The Sentinel=record., 1918-09-04

at their respective maturities, no mu-
 nicipality shall have the power to
 make an issue of bonds or other in
 terest- t-bearing evidences of indebted
 ness, if said proposed issue itself, or
 together with all previous issues ol
 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 | (5T), and as to incorporated towns | and cities of the second class more in amonunt than seven per cent (7a5) of 1 the assessed valuation of all taxable property in the municipality proposing | to issue the same according 10 the 1 last general assessment next preced- | ing said proposed issue of bonds or other interest bearing evidences ot | indebtedness
 Said bonds and other interest-boar- ing evidences of indebtedness shall be serial, maturing annually after three years from date of issue and shall be paid off as they mature, anl 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-fiye years
 No municipality shall ever grant financial aid toward the construction of railroads or other private enter priscs 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 a spe- cifc purpose shall ever be used toI any other or different purpose,
 For each separate issue of bonds, a5 proposed by any municipality, un1ct the terms of this amendment there shall be chosen three citizens as tax | payers commissioners These com missioners shall not be otherwise con- nectod with the administration of the affairs of said municipality and shall 1 be chosen by the City Council brother governing body at thetime of the par- sage of the ordinance ealing 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
 ties shall oe to act in conjunction vii h 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 SUI 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 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 he 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 tho bonds or other interest bearing evidences of indoQ,- cdness are to be issued, and if for more than one purpose. provision shah be made in said ordinance for ballot irg on each separate purpose; which ordinance shall also state the sum to- tai of tho issue, the dates Of matur- | ity thereof, and shall fix the date Of the election so that it shall not occ 1T earlier than sixty (60) days after the passage 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 ho 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 GW days prior to the date of said election
 Qualified electors of said munici- pality only shall have a right to vote at said elections. The result of said