The Mena weekly star., 1918-08-08


 pose, bonds or other intarent- -,ear-ne eNlu.nces 0f indeStednss Tn nums and Tor the purposes approved by such ma wit: N
 For the funding or refunding or any eNts.i indeotedness incurred prior to '-tN@ e"-ntion of this amendment: for the acquisition of rights of way for and contraction of public hiehways streets, alleys or boulevards within the corporate limits of such municipality. for tho purchase, development and iln- provement of parks, located either within or wi out the corporate limits j of such municipality; for the conatrue- 1 ton of sewers; for the purchase ov sites for. or for the purcnase or con, struction of. city or town halls, ausf-- toriums. prisons. libraries. hospftafas viaducts. bridges, or buildings for hous- Ing fire fighting apparatus; and for the purpose of acquiring. purchasiBE. ex- : tending. improving, niarging building or conatructirg z Of water works or light md heat plants. As additional security in providing water works or l light and heat plants for cities and towns a mortgage or other lien may ! be given by such munich lties on such water works or light and heat plants and the income thereof. and the frar Niee and other property connect ed rwith
 No bonds or other interest bearing evidences of Indebtedness issued under the authority of this amendr ent shall l bear a greater rate Of inferst than sf0 per Cnt per aHhnfn- HNNabie ellnef AH~ nually or semi annually, and bonds tH- | sued by cities of the first class shall not be sold on a basis of more q m five per 1 cent; that is to say, the cost to th4 ! municipality for interest and discount on each issue Of bonds shall not exceed ' 5 per cent per annum, and bonds Is. sued by cities of the second class ana incorporated towns shall not be sold on basis of more than six per cent, and no bonds Issued under the author ity of this amendment shall ever be sold. except at public sale after twenty dave advertisement in some newspaper having a hoaa nde circulation in ths m icipality Issuing said bonds
 ln order tc provide for the payment Of the bonds and other Niierest- bearing evidences of indebtedness issued under tha provisions of thia anlcudmnt and interest thereon, specInt tax net tc GUneNd Nve mills on fne dollar, Tn od- alt4cn fc lfa rate noee Hargaittcd. may De levied fuaaicipaliti4 on the tax- able Draaat horein and nuy munic- ir fity istum any bonds 0r ather in- tee4at- af9Hf evidences or indHatfa- n ail before or at the tinie of doinr ao lew q direct iaN paYAele at- nnaiip not excecdinw the amount lime ited as ahove, sufficient to pay the in- ttf on such bonds or other lnAqreat- ! bearing evidences of indebtedness as the same matures aud also sufficfent to pay and discharge the principal of ! all such bonds or other inteFest-bear- ing evidences of indebtedness at tnesF ! respective fn0luftlieAs DFDNlQNNf tfftt ] the above limitation of the rave of tax- 1 ation shall not apply to bonds Issued by any municipality for the purpose Of ! acquiring, purchasing, extending, Hs proving, enlarging, building or ccn- | structing water works and light and heat plants, but the levy of the spo- | cial tax of five mills authorized by this 1 amendment having been exhausted or the balance unlevied being insufficieus | to pay Interest on and retire the pro posed bonds. said municipality, for the purpose of paying the principal and 1 interest of such water works and ifzhe and heat plant bonds, may, SO far a1 | required, levy and collect q special tax, in addition to the rate allowed by thfs amendment. of not to exceed five nsszas 1 on the dollar: provided also. that. as 1 further and additional limitation upan l both the issuance of bonds or otbeR | interest-beari cvidencss of indebted ness and the levy of special tax to pay interest thereon and retire the same at their respective maturitiea TO municipality shall have the power tr' make an issue of bonds or other in terest- bearing evidences of indebted. nass. fl said proposed issue itself, or together with all previous issues of bonds and other interest bearing evt- dences of Indebtedness then outstand- | Ing by such municipality, shall aggFs- ! gate as to a city of the first class more in amount than i've per cent s (5T), and as to incorporated towns | and cities of the second class more An f.N e the assessed valuation Of all taxabf< n property in the municipality proposine r. to issue the same. according to the iast II general assessment next preceding snts l proposed Issue of bonds or other inte~- T est bearing evidences Of Indebtedness Z Said bonds and other interest bearing ? evidences of indebtedness shall be se- . rial. maturing annually after three l vea-s from date of issue. and shall De paid off as they mature, and no bonds } for the acquisition of rights of way fer and tho construction of public high ways, streets, alleys or boulevards is- | sued under the a%thority of this amend ment shall be Issued for a longer pc- riod than fifteen years. and no othsr bonds shall be issued for a longer pe- riod than thirty-hve years.
 No munic ipalty shall ever gFant financial aid toward the construction ef railroads or other private enterprises operated by any person. firm or corps ration. and no money raised under the provisions of this amendment by tax ation or by sale of bonds for specific purpose shall ever be used for any other or different purpose.
 For each separate issue of bonds, proposed by any municipality, under the terms of this amepdment, there shall be chosen three citizens tax payers commissioners. These eomnrsss sioners shall not be otherwise connect ed with the administration of foe af- chosen by the City Council or thor | governing body at the time of the pas sage of the ordinance csning an eIec- f. ton fer ths purpose If voting .rc= said particular Issue of bonds. The advertisement of such election shah state the names of the proposed com missioners for the information cf the public.
 The taxpayers commissioner duttes shall be to act in conjunction with the layor or any Board or Committee nov 1T hereafter provided hy law. the .arrs
 ls If provision had originally been 1 lade for such t'oaImi i9ners.- and said .ax- payers co snisEiouers, together
 with said Aiaser or Board or Commit
 tee, shall joiEsly exercise supervision over the sale oi any bonds which may be voted by the people at such election. and shall jointly see to ft that funds thus provided are properly and eco- nomically expended for the purpose 1 specified in the issue of bonds as voted by the people. and to that end shall Jointly make all contracts for the ex- penditure of the proceeds 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 in- l terest-bearing evidences of inde ebt ednesa | are to he issued. and if for more than one purpose, provision shall be made in said ordinance for balloting on each seaarate purpose; 4ich ordinance shall also state the sum total Of the 1 issue. the dates of maturity thereof. and shall fix the date of the election so that it shall not occur earlier than