The Sentinel=record., 1918-08-16

| thS EptNidA tux ol tlNs HILLS dutIOt- | ized by this amendment having beeI exhausted or the balance unlevied pe- | ing insufficient 10 pay interest on ant
 retire the proposed bonds, said muni-
 cipaity, for the purpose of paying thC | principal and interest of such water works and light and heat plant bonds
 may so far as required, levy and col l feet special tax iuadditiOn to the 1 rate allowed by this amendment, o | moi to exceed five mills on the dollar; provided also, that, as a further and additional limitation upon both the is- | suance of bonds or othher interest bearing evidences of indebtedness and the levy of special tax to pay | interest thereon and retire the same
 at their respective maturities, no mu- nicipality shall have the power tc 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 ol
 bonds and other interest bearing evi- denees 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 (7%) oI 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 oi indebtedness
 Said bonds and other interest-bear- ing evidences Of indebtedness shall be serial, maturing annually after three years from date of issue, anu shall be paid off as they mature, an, no bonds for the acquisition of rights of way for and the construction ot public highways, streets, alleys or bouevards issued under theauthority ef this amendment shall he issued rot longer period than fifteen years, and no other bonds shall be issued for d 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 a longer period than thirty five years
 No municipality shall ever gram
 financial aid toward the construction of railroads or other private enter
 prises operated by any person, firm O. I corporation, and no money raised un- | Ger the terms of this amendment by | taxation or by sale of bonds for spe-
 cific purpose shall ever be used roi
 any other or different purpose.
 l 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 cun- nected with the administration of the 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 l election for the purpose of voting up-
 on said particular issue of bonds. The advertisement of such cleo ion shall state the names of the propo 5ed com
 missioners for the information of the public.
 The taxpayers commissioners du ties shall 0e to act in conjunction vii h 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 bOnCs 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 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 indeDl- 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 shaii also state tine eiim to- tai of the issue, the dates of matur- ity thereof, and shall fix the date ot the election so that 1t shall not occ1r earlier than sixty (60) days after the passage of said ordinance. Said elee- 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, soI far as the same may he applicable,