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Article 20, Arkansas Constitution

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Article 20[1] of the Arkansas Constitution is entitled "Holford" Bonds Not to Be Paid.

Article XX was added to the constitution by Amendment 1, proposed on January 30, 1883.

"Holford" Bonds Not to Be Paid

The General Assembly shall have no power to levy any tax, or make any appropriations, to pay either the principal or interest, or any part thereof, of any of the following bonds of the State, or the claims, or pretended claims, upon which they may be based, to-wit: Bonds issued under an act of the General Assembly of the State of Arkansas, entitled, "An act to provide for the funding of the public debt of the State," approved April 6th, A. D. 1869, and numbered from four hundred and ninety-one to eighteen hundred and sixty, inclusive, being the "funding bonds," delivered to F. W. Caper, and sometimes called "Holford bonds;" or bonds known as railroad aid bonds, issued under an act of the General Assembly of the State of Arkansas, entitled, An act to aid in the construction of railroads, approved July 21, A. D. 1868; or bonds called "levee bonds," being bonds issued under an act of the General Assembly of the State of Arkansas, entitled "An act providing for the building and repairing the public levees of the State, and for other purposes," approved March 16, A. D. 1869, and the supplemental act thereto, approved April 12, 1869; and the act entitled "An act to amend an act entitled an act providing for the building and repairing of the public levees of this State," approved March 23, A. D. 1871, and any law providing for any such tax or appropriation, shall be null and void.[2]

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