The Prescott daily news., 1918-08-14


 with all previous issues of bonds and other interest bearing evidences of Indebtedness then outstanding by such municipality, shall aggregate as to city of the first class more in amount than five per cent 6 per cent, and as to incorporated towns and cities of the second class more in amount than seven per cent c per cent) of the assessed valuation of all taxable prop erty in the municipality proposing to issue the same, according to the last general assessment next preceding said proposed issue of bonds or other interest-bearing evidences of indebt- edness.
 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, and no bonds for the acquisition of rights of way for and the construction of public highways, streets, alleys or boule- wards issued under the authority of this amendment shall be issued for a longer period than fifteen years, and no other bonds shall be issued for a longer period than thirty-fve 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 any other or different pur- pose.
 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 governing body at the time of the passage of the ordinance calling ar election for the purpose of voting upon said particular issue of bonds. The advertisement of such election shall state the names of the proposed commissioners for the information of the public.
 The taxpayers commissioners du- ties shall be to act in conjunction with the Mayor or any Board or Commit tee, now or hereafter provided by law, the same as if provision had original ly been made for such Commissioners. and said taxpayers commissioners, together with said Mayor or Board or | Committee, shall jointly exercise sup ervision over the sale of any bonds which may be voted by the people at such election, and shall jointly see to i it that funds thus provided are prop erly and economically expended for 1 the purpose specified in the issue of bonds as voted by the people, and to that end shall jointly 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 l 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 indebt edness are to be issued, and if for more than one purpose, provision shall | be made in said ordinance for ballot l ing on each separate purpose; which ordinance shall also state the sum 1 total of the issue, the dates of matur- 1 ity thereof, and shall fix the date of l the eltcion so that it shall not occur earlier than sixty (60) days after the passage of said ordinance. Said cleo l tion shall be held and conducted, and i 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 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 tide circulation therein; the last publica- ton to be not less than ten (10) 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 said election shall be proclaimed and pub lished 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 proclamation shall not repeal or affect any law relating to the or ganization of improvement districts.
 This amendment shall be in force upon it's adoption, and shall not re ouire legislative action to put it into force and effect.
 All the provisions of this amend ment shall be treated as mandatory and all provisions of the Constitution or amendments thereto in conflict herewith are hereby repealed.
 Each elactnr nau unte for nr