Pocahontas star herald., 1926-07-29
Cost of this Publication to the
County is $61.25
PROPOSED ny INITIATIVE
PETITION

AGAINST Amendment No. rs
An Amendment to Section l OF Arti-
Gle 16 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 /: 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 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 OF the
adoption of the Constitution or lot4,
and the State shall never issue any
interest bearing treasury warrants or
Provided that cities of the first and
second class, may issue, by and with
the consent of a majority or the quar-
flied electors of said municipality vot-
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 ana Douie
wards within the corporate limits OF
such municipality; for the constr @eohstruos &c
tion of, widening or Strengthening OF
streets, alleys and boulevards withih
the corporate limits of such munlclpal-
ity; for the purchase. development anu
improvement of public parks ana iiy
ing fields located either wlthln OF
without the corporate limits OF sucn
municipality; for the construction OF
sewers and comfort stationsi Ior tne
purchase of fire fighting apparatus
and fire alarm systems; for the pur-
chase of street cleaning apparatus Tor
the purchase of sites FOR construcliOh
of. and equipment of city halls audi
toriums prisons, Libraries, hospltals'
public abbatoirs incinerators or gar
haze disposal plants; for buildings for
the housing OF fire fighting appara
tus. for the construction OF Viaducts
and bridges; and for the purpose OK
purchasing, extending improving, en-
larging building, or construction OF
water works or light plants, ana us
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
semi-annually; that is to say, the cost
TO the municipality for interest ana
discount, on each Issue OF bonds snaIi
not exceed six per cent per snhutn, .h
and no bonds issued under the author-
ity of this amendment shall ever pe
sold except at public sale after twenty
days advertisement in some newspaper
having a bona fide cireuiation IN the
municipality Issuing said bonds.
In order to provide for the payment
of the bonds issued under the provls-
ions of this amendment and lnteress
thereon a special tax, not TO exceed
five mills on the dollar in addltlon 70
the legal rate permitted, may be lev
led by municipalities on the real ana
personal taxable property therein anu
any municipality issuing any ponus
shall, before or at the time OF oolns
10 levy a direct tax payable annually
not exceeding the amount llmlteu us
above, sufficient to pay the interest on
such bonds as the same maturesc anu
also sufficient to pay and disenarSe
the principal of all such bonds at tnelr
respective maturities; provided, tnat
the above limitations of the rate OF
taxation shall not apply TO ponos Is
sued by any municipality TOT the pus
nose OF acquiring, purchasing, exteno-
ing, improving, charging, building or
construction of water works and llgnt
plants but the levy of the speclal 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 Tor the pur-
pose OF paying the principal and inter-
est Of such water works ana ,lsa ihsh'
plant bonds, may, as far as requires
levy and collect special tax, In addi-
tion 10 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 snail pc
issued for a longer period than thirty
No municipality shall ever grant FL
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 tax
alton or by sale of bonds for specific
purpose shall ever be used Tor any
other or different purpose, ,A evor
and city council or other governing
body established by law. to exercise
supervision over the sale OF any bonds,
which may be voted by the people az
they shall expend economically the
funds so provided for the specified
purpose or purposes for which they
were voted
times as the city council may desig-
mate by ordinance which ordinances
shall specifically state the purpose foT
which the bonds are to be Issued, ana
IL for more than one purpose, provision
shall be made In said ordinance for
balloting on each separate purpossi
which ordinance shall state the sum
total OF the issue, the dates OF matur.
ity thereof, and shall fix the date OF
election so that II shall not occur ear
lier 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 the
mayor by advertisement weekly for at
least four times, In some newspaper
published in said municipality and hav-
ing a bona flde 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 a right to vote at
said elections. The result Of said cleo
tion 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 its adoption, and shall not re-
quire 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