The Mena weekly star., 1918-09-05

Nsrt oeha@ or uthNf tntNrrrt-1i 1irarfyt4 videnees Of iiiaebtednss ta ep,as ara or the purposes approved tp such ma vii.
 Tor the funding or refuod,nr ov ... sting indebtedness incurred prfar ta .Ne ad@pAon Of this amenouer- for Inc acquisition of rights 0f way for and construction of public highw0ya streets, alleys or bouievards within the corporate limits Of such munlcipaIitvf for the purchase. development md rn- provement of parka. located either w ithin or wnnout the corporate IffaIta ton of sewers; for the purchase oN sites for. or for the purcnas~ con- etruetion of. city or town halls audi- toriums. prisons. libraries, hosp talN, viaducts bridges. or buildings for nnus- Ing fire fighting apparatus. and for 4ns purpose of acquiring, purchasing sa- tending. improving. cnlhrFing. huil&tuR
 or constructlrg of water works aGr
 light and heat piants As adaif9zaz
 security in providing water works sE
 light and heat plants For cities snt
 towns. mortgage or cther maf
 be given by such munich u6sf4 on
 such water works or llehi md n srS
 plants and the Income gllere8f and th<
 franchise and other pf6heffy tHanneek-
 ed therwith. ~r
 No bonds or other interest bearing
 evidences of indebtedness issued un4ef
 the authority Of this amendr eut snail
 bear greater rate Of intrrsf than sig
 per cnt per annum payable either an-
 hually or semi annually, and bonds is-
 sued by cities Of the frst class sn all noa
 be sold on basis of more tf m Nase per cent; that is to say. the coss gn hs municipality for interest and dksnannt on each issue of bonds shall not ercess Ter cent per annum. and bonds tNs
 sued by citiea of the second clasa eHke incorporated towns shall not be snH
 on bnsis of more than six per csnt and no bonds issued under tns author
 fly of this amendment shall ever b<
 sold except at public sale after twrntT dsys advertisement fn some newspareS having a bona fide cireui1ticr in the mt iicipality issuing snid bonds
 In order 10 provide the payment of the bonds and other reTf Nea -ina evidences of indebtednes is1lsd unds2 the provisions of this am n'iillt. ana interest thereon, a special tax. not te exceed Ave mills on the dollar, in sd- fition to the rate now nitted. may be levied hv rnnicipalities on the tax able property therein. and any munlo- ipality issuing any bonds or other i5~ terest- bearing evidences of indebted ness shall, before or af the time cf doing so. levy direct tax payable ap- nuaiiy not exceeding tho amount lirsS fled as above. sufficient to pay the in- tereEt on such bonds or other interest bearing evidences of indebtedness ee the same meturss. and also suffscfsu4 to pay and discharge the principal sf all such bonds or other interest bears respective rnaturitiss; provided. thas the above limitation of the rsse of tax- stion shall not apply 10 bonds issus4 by any municipality for the purpose cf proving. enlarEing. building or ocn. structing watsr works and light and heat plants, but the levy of the spe~ cial tat of i've mitfs authorized by thie amendment having been exhsustsd ox tho balance unisvted being insufficienr posed bonds said municipality, for thS : purpose of paying the principal an& Interest of such water works aud nGht and heat plant bonds, may, go fer as in addition to the -sts allowed by this of not to exceed i've natik on the dollar: provided also. that. ss further and additional limitation upos both the issuance of bonds or cthss bearing evidences of indebted ness and the levy of . special tax ts pay interest thereon and retire the same at their respective iuaturities. ns shall have the power tr make an issue of bonds or other ls terest- bearing evidences of indehtsff ness, f said proposed issue ltseK. ss together with all previous issues ot bonds and other interest bearing evi- dences of Indebtedness then outstand~ ing by such riuniclpaiity, shall aggrs- gate as to city of the first class
 more in amount than Ave per cent
 t5ss). Fnd a. to Incorporated towns
 and cities of the secQnd class pors iE
 6ri6unt than s1ven per exnt t1%9 cf
 the assessed valuation of all taxable
 property in the municipality proponinx
 to Issue the same. according 70 the fs st
 general assessnent7 next preceding ssi4
 proposed issue of bonds or other inter
 est hearing evidences of indebtedness.
 Said ponds and other interest bearing evidences of indebtednesh shall be Re- rial. maturing annually after three vs from date of issue and shaif De paid of As they mature. and no bonds for the acquisition of rights Of way foE and the construction of public high ways streets. alleys or boulevards is- sued under the s@thority of this amend ment shall be issued for longer pc riod than fifteen years. and no other bonds shall be issued for longer ps- riod than thirty-fve years
 No municipality shall ever gran4 aid toward the construction df or other private enterprises Dp ted by any person, firm or corpo- atian. and no money raised under. the provisions of this amendment by tax sfion or by sale of bonds for a spectne bufPoFe shall eyer De nsed for any 'shat eI qlneTent Purpose
 For each separate Issu6 of bonds xs proposed by any municipality under
 he terms of this anne adment there 'haii be chosen three citizens es tax commissioners. These commits lionere shall not be otherwise conitpet- sd With the administration Of tha af- airs of said municipality. and shoM be .hosex by the City Council or Jther yovernissz body at the time Of the paz- age or the ordinance eeIffnE an elsc- ion for the purpose of yotins upox in i'd particular issue or bonds The Advertisement of such election shaH tate the names of the proposed com- for the Information of the ,ublic.
 The taxpayers commissioner duties hall be to act in conjunction with the
 ayor of any Board or Coniritt4e now ,r hereafter provided hs iaw the same ss if provision had originally ne>z made for such pIni'i ieners and ssie Tfth said Mayor or Board or Commit. ee shall jointly exercise supervfsieK ,ver the sale Of any bonds which may Dc voted by The people al such elsctioH. md shall Jointly see 10 1t that funds hus provided are properly and geo. somicaIiy expended for the purpose 'pecihed 10 tue irsue Of bonds as voted ,y the peorle. and to that end shah ointly make all contracts for the ez- o. he proceeds of the sale # e1ta issue of bonds.
 Said election =faif sb5 h cid st saSs@ inle as the city or town council may issig nate by ordinances, which ordi- ianee shall specifically state the puT- pose for which the bonds or other in- erest-bearing evidences of indebtedness Ire to be issued and if for more thar me purpose, provision shall be fnads m said ordinance for baioting on ~ach 'eaarale purpossi watch ordinance shsif also state tue Suti total of the ssue. the dates of maturity thereof. md shall fix the date Of the electioS A Ir~ t e s4