The Sentinel=record., 1918-08-28


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
| go, and as to incorporated towns
and cities of the second class more in
amount than seven per cent (7ee) OF
the assessed valuation of all taxable
property in the municipality proposing
to issue the same according to the
I last general assessment next preced-
| ing said proposed issue of bonds or
| other interest bearing evidences OF
Indebtedness
Said bonds and other intercst-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 ana the construction Of
public highways, streets alleys or
bouleyards issued under theauthority
Of this amendment shall be issued fol
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 longer period than thirty
five years
No municipality shall ever gran.
financial aid toward the construction
of railroads or other private enter
priscs operated by any person, firm o.
corporation, and no money raised UNI
Ger the terms Of this amendment by
taxation or by sale Of bonds for a spe-
cifc purpose shall ever be used foT
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 SHAH
be chosen by the City Council or other
governing body at lifetime of the pas
election for the purpose Of voting up
on said particular issue Of bonds. The
advertisement of such election shall
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 for such Commissioners,
and said taxpayers commissioner,
together with said Mayor or Board or
Committee, shall jointly exercise SUI
pervision over the sale of any bonds
which may be voted by the people at
| such election, and shall jointly see 20
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 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 iudept-.
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-
| lily thereof, and shall fix the date oi
tie election so that it 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 canyassed, and the
result thereof declared, under the law
and in the manner now or hereafter
provided for municipal elections, sol
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 az least fonr times. inI
some newspaper published in said
municipality and having a bona fide
circulation therein the last publics-
ton to be not less than ten Q0 days
prior to the date OF said election
Qualified electors Of said munich
pality only shall have right to vote