Pocahontas star herald., 1926-07-08
Cost of this Publication to the
County is $6l.25
PROPOSED NY INITIATIVE
PETITION

| or Arkansas.
"BE 1T ENACTED BY THE PEOPLE
| OF THE STATE OF ARKANSAS:
That Section ] Of Article l6 OF the
Constitution Of the State OF Arkansas
be amended to read as follows:
ARTICLE l6, SECTION 1: Neither
the State nor any city county, town
or other municipality in THIS state
shall ever lend it's credit for any pur-
pose whatever; nor shall any county
| city, town or municipality ever issue
any interest bearing evidences OF IN
debtedness, except such bonds as may
| be authorized by law to provide LOT
and secure the payment of the indebt-
edness existing at the time or the
adoption of the Constitution of 1879,
| and the State shall never issue any
interest bearing treasury warrants OF
scrip"
Provided that cities of the first and
| second class, may issue, by ana with
the consent of majority of the qual-
| filed electors Of said municipality vot-
| ing on the question at an election helu
for the purpose, bonds in sums and Tor
the purposes approved by such major
ity at such election as follows
For the payment Of asly indebted
ness existing at the time of the adop-
ton of this amendment for the pur-
chase of rights of way for constr1c-
ton OF public streets, alleys and boule.
wards within the corporate limits OF
such municipality; for the construcs
streets. alleys and boulevards WITHIN
the corporate limits Of such munlclpal,
ity; for the purchase. development anu
Improvement of public parks and ny
ing fields located either within OF
without the corporate limits Of such
municipality; for the constructlon OF
sewers and comfort stations; Tor the
purchase of fire fighting apparatus
and fire alarm systems; Tor the pHr-
chase OF street cleaning apparatus for
the purchase OF sites for, construction
Of and equipment of city halls, audi
toriums prisons, Libraries hosplta.s'
public abbatoirs. incinerators or gar
bage disposal plants; for bulld'nBs lor
the housing OF fire fighting appara-
tus: for the construction of Vladucts
and bridges; and for the purpose OF
purchasing. extending, improving en-,
larging, building, or construction OF
water works or light plants, and dis
tributing systems therefor.
No bonds issued under the authority
OF this. amendment shall bear great
er rate of interest than SIX per cen.
per annum payable either annually OF
semi-annually; that is to say, the cost
TO the municipality for interest ana
discount on each issue OF bonds shali
not exceed six per cent per annum'
and no bonds issued under the author
ity of this amendment shall ever pc
sold except at public sale after twenty
days advertisement in some newspaper
having a bona fide circulation IN the
In order TO provide for the payment
of the bonds issued under the proVls-
ions of this amendment, ana lhterest
thereon a special tax, not TO exceed
five mills on the dollar In aduitloI 70
the legal rate permitted, may be lev.
led by municipalities on the real anu
personal taxable property therein, anu
any municipality issuing any pohus
shall before or at the time OF uolnB
80. levy a direct tax payable annually
not exceedinR the amount limited as
above, sufficient to pay the interest on
such bonds as the same natures, ana
Also sufficient to pay and ulscherse
the.principal OF all such bonds at their
resnective maturities; provided. that
the above limitations OF the rate OF
taxation shall not apply to bonds IS
sued by any municipality Tor the puI
pose of acquiring, purchasing; extehu-
ing improving. charging. building or
construction OF water works ana l1ght
nlants. but the levy of the special tax
Of five mills authorized by this amend
ment having been exhausted. or the
balance unlevied being insufficient TO
nav interest on and retire the proposed
bonds, said municipality for the pur-
pose OF paying the principal and inter-
est OF such water WORKS ana llsnt
levy and collect special tax, In add
tion to the rate allowed by this amend
ment OF not to exceed five mills on the
dollar.
annually after three years from date
OF issue and shall be paid off as they
mature and no bonds issued under the
authority of this amendment shall be
issued for longer period than thirty
No municipality shall ever grant III
nanclai aid toward the construction OF
railroads or other private enterprises
operated by any person. firm OF corpor-
alton. and no money raised under the
provisions OF this amendment by tax
alton or by sale OF bonds for a specific
purpose shall ever be used for any
other or different purpose.
II shall be the duty OF the mayor
and city council or other governing
body established by law. to exercise
supervision over the sale OF any bonos,
which may be voted by the people az
an election held for that purpose ana
funds so provided for the spsolfied
purpose or purposes for which they
were voted.
said election shall be held at such
times as the city council may desig-
nate by ordinance, which ordinance
shall specifically state the purposs fof
which the bonds are to be Issued ana
II for more than one purpose, provision
shall be made In said ordinance for
hafloting on each separate purpose;
which ordinance shall state the sum
total of the issue. the dates of matur-
ity thereof, and shall fix the date Of
election 50 tnhl II Snhii HOA ooA
ller than thirty days after the pas
sage OF said ordinance. said election
shall be held and conducted and the
vote thereof canvassed. and the result
thereof declared under the law and in
the manner now or hereafter provid-
ed for municipal elections, so far as
the same may be applicable. except as
herein otherwise provided. Notice Of
said election shall be given by tho
mayor by advertisement weekly for at
least four times. in some newspaper
published In said municipality and hav-
ing a bona fide circulation therein; the
last publication to be not less than 10
days prior to the date OF said election.
Qualified voters of said municipal-
ity only shall have right to vote at
said elections. The result of said cleo
ton shall be proclaimed by the mayor
and the result as proclaimed shall be
conclusive unless attacked in the
courts within thirty days after the
date of such proclamation. This
amendment shall not repeal or affect
any law relating to the organization
OF Improvement districts.
This amendment shall be In force
upon It's adoption, and shall not re-
ouire legislative action to put II into
force and effect
All provisions of this amendment
shall be treated as mandatory, and all
provisions OF the Constitution, or