The Sentinel=record., 1918-09-13


 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 evil dences of Indebtedness then outstand- ing by such municipality, shall aggre- 1 gate as to a city of the first class more in amount than five per cent (5G), and as 10 incorporated towns and cities of the second class more il amount than seven per cent (7DO 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 1 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, anu no bonds for the acquisition Of rights of way for and the construction of' l public highways, streets, alleys or| bouleyards issued under theauthority| of this amendment shall be issued ron a 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 specific purpose shall ever bel used for a longer period than thirty | five years
 | No municipality shall ever grant l financial aid toward the construction of railroads or other private enter | prises operated by any person, firm ot| corporation, and no money raised un' l Ger the terms of this amendment by| taxation or by sale of bonds for a spe ciic purpose shall ever be used TOT any other or different purpose.
 l 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- mssioners shall not be otherwise con nected with the administration of the affaiis 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 of bonds The advertisement of such election 6hal state the names of the proposed com missloners for the information of the public.
 The taxpayers commissioners du ties shall De 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 taX-Payers' commissioner, together with said Mayor or Board or Committee, shall jointly exercise su- lpervsion 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 for the purpose specified in the issue of bonds as voted by the people, and 70 that end shall pontly 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 hearing evidences of indepl-| edness are to be issued, and if for more than one purpose, provision shall. be made in said ordinance for ballot Eg 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 occur| earlier than sixty (G0) days after the | passage of said ordinance Said cleo 1 ton shall be held and conducted, and the vote thereon canyasscd, and thel result thereof declared under the law and in the manner now or hereatterl provided for municipal elections, sol far as the same may be applicable ] exeept as herein otherwise provided Notice of said election shall be given | by the Mayor by advertisements weekly for at least four times, inl some newspaper published in said municipality, and having bona fide circulation therein; the last publica- ton to be not less than ten (l0) days prior 10 the date of said election. Qualified electors of said munici- pality only shall have a right to vote at said elections. The result of said election shall be proclaimed and pup E-------------- |