The Sentinel=record., 1918-08-27

y
nicipality shall have the power to
make an issue of bonds or other in
terestbearing 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 t1etl 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 OIL
| 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, ant
no bonds for the acquisition of rights
Of way for ana the construction Of
public highways, streets, alleys or
boulevards issued under theauthority
Of this amendment shall be issued fol
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 bonds,
for a specific purpose shall ever be
used for longer period than thirty
Eve years.
No municipality shall ever gran.
financial aid toward the construction
of railroads or other private enter
prises operated by any person, firm OIL
corporation, and no money raised IN
DER the terms of this amendment by
taxation or by sale of bonds for spe
cihc purpose shall ever be used roi
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 com'
nected with the administration Of the
affairs Of said municipality, ana shah
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 shall
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 e for such Commissioners,
and said taxpayers commissioner
together with said Mayor or Board or
| Committee, shall jointly exercise su-
pervslon over the sale of any bonds
which may be voted by the people at
such election, and shall Jointly see to
it that funds thus provided are prop
erly and economically expended Tor
the purpose specified in the issue Of
bonds as voted by the people, and 20
that end shall pointly make all con-
tracts for the expenditure of the pro
oeeds 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 indepl-
edness are to be issued, and if for
more than one purpose, provision shall
he 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-
ity thereof, and shall fix the date oil
the election so that it shall not occur
earlier than sixty COO 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 in said
municipality, and having a bona fide
circulation therein; the last publice-
ton to be not less than ten G0) days
prior to the date OF said election.
Qualified electors of said muniei-
nalitv only shall have a right to vote