The Sentinel=record., 1918-08-31


 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- gate as to a city of the first class more in amount than five per cent (5G6), and as to incorporated towns and cities of the second class more i'm amonunt than seven per cent (7ao) Ot the assessed valuation of all taxable property in the municipality proposing to issue the same according to theI last general assessment next preced- ing said proposed issue of bonds or other interest bearing evidences of 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, ann no bonds for the acquisition of rights of way for and the construction of public highways, streets, alleys or bouleyards issued under theauthority of this amendment shall be issued tol 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 prses 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 gran. financial aid toward the construction of railroads or other private enter prises operated by any person, firm or corporation, and no money raised un' Ger the terms of this amendment by taxation or by sale of bonds for spe' cifc purpose shall ever be used TOT any other or different purpose.
 For each separate issue of bonds as proposed by any municipality. undet tho 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 affairs of said municipality, and shall i 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 shal state the names of the proposed com missioners for the information of the public.
 The taxpayers commissioners du l 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, shall jointly exercise su- pervision 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 70 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 I designate by ordinance, which ordi- nance shall specifically state the pUr- pose for which the bonds or other iuterest-bearing evidences of indeol- edness are to he issued, and If for more than ono purpose, provision shall be made in said ordinance for ballot irg on each separate purpose; which ordinance shall also state the sum to- tai of the issue, the dates of matur- 1 ity thereof, and shall fix the date oi tho election so that it shall not occr earlier than sixty (60) days after tho l passage of said ordnance. Sdld eIec- ton shall be held and conducted, and 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 tae circulation therein; the last puolicH- ton to be not less than ten (l0) days prior to the date of said election.
 Qualified electors of said mumci- nality only shall have right to vote