The Sentinel=record., 1918-10-25
LEGAL NOTICES


make an issue of bonds or other in
terest- bearing evidences of indebted
ness, II said proposed issue itself, or
together with all previous issues Oh
bonds and other interest bearing evi-
dences of Indebtedness then outstand-
ing by such municipality, shall aggre-
gate as to city OF the first class
more in amount than five per cent
(5&), and as to incorporated towns
and cities of the second class more IL
amount than seven per cent (7gd3 OF
the assessed valuation of all taxable
property in the municipality proposing
to issue the same according to the
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, am
10 bonds for the acquisition OF rights
Of way for and the construction ot
public highways. streets. alleys d
bouevards issued under theauthority
OF this amendment shall be Issued fot
longer period than fifteen years, and
no other bonds shall be issued Tor
a longer period than thirty-five 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 bonus
for a specific purpose shall ever be
used for a longer period than thirty
five 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 I'M
der the terms OF this amendment by
taxation or by sale of bonds for spe-
clflc purpose shall over be used for
any other or different purpose.
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
payers commissioners. These COM
missloners shall not be otherwise con-
nected with the administration OF tho
affairs OF said municipality. and shall
be chosen by :he 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 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 Committee.
now or hereafter provided by law, the
same as II provision had originally
been mad for such Commissioners.
and said taxpayers commissioner,
together with said Mayor or Board or
Committee, shall jointly exercise SUI
pervsion over the sale of any bonds
which may be voted by the people at
such election, and shall Jointly see to
1t 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-
ceeds 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
interest bearing evidences OF indeoi--
e1ness are to be issued, and II 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 OF
| the election so that 1t shall not occur
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, 50
far as the same may be applicable,
except as herein otherwise provided.
Notice OF said electlea 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 publca-
ton to be not less than ten tf6) days
prior to the date of said election.
Qualified electors of said munich
pality only shall have a right to vote
at said elections. The result OF said
election shall be proclaimed and pub
lshed by the Mayor. and the result as
proclaimed shall be conclusive unless
attacked in the courts within thirty
900 days after the date of such pro-
clamation.
This amendment shall not repeal or
affect any law relating TO the organ