Pocahontas star herald., 1926-07-22
Cost of this Publication to the
County is $6l.25
PROPOSED ny INITIATIVE
PETITION


Gle l6 OF the Constitution Of the state
of Arkansas.
BE 1T ENACTED BY THE PEOPLE
OF THE STATE OF ARKANSAS:
THAT Section I Of Article 16 Of the
Constitution Of the State Of Arkansas
be amended TO read as follows:
ARTICLE 16, SECTION l: 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 indept-
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 majority Of the quar-
flied electors of said municipality vot-
ing on the question at an election helo
for the purpose, bonds in sums and to'
the purposes approved by such MAJOR
ity at such election as follows;
For the payment of any lndebteo-
ness existing at the time of the adop-
tion OF this amendment Tor the puI
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
tion OF, widening or strengthening Vl
streets, alleys and boulevards witnih
the corporate limits of such munlclpal,
ity; Tor the purchase, development and
Improvement of public parks and tly-
ing fields located either within OF
without the corporate limits OF such
municipality; for the construction oI
sewers and comfort stations; for the
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 hS,lS; hS;.nitals Su
public abbatoirs, incinerators or gar
bage disposal plants; for buildings lor
the housing Of fire Fighting ApPaIs
tus; for the construction OF vladuets
and bridges; and for the purpose OF
purchasing, extending, improving, en-
larging, building, or construction OF
water works or light plants, ana as
tributing systems therefor
No bonds issued under the authority
NJ This amendment shall bear great
er rate of interest than SIX per cent
per annum payable either annually OF
semi annually; that is 10 say the coss
to the municipality for interest any, anu
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 pe
sold except at public sale after twenty
having a bona fide circulation In the
municipality issuing said bonds.
In order to provide for the payment
of the bonds issued under the .provls-
ions of this amendment ana lnteress
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 rear anu
personal taxable property thereln anu
any municipality issuing any ponds
shall before or at the time OF DOING
40. levy a direct tax payable annually
not exceeding the amount limited as
above, sufficient to pay the interest on
such bonds as the same natures, ana
also sufficient to pay and discharge
the principal of all such bonds az tnelr
respective maturities; provided, that
the above limitations of the rate OF
taxation shall not apply TO ponds IS
sued by any municipality for the pur-
pose of acquiring, purchasing, exteho-
ing. improving, charging, building or
construction of water WORKS ana ilgnt
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 70
nav interest on and retire the proposed
bonds, said municipality for the pur-
pose Of paying the principal ana lntes nieLt
est of such water works and llBht
plant bonds, may, as far as required
levy and collect a special tax, in adui
tion to the rate allowed by TINS amenu-
ment of not to exceed five mills on the
said bonds shall be serial, maturing
annually after three years from GATE
OF issue, and shall be paid off as they
mature. and no bonds issued under the
authority OF this amendment shall De
issued for a longer period than thirty
No municipality shall ever grant III
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.
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 bonds,
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
purpose or purposes for which they
said election shall be held at such
times as the city council may desig-
nate 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
balioting on each separate purpose;
which ordinance shall state the sum
total of the issue, the oates OF naluT :
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 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 hay
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 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 20 the ORGANIZATION
Of improvement districts
This amendment shall be In torcs
upon its adoption, and shall not re-
auire Legislative action to put II into
force and effect
All provisions of this amendment
.hall he treated as mandatory, and all