The Sentinel=record., 1918-10-16

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
| (5cc), and as to incorporated towns
and cities of the second class more il
amount than seven per cent (7ao} 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, am
no bonds for the acquisition of rights
OF way for ana the construction ot
public highways, streets, alleys d
boulevards issued under theauthority
OF this amendment shall be issued toi
longer period than fifteen years, ana
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 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
Tor a 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 or
| corporation, and no money raised I'M
Ger the terms of this amendment by
| taxation or by sale Of bonds for spe-
cifc purpose shall ever he used toi
any other or different purpose.
For each separate issue Of bonds, as
proposed by any municipality, ucder
| 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 ordinance calling an
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 De 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 su-
pervision over the sale Of any bonds
which may be voted by the people at
such election, and shall jointly see to
1t 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 indeol-
! edness are to be issued, and il for
| more than one purpose, provision shah
| 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 CT
| the election so that il shall not occur
| earlier than sixty 600 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
J and IN the manner now OF HEItditSi
| provided for municipal elections, so
| far as the same may DO applicable
except as herein otherwise provided
Notice Of said election shall be given
by the Mayor by advertisements
weekly for at least four times, ID
some newspaper published iii said
municipality, and having a bona fide
circulation therein; the last publlcs-
| ion to be not less than ten Cl0) days
prior to the date Of said election
| Qualified electors of said munich
| pality only shall have a right to vote
at said elections. The result OF said
election shall be proclaimed and pup
Hshed by the Mayor, and the result as
| proclaimed shall be conclusive unless
attacked in the courts within thirty
| 800 days after the date Of such pro-
clamation.
This amendment shall nor repeal or
affect any law relating to the organ
ization OF Improvement districts.
| This amendment shall be in force