Pocahontas star herald., 1926-08-12
Cost of this Publication to the
County is $6l.25
PROPOSED NY INITIATIVE
PETITION

|
| OF Arkansas.
BE IT ENACTED BY THE PEOPLE
| or THE STATE OF ARKANSAS:
| That Section l OF Article 16 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 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-
filed electors of said municipality vot-
| ing on the question at An election hello
| for the purpose, bonds in sums and for
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 Doule-
| wards within the corporate limits OF
such municipality; for the construc-
/ I.
streets, alleys and boulevards within
/ the corporate limits of such municipal
| ity; for the purchase, development ana
| Improvement of public parks and fly-
| ing fields located either within or
without the corporate limits Of such
| municipality; for the construction or
sewers and comfort stations; for the
purchase of fire fighting apparatus
| and fire alarm systems; for the pur-
chase of street cleaning apparatus; for
| the purchase OF sites for, construction
| Of and equipment of city halls, audi
| toriums, prisons, libraries, hospitals
/ public abbatoirs, incinerators or gar
bage disposal plants; for buildings for
the housing OF fire fighting appars-
tus; for the construction of viaducts
and bridges; and for the purpose OF
larglng. building, or construction OF
water works or light plants, and ais
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 OF
semi-annually; 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 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
municipality issuing said bonds
In order to provide for the payment
Of the bonds issued under the provis-
ions OF this amendment, and interest
thereon a special tax, not to exceed
five mills on the dollar in addition 10
the legal rate permitted, may pc lev,
led by municipalities on the real ah9
personal taxable property therein, ana
any municipality Issuing any bonds
shall, before or at the time OF uolns
so, levy direct tax payable annuhlly
not exceeding the amount llmlteo US
he n
such bonds as the same natures, and
also sufficient to pay and discharge
the principal of all such bonds at their
respective 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, exteho-
Ing, improving, enlarging, bulluihg OF
construction of water works ana llght
plants, 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 ilsht
plant bonds, may, as far as requl5su
levy and collect a special tax, in addi-
tion to the rate allowed by this amend
ment Of not to exceed five mills on the
Said bonds shall be serial, maturing
of issue. and shall be paid off as they
mature and no bonds issued under the
authority of this amendment shail De
issued for 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 spectre
niifpose shall eyer be used Tor 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
they shall expend economically the
funds so provided for the specified
plrpoSs or purposes for wn,ch tney
weFs Voted. -
Said election shall be held at suoh
times as the city council may desig-
nate by ordinance, which ordinance
shall specifically state the purpose for
which the bonds are to be issued, ana
II for more than one purpose, provision
shall be made in. said ordinance for
baffoting on each separate purposei
which ordinance shall state the sum
ssSsdY gi ae sng ssgge shla al 9ss'f hs OF das %ssug
flsg'l8 l5S RAJ s. tiRlfitz tiRli i dSsa ~ s9GSr Rft M
sage sag Of saiS ofaPaAss saId SIssetllGGaa
shall be held and e9qducted, and tAq
Vote thereof canvassed, and the result
hereof declared under the law .apdt IN
the fianheT NOW or hereafter proviql
ed for municipal elections SO far as
The game 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 ana nay.
Ing a bona fide circulation thereini ths
last publication to be not less than "
davs 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 elec-
tion shall be proclaimed by the mayor
and the result as proclaimed shaH pe
! conclusive unless attacked IN the
| courts within thirty days after the
date OF such proclamation rms
! amendment shall not repeal or atIeet
any law relating to the organization
/ OF Improvement districts.
This amendment shall be in force
| upon its adoption, and snail not RS
/ duire legislative action to put II into
force and effect.
All provisions of this amendment
| shall be treated as mandatory ana all
| provisions OF the Constitution, OF
| amendments thereto in conflict here
| with are hereby repealed.