The Sentinel=record., 1918-09-20

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 agere- gate as to a city of the first class more in amount than five per cent (5G), and as to incorporated towns and cities Of the second class more il amount than seven per cent (7GJ of the assessed valuation of all taxable property in the municipality proposing Co issue the same according 10 the last general assessment next preced- ing said proposed issue of bonds or other interest bearing evidences of indeA edness
 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, ant no bonds for the acquisition of rights of way for and the construction of public highways. streets, alleys ol bouleyards issued under theauihority of this amendment shall be issued tui q longer period than fifteen years, and no other bonds shall be issued for a longer period than thirty-fiye 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 honis for q 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 or corporation. and no money raised un- Ger the terms of this amendment by taxation or by sale of bonds for a spe- cilic purpose shall ever be used for any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, unoer 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 tho affairs of said municipality, and shall be chosen by the City Council or other governing body at thetime of the pas. sage of the ordinance calling an election for the purpose of voting up- on said particular issue ot 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 for such Commissioners, and said taxpayers commissioner, together with said Mayor or Board or
 Committee, shall jointly exercise SUI pervisi0n over the sale of any bonds
 which may be voted by the people at such election, and shall jointly see to l 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 % l 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- nance shall specifically state the pur-
 pose for which the bonds or other
 interest-bearing evidences of inde7t-
 edness are to be issued, and if for more than one purpose, provision shah
 he made in said ordinance for ballot- ing oa each separate purpose; which ordinance shall also state the sum to- tai of the issue, the dates of matur- ity thereof, and shall fix the date Of
 the election so that it shall not occr earlier than sixty (G0) days after the passage of said ordinance. Said cleo ton shall be held and conducted, and the vote thereon canyassed, and the result thereof declared, under the law and in the manner now or hereafter provided 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 advertisements weekly for at least four times, in some newspaper published ill said municipality, and having a bona fide circulation therein; the last publica- ton to be not less than ten O0) days prior 10 the date of said election.
 Qualified electors of said munich pality only shall have q right to vote at said elections. The result of sail election shall be proclaimed and pup