The Sentinel=record., 1918-09-12

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- i gate as to a city of the first class l more in amount than five per cent (5gt), and as to incorporated towns and cities of the second class more il amount than seven per cent (7e6) 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, an4
 no bonds for the acquisition of rights
 of way for and the construction of public highways, streets, alleys or
 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
 longer period than thirty-fiye 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 bonds
 for 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 O.
 corporation, and no money raised un-
 der the terms of this amendment by
 taxation or by sale of bonds for a spe-
 cific purpose shall ever be used ror
 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 missioners shall not be otherwise con nected with the administration of tho affairs of said municipality. and shall be chosen by the City Council or other governing body at thetime of the pas sage of the ordinance calling an election for tho 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, cho same as if provision had originally 1 been mad for such Commissioners, and said taxpayers commissioner together with said Mayor or Board or 1 Committee, shall jointly exercise su- | pervsion over the sale of any boncs
 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 l 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 1 iuterest-bearing evidences of indeot-
 odncss are to he issued and if for
 more than one purpose, provision shall l 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 occnr earlier than sixty (G0) days after the l passage of said ordinance Said cleo ton shall be held and conducted and the vote thereon oanvsssed, 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 be given
 by the Mayor by advertisements
 weekly for at least four times, in
 some newspaper published in said
 municipality, and having bona fide
 circulation therein; the last publics-
 ton to be not less than ten (l0) days
 prior to the date of said election.
 Qualified electors of said municl-
 pality only shall have a right to vote at said elections The result Of sai i' election shall be proclaimed and pup -