The Sentinel=record., 1918-10-12


 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 il amount than seven per cent (7q6N 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 mterest-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, anu no bonds for the acquisition of rights
 of way for and the construction of public highways, streets, alleys oi | boulevards issued under theauthority | of this amendment shall be issued toi
 longer period than fifteen years, and no other bonds shall be issued for
 longer period than thirty-five years. | No municipality shall ever grant financial aid toward the construction I ,F 1g ,nt ri 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 @ specific purpose shall ever be
 used for longer period than thirty
 five yeara.
 | 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- l cific purpose shall ever be used foi
 any other or different purpose. | For each separate issue of bonds, as | proposed by any municipality, under 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 | ts,tr ha o4 haf of fba 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 com
 missioners for the information of the l public.
 The taxpayers commissioners du I ties shall oe to act in conjunction with 1 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 su | pervisiOn over the sale of any bonds
 which may be voted by the people at such election, and shall jointly see to| 1t 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 to 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 indeol- edness are to be issued, and if for more than one purpose, provision shall 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-
 ty thereof. and shall fix the date oi the election so that 1t shall not occur | earlier than sixty (60) days after 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 hereafter l 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 in said | municipality, and having a bona fide circulation therein; the last publics- ton to be not less than ten C10) days | prior to the date of said election.
 Qualified electors of said munici- pality only shall have right to vote at said elections. The result of sail ! election shall be proclaimed and pup lshed by the Mayor. and the result as proclaimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of such pro clamation.
 This amendment shall not repeal or ~reoot ,,,, fo,,, ,-aia ff.,o ia tha organ