Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1920-10-21

a.N ctdOiH9 tnSm 10 acquire publlc utli-
tiles.
JOINT AND CONCURRENT REsulU-
T9ON providing for the amendment of
article 10 of the Constitution of the
state of Missouri by striking out sec
ton IL thereof, and adding a new Sec
ton in lieu thereof, to be known as
section II thereof. relating to the Inn
u OF Indebtedness OF counties, cities,
towns townships, school districts and
other political corporations and sub
divisions.
Be 1t resolved by the Senate, the House
OF Representatives concurring therein,
as follows;
That at the general election to be held
on tuesday next following the first Mon
DAY in Novembefs A. D. 1920, there shall
be submitted for adoption or rejection, to
the qualified voters of the state of Mis-
souri, the repeal of section IL of article
10 of the Constitution of Missouri and the
adoption of the following new section in
lieu thereof, to be known as section 10
thereof, relating to the limit Of indebted
ness OF counties, cities. towns, townships, ,
school districts and other political cor
porations and subdivisions;
Section II. 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
and revenue provided for such year, with
out the consent of two-thirds of the vot-
ers thereof voting on such proposition,
at an election to be held for that purpose;
nor in cases requiring such assent shall
any Indebtedness be allowed to be in
Cured to an amount including existing
Indebtedness, In the aggregate exceeding
nVe per centum on the value of the tax
able property therein, to be aScertained
by the assessment next before the last
assessment for state and county purposes,
previous to the mourning of such in
dehtRdnpSg pXcaDf that pittaS hauinO q
population of seyenty-five Thousand in
habitants or more may, with the assent
or tWo-thirds of the voters thereof vot-
ing on such proposition at an election to
be held for that purpose. incur an in
d~ebtednesS 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 be al
lowed to become indebted to a larger
amount for the erection of courthouse or
jail. or for the grading, construction,
macadamized or rock roads and neces-
sary bridges and ~culverts therein; and
provided further, that any county, city,
town, township, school district or other
political corporation or subdivision of the
state, mourning any Indebtedness requir-
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 sufficient to pay the interest on such.
indebtedness as it falls due, n also to
constitute. a 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 a
rate Of interest not to exceed four per
cent per annum, the principal payable
within thirty years from the Gate 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 be used by said
corporation for said celebration, holding
a worlds fair or exposition in said city.
And said corporate authorities of st.
Louis shall be repaid as. large a proper
Tomato 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-
naming from the assets of said corpora
ton after said stockholders and said city
shall nave 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 Of said city for the redemp-
ton of Its outstanding bonds: Provided,
ludt IL at Tie 6iSClIOfl LUZ ING dQOptlOEl
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
against 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 n state revenue;
by the city of st. LOU alone: Provided,
that In the city of st. Louis the amount
Of bonds now aggregating $6.1ll,OO0, that
being the amount assumed. by said city
in the scheme of separation from the
county of st. Louis, and the sum of So
sos, 900 heretofore prior to January !.
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 w~aterworks, the payment
of the interest wherein and the principal
whereof shall be provided from the rev.
enue of said waterworks: that is to say.
the amount sof 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
two-thirds of tho voters under the provis-
ions of this article, but said city shall
be authorized at any time to issue bonds,
with the assent aforesaid, to an amount,
4 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-
tanned 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 wherein and the principal where
Of shall be provided for from the income
Of said waterworks. Said city shall es-
tablish a sinking fund for the payment of
the bonds so authorized according to
the 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 orr 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 OF
indebtedness OF the city limited BY the
prior provisions Of this section; but the
total amount Of such public utilities
bonds to be issued by such city shall
not exceed twenty per centum of the
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