Washington telegraph., 1914-07-10

out the corporate limits or said munich
palities
No money raised for a specific pur-
different purpose
NO bonds or other interest-bearine
evidences OF fndeb teGnesS Issued asss-GE
the authority of this amendment shall
ever be sold at less than par, and when
issued by cities of the first class they
shall not bear a greater rate of interest
than five (5) per cent per annum. and
when issued by ,cities of the second
class and bv such Incorporated towns
as aforesaid shall not bear a greater
rate of interest than six (6) per cent
per annum. In order to provide for the
payment of bonds and other interest
bearing evidences of Indebtedness, and
the interest thereon. a special tax, not
10 exceed seven CD mills on tho dollar
In addition to the rate of taxation now
permitted may be levied by said munich
palities on the taxable property therein;
and any of said municipalities issuing
any bonds or other intereSt-bearing evil
dences of indebtedness shall before or
at the time Of doing so, provide for the
collection of a direct annual tax, not
exceeding the amount limited as above.
sufficient to pay the interest or such
bonds or other interest-bearing evil
dences of indebtedness as they fall due
and also to pay and discharge the
principal thereof within thirty-five
(35) years from the time of issuing the
same Provided further, that bonds or
other nterest-bearing evidences of in
dentedness shall not be issued for an
amount in the aggregate of more than
seven (7 per cent of the assessed valua-
tion of all real and personal property in
the municipality proposing to issue the
same, according to the last general as
sessment Said bonds and other inter
est-bearing evidences of indebtedness
shall be serial, and shall be paid OF as
rapidly as the income derived from said
tax will permit Provided further that
bonds may be issued by said munici-
palities for the purpose of acquiring.
purchasing. extending. improving. en-
| iarCing. building or constructing water
works or lighting plants with the assent
| of a majority of the voters of said
municipalities voting on such question.
| Said muaicipzHties shall be authorized
at any time to issue such bonds, with
/ The assent aforesaid. and shall he au-
/ thorized to make levy of taxes for the
/ purpose of uayi1C the prinCinal and
| interest Of suOh hopds: Hnd such water
/ works and lighting bonds or renewals
/ thereof shall not he inclydcd In the
! communication Of the amount ~ bonded
! irdcrtc5~css or the cC1oT-t Of the Levy
/ her6in6e-OTa Ver:nitte7. tut SAIL munI-
CAPABILITIES are perr"ttte1 to issue such
bonds and levy taxes therefor in excess
] Of said Hr1itatiore an1 the rates Of in
/ terest on such water works or lighting
/ bonds shall he governed BY the provis-
] tons berejrrefore set out relating to
! general bonds but SUoh bonds need aot
| he rotirci ~ thin tNirtv-five f35) years
/ Provided furtber. that as additional Sc
| curitv of SaiT additirFq1 bonds. a mort
| gage or other lien shall be given by said
| rnruicipaIitv on such wct ter W, rks or
/ lighting rIant including its franchise
and all other property connected there
with
| fine as the citv or town council NAV
! 6aei--rate by ordinance which ordnance
| shall specifically state the purpose for
| ,yhi.b The bonds or other interest bear
! inc evidences of Indebtedness are 20
| he issued, and II tor more than one pur-
| nose provision shall be made in said
| ordinance for balloting on each sepa-
| rate purpose; the sum total Of the is
| sue; the dates of maturity thereof; and
| said ordinances shall fix the date Of
| election so that It shall not occur
| earlier than sixty days after the passage
| of said ordinance. Said election shall
he held and conducted, and the vote
| thereon canvassed. and the result there
of declared under the law and in the
| manner now or hereafter provided for
municipal elections. so far as the sans
NAV be applicable except as herein
| otherwise provided. Notice OF said cleo
tion shall be given by the Mayor by
| advertisements weekly for at least four
times in some newspaper published in
said municipality, and having a c!rcula-
tion therein. the last publication to be
rot less than ten (10( days prior to the
| date of said election.
| Qualified electors of said municipalitS
| only shall have a right to vote al said
| elections The result of said election
| shall be proclaimed and published by
| the Ravor and the result as proclaimed
| shall be conclusive unless attacked II
the courts within sixty (eo) da1n