The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-08-21

nicipality shall have the power toI
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 evil
dences OF Indebtedness then Outstand-
ing by such municipality, shall aggre-
gate as to a city of the first class
more IN amount than five per cent
(5%) and as to incorporated towns
and cities OF the second class more in
amount than seven per cent C7g) OF
! She 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 OF
other interest-bearing evidences OF
Indebtedness
Said bonds and other inierest-bear-
ing evidences OF Indebtedness SHAH
be serial maturing annually after
three years from date Of issue, and
shall be paid off as they mature, anu
no bonds for the acquisition of rights
of way for and the construction OF
public highways, streets alleys or
bouleyards issued under theauthority
Of this amendment shall be issued ron
a longer period than fifteen years, ana
no other bonds shall be issued for
longer period than thirty-five 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
prises operated by any person, firm o.
corporation, and no money raised un-
Ger the terms of This amendment by
taxation or by sale of bonds for spe'
ciGc purpose shall ever be used ro'
| any other or different purpose.
For each separate issue Of bonds, as
proposed by any municipality, undet
| the terms of this amendment, there
shall be chosen three citizens as tax
! payers commissioners. These COM
| missioners shall not be otherwise COM
nected with the administration Of the
affairs Of said municipality, and shall
| be chosen by the City Council or other
| governing body at lifetime Of the pas-
| sage Of the 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 corn
nissioners 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 il provision had originally
been mad for such Commissioners,
and said taxpayers Commissioners
together with said Mayor or Board OF
Committee, shall jointly exercise SUI
pervision over the sale of any bonds
which may be voted by the people at
such election, and shall jointly see &c
it that funds thus provided are prop
erly and economically expended fol
the purpose specified in the issue OF
bonds as voted by the people, and &C
that end shall nointly 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 suct
time as The city or town council may
designate by ordinance, which ordi-
b nance shall specifically state the pur
pose for which The bonds or Other
interest-bearmg evidences of inde9i-
edness are to be issued, and if ion
, more than one purpose, provision shal
be made in said ordinance for ballot
ing on each separate purpose; which
ordinance shall also state the sum to-
tai of the issue, the dates Of matur-
lily thereof, and shall fix the date Ci
the election so that it shall not occui
earlier than sixty 600 days after the
| passage OF saiu oluliidii'V' o'iu WV
ton shall be held and conducted, and
the vote thereon canvassed, and the
result thereof declared, under the la"
and in the manner now or hereafter
provided for municipal elections, So
far MS the same may be applicable
| except as herein otherwise provided
Notice of said election SHAH be given
by the Mayor by advertisement
weekly for at least four times, in
)some newspaper published in said
municipality, and having a bona fiue
circulation therein; the last publlca-
ition to be not less than ten Q0) days
prior to the date of said election.
Qualified electors of said munich
\, ,..o j, ,t,bt tO vote