The Sentinel=record., 1918-08-10

| terest- bearing evidences of indebted
ness, If said proposed issue itself, or
together with all previous issues oil
bonds and other interest bearing evil
dences of Indebtedness then outstand
ing by such municipality, shall aggre-
cate ms to a city OF the first class
more in amount than five per cent
| go, and as to Incorporated towns
and cities of the second class more in
amount than seven per cent 90 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 OF
other interest bearing evidences OF
Indebtedness.
Said bonds and other interest-bear-
| ing evidences OF indebtedness shah
J be serial, maturing annually after
three years from date of issue, and
shall be paid off as they mature. am
no bonds for The acquisition of rights
Of way for ami the construction OF
public highways, streets, alleys or
Doulevards issued under theauthOrity
Of this amendment shall be issued roi
| a longer period than fifteen years, and
no other bonds shall be issued 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
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
five years
No municipality shall ever gran.
financial aid toward the construction
of railroads or other private enter
prses operated by any person. firm or
corporation. and no money raised un.
der the terms OF this amendment by
| taxation or by sale of bonds for a spa-
cifc purpose shall ever be used rot
any other or different purpose
For each separate issue of bonds, as
proposed by any municipality, unnet
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, aud shall
be chosen by the City Council or Other
governing body at lifetime OF the pas
sage Of the ordinance ealing az
election for the purpose of voting up
on said particular issue of bonds. The
| advertisement of such election shah
state the names of the proposed com
missioners for the information of the
| public
| The taxpayers commissioners dn
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, shan jointly exercise su-
peryision 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 20
that end shall poiutly make all con
tracts for the expenditure of the pro-
eeeds of the sale OF each issue Of
bonds.
Said election shah 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 indeDl-
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
ordnance 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 1t shall not Occur
earlier than sixty (60) days after the
| passage of said ordinance Said cleo
4 llOH SHdu De iciQ ana to0GuNitu, anu
the vote thereon canvassed, and the
result thereof declared, under the law
and in the manner now or hereafter
provided for municipal elections, so
far rs the same Aay 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-
tion to be not less than ten (10) days
prior to the date of said election
Qualified electors of said munich
pality only shall have a right to vote
at said elections The result of said
election shall be proclaimed and pun
lished by the Mayor, and the result as.
proclaimed shall be conclusive .unlesa
attacked in the courts within thirty
900 days after the date of suca pro
clamation.
This amendment shall not repeal or|
affect any law relating to the organ
ization of Improvement districts.
This amendment shall be in force