The Sentinel=record., 1918-09-06


 at their respective maturities, no mu-
 nicipality shall have the power to 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 evi- l dences of indebtedness then outstand- ing by such municipality, shall aggre- 1 gate as to q city of the first class | more in amount than five per cent l (5gt), and as to incorporated towns | and cities of the second class more il l amount than seven per cent (7%s) of l the assessed valuation of all taxable l property in the municipality proposing | to issue the same according to the | last general assessment next preccd- 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 l shall be paid off as they mature, ana no bonds for the acquisition of rights of way for and the construction oi public highways, streets, alleys or boulevards issued under thcauthority of this amendment shall be issued rol a longer period than fifteen years, and no other bonds shall be issued for 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 gran. financial aid toward the construction of railroads or other private enter prises operated by any person firm oF | corporation, and no money raised un- | der the terms of this amendment by taxation or by sale of bonds for spe- | cihc purpose shall ever be used rot any other or different purpose. 1 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 l 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 thetime of the pas sage of the ordinance calling an election for the purpose of voting up-
 on said particular issue of bonds. The l advertisement of such election shal state the names of the prOposed com
 missioners for the information of the
 public
 The taxpayers commissioners du ties shall 0e to act in conjunction with
 the Mayor or any Board or Committed
 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 SUI pervision over the sale of any bonds which may be voted by the people at such election, and shall jointly see tc
 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 f time as the city or town council may
 designate by ordinance, which ordi
 nance shall specifically state thn pur-
 pose for which tho bonds or other iutcrest-bearins evidences of indcD,- f ednoss arc to he issued, and if for more than one purpose, provision shall be made in said ordinance for ballot !, ing on each separate purpose; which ordinance shall also state the sum to
 tai of the issue, the dates of matur- ity thereof, and shall fix the date Ci the election so that it shall not occur odllitl tlldu clAly NpVJ udg D dlttI tHH Ipassage of,said ordinance. Said cleo 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 fide circulation therein; the last publlca- ton to be not less than ten (l0) days prior to the date of said election. l Qualified electors of said munici pality only shall have a right to yote| at said elections. The result of said CrnSGauFS EEnTsraE