The Sentinel=record., 1918-09-10

| at ticT ltspeCtlFe mAtuIllleSi no uu 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 evil dences of indebtedness then outstand- ing by such municipality, shall aggre- 1 gate as to a city of the first class more in amount than five per cent | (56), and as to incorporated towns and cities of the second class more il amount than seven per cent (7f5) 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- l ing evidences of indebtedness shall be serial, maturing annually after three years from date of issue, and shall be paid off as they mature, an| no bonds for the acquisition of rights | of way for and the construction of public highways, streets, alleys or l bouevards issued under theauthOrity of this amendment shall be issued toi a longer period than fifteen years, and no other bonds shall be issued for longer period than thirty-five years.
 No municipality shall ever grant financial aid toward the construction of railroads or other private entel- 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 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- der the terms of this amendment by taxation or by sale of bonds for a spe- cifc purpose shall ever be used Tor !
 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 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 pa~- sage of the ordinance calling an
 election for the purpose of voting up-
 on said particular issue of bonds. The advertisement of such election ehal
 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 if provision had originally been mad e for such Commissioners,
 and said taxpayers commissioner together with said Mayor or Board or 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 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- : of hn 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 indeDt- edness are to be 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 Of | the election so that it shall not occGr earlier than sixty (60) days after the  passage Of said ordinance. Said cleo ton shall be held and conducted, and 1 the vote thereon canyassed, and the result thereof declared, under the law and In the manner now or hereafter provided for municipal electiOns. so l far as the same may be applicable except as herein otherwise providen 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 Q0) 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 election shall be proclaimed and pup sr~ ENE1s-xa~7x