The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-08-09


rect tax payable annually not exceed
| ing the amount limited as above, sur
ficient to pay the interest on such
bonds or other interest-bearing eW
dences t Indebtedness as the same
natures, and also sufficient to pas
and discharge theprincipal of all such
bonds or other interest-bearing eyI
dences of Indebtedness at their re-
spec respective maturities provided,
that the above limitation OF the rae
of taxation shah not apply to bonds
issued by any municipality for the
purpose of acquiring, purchasing, eN-
tending, improving, enlarging, buiid-
ing or constructing water works andI
light and heat plants, but the levy of
the special tax of five mills author
lied by this amendment having been
exhausted or the balance unlevied be-
ing insufficient to pay interest ON and
retire the proposed bonds, said muni-
cipality, for the purpose of paying the
principal and interest of such water
works and light and heat plant bonds,
may, so far as required, levy and col
lect a special tax, inaddition to the
rate allowed by this amendment, of
not 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 a special tax to pay
interest thereon and retire the same
at their respective maturities. no mu-
niepality 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 evil
dences of indebtedness then outstand
ing by such municipality, shall aggre-
cate as to a city of the first class
more in amount than five per cent
| (5g), and as to incorporated towns
and cities of the second class more in
amount than seven per cent 7ao) O.
| the assessed valuation of all taxable
| property in the municipality proposing
to issue the same according to the
| last general assessment next proceed
| ing said proposed issue OF bonds OF
other interest bearing evidences oil
Indebtedness.
Said bonds and other interest-bear-
ing evidences of Indebtedness shah
be serial, maturing annually after
three years from date OF issue, ana
shall be paid eff as they mature, an.
no bonds for the acquisition of rights
of way for AMI the construction OF
public highways, streets, alleys or
boulevards issued under theauthOritS
Of this amendment shall be issued roi
LONGER period than fifteen years, and
no other bonds shall be issued for
La 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 bon1s
for a specific purpose shall ever be
used for a longer period than thirty
1--WE years.
No municipality shall ever grant
financial aid toward the construction
of railroads or other private enter
prises operated by any person firm o.
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 tor
any other or different purpose,
For each separate issue of bonds, as
proposed by any municipality, unuer
| 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 lifetime 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 shah
state the names of the proposed com e
missioners for the information OF the
public.
The taxpayers commissioners du-
ties shall oe 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 OF
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 &c
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 20
that end shall pointly make all con-
tracts for the expenditure of the pro-
eeeds OF the sale of each issue OIL
bonds
Said election shall be held at such
time as the city or town council may
OBSTINATE by ordinance. which ordi