The Sentinel=record., 1918-09-17

at their respective maturitleS, no mu-
 nicipality shall have the power to
 make an issue of bonds or other in
 terest- bearing evidences of indebted
 ness, if said proposed issue itself, or
 together with all previous issues of | bonds and other interest bearing evi- | dences of indebtedness then outstand Q ing by such municipality, shall aggre- i gate as to city of the first class i more in amount than five per cent | (5E), and as to incorporated towns
 and cities of the second class more il l amount than seven per cent (7G) of | the assessed valuation of all taxable property in the municipality proposing
 to issue the same according to the last general assessment next preced- ing said proposed issue of bonds or other interest bearing evidences Of l indebtedness.
 Said bonds and other interest-bear- ing evidences of indebtedness shall
 be serial, maturing annually after three years from date of issue, and shall be paid off as they mature, anI no bonds for the acquisition of rights of way for and the construction of public highways, streets, alleys or boulevards issued under thcauthouty of this amendment shall be issued foi
 longer period than fifteen years, and no other bonds shall be issued for q longer period than thirty-liye years. No municipality shall ever grant financial aid toward the construction of railroads or other private enter prises operated by any person, firm
 or corporation, and no money raised under the provisions of this amend ment by taxation or by sale of bonds
 for a specific purpose shall ever be
 used for a longer period than thirty five years.
 No municipality shall ever grant financial aid toward the construction
 of railroads or other private enter
 prise5 operated by any person, firm or
 corporation. and no money raised un' Ger the terms of this amendment by
 taxation or by sale of bonds for a spe- cific purpose shall ever be used rol
 any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, unIet
 the terms of this amendment, there shall be chosen three citizens as tax payers commissioners. These com missioners shall not be otherwise con- nected with the administration of the
 affairs of said municipality, and shall be chosen by the City Council or other governing body at thetime of the pas sage of tho ordinance calling an election for the purpose of voting up-
 on said particular issue of bonds. The advertisement of such election shal state the names of the proposed com
 missioners for the information of the
 public.
 The taxpayers commissioners du ties shall 0e to act in conjunction with
 the Mayor or any Board or Committee. now or hereafter provided by law, the same as if provision had originally been mad 0 for such Commissioners, and said tax-payers' commissioner, together with said Mayor or Board or| Committee, shall jointly exercise SUI pervision over the sale of any bonds
 which may be voted by the people att such election, and shall jointly sec to it that funds thus provided are prop erly and economically expended for the purpose specified in the issue of
 bonds as voted by the people, and .o that end shall pointly make all con tracts for the expenditure of the pro- ceeds of the sale of each issue of bonds
 Said election shall be held at such
 time as the city or town council may designate by ordinance, which ordi-I
 nance shall specifically state the pur-
 pose for which tho bonds or otherI
 interest-bearing evidences of indeoD-I
 ednees are to be issued, and if forI
 moro than ono purpose, provision shall
 be made in said ordinance for ballot
 ing ou each separato purpose; which
 ordinance shall also state the sum to-l
 tai of the issue, the dates of matur- ity thereof, and shall fix the dato of the election so that it shall not occJrl carrier than sixty (60) days alter the passage of said ordinance. Said cleo ton shall be held and conducted, and the vote thereon canvassed, and the result thereof declared, under the law and in the manner now or hereattorl provided for municipal elections. sol far as the same may be applicable except as herein otherwise provided. Notice of said election shall bo given by the Mayor by advertisements l weekly for at least four times, inl some newspaper published in said municipality and having bona llde circulation therein; the last publica- tion to be not less than ten G0) days prior to the date of said election
 Qualified electors of said munici- pality only shall have right 10 vote at said elections. The result of said election shall be proclaimed and puu- |