafter issued
by said city In the construction and I'm
provement OF waterworks, the payment
OF the interest whereon and the principal
whereof shall be provided from the rev.
enue of said waterworks 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 oi
two thirds of the voters under the proyis-
ions of this article, but said city shal
be authorized at any time to issue bonds
with the assent aforesaid. to an amount
including outstanding Indebtedness, othel
| than thaL ABOVE naIneu, 10 lne dIHOun'
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 have power, with such assent of the
voters. to issue bonds for the construc.
ton and improvement of waterworks, the
interest whereon and the principal where.
of shall be provided for from the income
of said waterworks. Said city shall es-
tablish sinking fund for the payment o.
the bonds so authorized according te
! the times fixed for the maturity OF the
same: Provided further. that any city
which now has or may hereafter affair
a population OF seventy-tive thousand oi
more inhabitants may acquire by pur'
chase condemnation or construction
/, waterworks, gasworks electric ligh
! works, street railways, telegraph ant
telephone systems. heating plants. ice OF
, refrigeration plants, or any other plan
: 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 bond!
4 shall not be included in the liabilities o.
l Indebtedness of the city limited by th'
nrior provisions of this section; but tn
. Total amount of such public utilities
bonds to be issued by such city shal
I not exceed twenty per centum OF IN
!, ,,oI,,n ~ tho taxable prODerty In said city