Pocahontas star herald., 1926-07-15
Cost of this Publication to the
County is $6l.25
PROPOSED ny INITIATIVE
PETITION

AGAINST Amendment No. 10
An Amendment to Section / OF Arti-
Gle l6 Of the Constitution Of the state
OF Arkansas
"BE 1T ENACTED BY THE PEOPLE
OF THE STATE OF ARKANSAS:
THAT Section l Of Article l6 OF the
Constitution OF the State Of Arkansas
be amended to read as follows;
ARTICLE 16. SECTION 1 Neither
the State nor any city, county, town
or other municipality in this State
shall ever lend its credit for any pur-
pose whatever; nor shall any county
city, town or municipality ever issue
any interest bearing evidences or IN
deDtedness, except such bonds as may
be authorized by law to provide for
and secure the payment OF the indebt-
edness existing at the time OF the
adoption of the Constitution OF 1874,
and the State shall never issue any
interest bearing treasury warrants or
scrip"
Provided that cities of the first and
second class, may issue, by and with
the consent Of a majority of the qual-
flied electors of said municipality yot-
ing on the question at an election helo
for the purpose, bonds in sums and Tor
the purposes approved by such major
ity at such election as follows:
For the payment of any indebted
ness existing at the time OF the adop-
tion of this amendment for the pur-
chase of rights of way for construc-
tion of public streets, alleys and boule-
wards within the corporate limits OF
such municipality; for the construc-
tion Of widening or Strengthening OF
streets alleys and boulevards wlthln
the corporate limits OF SUCH munlclpal.
ity; for the purchase, development ana
Improvement Of public parks and fly-
Ing fields located either within or
without the corporate limits OF sucn
municipality; for the construction or
sewers and comfort stations; Tor tne
purchase of fire fighting apparatus
and fire alarm systems; for the pur-
chase of street cleaning apparatus; tor
the purchase of sites for, construction
Of, and equipment of city nails, audi
toriums, prisons, Libraries, hospltals'
public abbatoirs, incinerators or gar
bage disposal plants; for buildings for
the housing OF fire fighting appara-
tus; for the construction or Nladucts
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 cent
per annum payable either annually or
that is to say, the cost
TO the municipality for interest ana
discount. on each issue OF bonds shall
not exceed six per cent per an9um'
and no bonds issued under the author-
sold except at public sale after twenty
days advertisement in some newspaper
having a bona fide circulation In the
municipality issuing said bonds.
In order to provide TOT tns payInJIns
of the bonds issued under the .provls-
ions of this amendment, and interest,"
thereon a special tax, not to exceed
five mills on the dollar in additlon 70
the legal rate permitted, may pc ieN,
led by municipalities on the real ah9
nersonal taxable property therein, ana
any municipality issuing any pohus
shall, before or at the time OF doing
90, levy a direct tax payable annuAlly
not exceeding the amount Nmlteu as
above. sufficient to pay the interest on
such bonds as the same natures, anu
also sufficient to pay and dischsrge
the principal Of all such bonds AT tnelr
respective maturities; provided, that
the above limitations OF the rate OF
taxation shall not apply to bonds is
sued by any municipality for the puI
pose OF acquiring, purchasing, extend
ing, improving, enlarging, buluihs vt
construction OF water WORKS anu isne
plants, but the levy OF the speclal taA
~ five mills authorized by this amend
ment having been exhausted. or the
balance unIevied being insufficient 70
nav interest on and retire the proposed
bonds. said municipality for the pur-
nose 81 having the principal and inter
est of such water works and llBnt
piant bonds, may, as far as requl1ep'
levy and collect a special tax, IN auui-
tion to the rate allowed by this anenu- NJ.
ment Of not to exceed i've miis on 'ne
said bonds shall be serial, maturing
annually after three years from cate
of issue, and shaH be paid OFT as they
mature and no bonds issued under the
authoritv OF this amendment shall be
ISSUED for longer period than thirty-
No municipality shall ever grant II.
nancial aid toward the construction OF
railroads or other private enterprises
operated by any person. firm or corpor-
alton and no money raised under the
provisions of this amendment by ta1- ts1i
alton or by sale of bonds for spectre
6P,gES PSTERSoss Sr sdhgllr sHtsTp PURPOSE. Gf Ss'u
II shall be the duty OF the mayor
and city council or other governing
body established by law, 10 e%eroise
supervision over the sale OF any o9hus,
an election held for that purpose ana
hev shall expend economically tne
funds 40 provided for the speeltied
purpose or purposes for which they
ssid election shall be held at such
,trnes as the city council may desig-
nate by ordinance. when ordlhanco
shall specifically state the purpose ioI
which the bonds are to be issued, anu
n FOR more than one purpose, provision
sbaIi be made In said ordinance for
haIlotine on each separate purposei
which ordinance shall state the sum
total OF the issue, the dates OF MATURE
ity thereof, and shall fix the GATE OF
eiection so that II shall not occur ear
iier than thirty days after the pas
SAGE Of said ordinance. ga Id election
shsil be held and conducted, and the
vote thereof canvassed, and the result
thereof declared under the law and IN
Inc 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 the
n,avor nv advertisement weekly for at
least four times, in some newspaper
nublished In said municipality and nay
ing a bona fide circulation thereini tne
last publication to be not less than ~
davs prior to the date Of said election.
Qualified voters of said municipal- i
ity only shall have right TO vote AT
said elections. The result OF said elec-
lion shall be proclaimed by the mayor
and the result as proclaimed shall pc
eoncluslve unless attacked In the
courts within thirty days after ,, th,e
date OF such proclamation rms
amendment shall not repeal or aftect
snv law relating to the organization
OF Improvement districts
This amendment shall be IN torres
npon its adoption, and shall not re-
ouire legislative action to put II INTO
forca and effect.