The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-09-25

at their respective maturities, no mu-
lnicipality 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-
gate as to a city Of the first class
more in amount than five per cent
| $50, and as to Incorporated towns
and cities of the second class more il
amount than seven per cent (7%) 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, anu
no bonds for the acquisition OF rights
Of way for AMI the construction Of
public highways, streets, alleys u
boulevards issued under theauthority
Of this amendment shall be issued rol
a LONGER period than fifteen years, and
no other bonds shall be issued for
a longer period than thirty-five years
No municipality shall ever grant
financial aid toward the construction
Of railroads or other private enter
prses 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 specific purpose shall ever be
used for a longer period than thirty
dive 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 I'M
Ger 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, as
proposed by any municipality, unnef
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 ordnance 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
lies 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 for such Commissioners,
and said tax-payers' commissioner
together with said Mayor or Board or
Committee, shall jointly exercise SUI
pervisi0n 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 .oI
that end shall pointly make all con-
tracts for the expenditure of the pro-
ceeds Of the sale Of each issue OIL
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-I
pose for which the bonds or other
interest-bearing evidences Of indeol-|
edness are to be issued, and if for
more than one purpose, provision shall
be made in said ordnance for ballot
ing on each separate purpose; which
ordinance shall also state the sum to-