Pocahontas star herald., 1926-08-05
Cost of this Publication to the
County is $6l.25
PROPOSED ny INITIATIVE
PETITION

An Amendment 10 SECTION 1 OF Aili-
Gle l6 OF the Constitution Of the state
OF 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 10. SECTION l: 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 or IN
debtedness, except such bonds as may
be authorized by law to PROVIDE LOT
and secure the payment OF the indept-
edness existing at the time OF tne
adoption of the Constitution OF 1873,
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 quar-
flied electors OF said municipality vot-
ing on the question at an election heIu
for the purpose, bonds in sums and ioJ
the purposes approved by such MAJOR
ity at such election as follows;
For the payment of any lndepteo-
ness existing at the time of the adop-
tion of this amendment for the pur-
chase OF rights of way Tor constIuc-
tion Of public streets, alleys and ooule
such municipality; for the construc
tion of, widening or straightenlns VL
streets, alleys and bouleVards with,h
the corporate limits of SUCH munlcipal
ity; for the purchase, deVelopmehs si,' am
Improvement OF public parks and NY
ing fields located either WITHIN OF
without the corporate limits OF sucn
municipality; for the CONSTRUCTION ol
sewers and comfort stationsi Tor the
purchase of fire fighting apparatus
ol
chase of street cleaning apparatus ior
the purchase OF sites for, constructloh
Of and equipment of city nails, duul-
toriums, prisons, libraries, hosp ',ar
public abbatoirs incinerators or gar
bage disposal plants; for buildings LOT
the housing OF fire fighting appara-
tus; for the construction OF Vlaoucts
and bridges; and for the purpose oA
larging, building, or construction OF
water works or light plants ana ois-
tributing systems therefor.
No bonds issued under the authority
Of this amendment shall bear a ereas
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 'i anu
discount, on each issue OF bonds shall
not exceed six per cent per annun'
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 circulatlon IN lhe
municipality Issuing said bonds.
In order TO provide for the payment
Of the bonds issued under the .proVls-
ions OF this amendment ana lnteIess lnts
thereon a special tax, not 10 eNceeu
five mills on the dollar In addition 10
the legal rate permitted. may be lev,
led by municipalities on the real anu
personal taxable property therein, an
any municipality issuing any ponus
shall, before or at the time oi o,oiiS
not exceeding the amount limited us
above. sufficient to pay the interest," on
such bonds as the same natures, anu
also sufficient to pay and ulschtI
the princlpal of all such bonds at their
respective maturities; provided, ina I
the above limitations OF the rate OF
taxation shall not apply 10 pohus -
sued by any municipality for the pu.
nose of acquiring, purchasing, eXteho-
irp improVing. enlarging, building OF
construction of water works ana llsnt
nlants. but the levy of the speclal taA
OF five mills authorized by this amenu- :
ment having been exhausted. or the
balance unlevied being insufficient TO
nav interest on and retire the proposeu
bonds. said municipality for the pur-
pose OF paying the principal anu lntcL il .
est of such water works ana il,,, iis ~
nIant bonds, may, as far as required
levy and collect a special tax. In ADJ =
tion to the rate allowed by this amend :
ment OF not to exceed five mills on the
dollar. ..,, q,
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 De
issued for longer period than thirty-
No municipality shall ever grant III
nancial aid toward the construction OF
railroads or other private enIerprlsSs II,,oTs
operated by any person, flrm OF eorpIr 'n !.
alton. and no money raised under ths
provisions of this amendment by tax
alton or by sale Of bonds for specl1lo
purpose shall ever be used ior any
other or different purpose.
II shall be the duty of the mayor
and city council or other governin
body established by law to eHeretse
supervision over the sale OF any bonus,
which may be voted by the people a.
an election held for that purpose and
thew shall expend economically the
funds so provided for the .specit ed
purpose or purposes for which they
were voted
said election shall be held at such
times as the city council may desl8
nate by ordinance, which ordinances
shall specifically state the purpose 10!
which the bonds are to be Issued, aho
il for more than one purpose, provision
shall be made In said ordinance tor
balloting 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 so that IL shall not occur ear
lier than thirty days after the pas
sage of said ordinance. Said election
shall he 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 hay-
ing a bona fide circulation therein; tha
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 al
said elections. The result OF said elec-
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 forcs
upon It's adoption. and shall not re-
ouire legislative action to put II into