Iron County register., 1920-10-28

TION providing for the amendmAnt of |
article 10 Of the Constitution d the |
state of Missouri by striking out Sec
tion IL thereof and adding a new sec |
tion in lieu thereof to be known as |
section. IL thereof, relating to the lin
It, OF Indebtedness of counties, cities, |
towns, townships, school districts and |
other political corporations and sub
divisions.
Be it 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 Novembess 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 IL
| thereof, relating to the limit Of indebted
ness Of counties, cities, towns, townships,
| school districts and other political cor
| porations 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
| 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;
L
| 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
able 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
debtedness, except that cities having a
population of seventy five 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 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,
paving, or maintaing of paved, grayeled
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, and 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
J 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 date of their
, issue, and the proceeds thereof shall be
| maid ta the niZpd for the
l 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
: 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-
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 10 the aGgr rega te
: amount of said stock so paid In and the
y amount so loaned by said city; and any
I amount so received by said city from
o said corporation shall be paid into the
: sinking fund Of said city for the redemp-
:, tion of it's outstanding bonds: Provided
J, that If, at the election for the adoption
i of this amendment to the Constitution,
r majority of the votes cast within the lin
e it's of said city of st. Louis voting for anC
e against this amendment shall be agains
d its adoption, then no bonds shall be is
o sued under this amendment; and provid
h ed further, that no such Indebtedness 81
n created shall be in any part thereof pai'
g by the state or from any state revenue
h tax or fund, but the same shall be pait
h by the city of st. Louis alone: Provided
II that in the city of st. Louis the amour
: of bonds now aggregating S6,111,00O. tina
a being the amount. assumed by said cit u.
: In the scheme of separation from tn
= county of st. Louis, and the sum Of So,
~ sos. 900 heretofore prior to January
:, 1901, expended in the construction o
2 waterworks for the city of st. Louis an
= any bonds which may be hereafter issue
y by said city in the construction and i'm
y provement Of waterworks, the paymen
Y of the interest whereon and the principe
u whereof shall be provided from the rev
l. enue of said waterworks; that is to say
n the amount of said bonds which shall b
of outstanding at the time shall not be In
Of cluded in the computation of the exist
,d,1 ing bonded Indebtedness in determinin
T. the amount of bonds authorized to b
q issued by said city with the assent c
i'd two thirds Of the voters under the provis
t. ions Of this article. but said city, sha
l. be authorized at any time to issue bonds
le with the assent aforesaid, to an amour
III including outstanding Indebtedness, otht
I'd than that above named, to the amour
le Of ten per cent OF the value of the tax
"a able property in said city, to be asceI
er tanned as above provided, and said cit
rs shall have power, with such assent Of tn
III ton and improvement Of waterworks, tn
na interest whereon and the principal where
~ ~ Of shall be provided for from the incom
~ Of said waterworks, Said city shall Ell
q tablish a sinking fund for the payment !
ltes the bonds so authorized according
a.ss the times fixed for the maturity of Il
" " same Provided further, that. any cil
~ which now has or may hereafter alta
y population OF seventy-five thousand I
~ ~ more inhabitants may acquire by pul
~ chase, condemnation or constructor
nnSS waterworlSs, gasworks, electric iigl
ga works, street railways, telegraph al
aii telephone systems, heating plants, Ice
u. refrigeration plants, or any other plal
or system or public service institution, will
at in or outside of the limits OF such cit
Is- for the use of the city or its citizen
Is- and for the purpose Of paying thereto
lr- In whole or in part. may issue public uti
wo tiles bonds, which public utilities bon'
ch shall not be included In the liabilities
ch Indebtedness OF the city limited by Il
u prior provisions of this section; but i
he total amount OF such public utiliti
"a bonds to be issued by such city sh;
ast not exceed twenty per centum OF Z
ay value Of the taxable property In said cit
ks to be ascertained as above specified. ~