The Mena weekly star., 1918-08-22
PAGE SEVEN

Tor the purposes approved hv such ma jority at such election. as follows. to-
 For the funding or refunding or any existing indebtedness incurred prior fs the ad-ption of this amenrment; for the acqulsition of rights Of way for and construction of public highwsys streets, alleys or boulevards within ths corporate limits of such munfci paf{ty. for the purchase. development and irn- provement If parks. located eithsr within or witnout the corporate limits of such municipality; for the eonstrur- ton of sewers for the purchase ov sites for, or for the purcnaR- or con struction of. city or town halls audi toriums, prisons libraries hospitsts. viaducts. brid~es or buildings for hous- Ing fire fighting apparatus. and for ths purpose of acquiring. purchasing. ex- tending, improving tnlarglng, building or eonstructirg of water works. or light and heat plants As additional security In providing water works or light and heat plants for cities ani towns, mortgage or other lien may be given by such munich titles on such water works or light and heat plants and tho income thereof, and ths fran hise and other property connect ed tutrwith
 No bonds or other interest hearing evidences of Indebtedness iseyed under the authority of this amendr ent shall bear greater rate or interst than six per cnt per annurn. payable either an- nually or semi annually. and bonds iR- sued by cities of tse first class shall not be sold on basis of more q m Ave per cent; that is to say the cost to the municipality for Interest and discount on each issue Of bonds shall not exceed per cent per annum. and bonds ts. sued by cities of the second ciass and incorporated towns shall not be sold on a basis of more than six per cent and no bonds issued under the author tty Of this amendment shall ever De sold except at public sale after twenty days advertisement in some newspaper having a bona fde circulation in hs mt icipality issuing said bonds
 In order te provide for the payment of the bonds and other interest bearing evidences of indebtedness issued undst the provisions of thls amendmnt. ana interest thereon, special tax. not te dition to the rate now permitted. may be levied hy municipalities on the tax able property therein and any munic- ipnlity issuing any bonds or other tn- terest- bearing evidences of Indebted. ness shall before or at the time of doing SO. levy direct tax payable en- nually not exceeding the amount linn ited as above. sufficient to pay the fn- terest on such bonds or other interese- bearing evidences of indebtedness as the same ma tures and also sufficient to pay and discharge the principal of all such bonds or other reinterest-bear- .ng evidences of Indebtedness at theu respective maturities; provided. that tlie above limitation of the rn,e Of tax aticn shall not apply to bonds Issued by any municipality for the purpose of acquirina purchasing. extending, I'm proving, enlarging, building or con- strueting water works and light ana heat plants, but the levy Of the sps- ciei tax Of Ave mills authorized by this amendment having been exhausted OF the balance unievied being insufficiens to pay interest on and retire the pro- posed bonds. saic municipality. for the interest of such water works and iight and heat plant bonds, may. so far sS required, levy and collect . special tax. in addition to the rete allowed by this amendment. of not to exceed five mills further and sdditionai limitation upoa both the issuance of bonds or met interest bearing evidences of indebted ness and the levy of special tax ss pay interest thereon and retire the municipality shall have the power tr make an Issue of bonds or other Tn terest bearing evidences of indebted ness. If said proposed issue itself, ot together with all previous Issues of bonds and other interest-bearing ey.- dences of indebtedness then outstand | ing by such municipality. shall aggrs | gate as to a city of the nrst clas l more in amount than i've per cen l fb%) and ae to incorporated town l and cities of the second class more i
 amount than seven per cent t7%) Q ] the assessed valuation Of all taxabl l property In the municipality proposinl ] to issue the same, according to the las general assessment next preceding salt proposed issue of bonds or other Inter est bearing evidences of indebtedness
 Said bonds and 0thcr interest bearing evidences of indebtedness shall be so. 'riai maturing annually after three ytas from dnte Of issue. and shall bs paid off as they mature. and no bondi for the acquisition of rights or way for and the construction of public high ways, streets, alleys or houlevafds is- sued under the shortly Of this amend ment shall be issued for longer ps- riod than fifteen years, and no other bonds shall be Issued for A longer ps- riod than thirty-nve years.
 No niclpality shall ever grant financial aid toward the construction Of railroads or other private enterprises operated by any person, firm or corpo- ration and no money raised under the provisions of this amendment by tax ation or by sale of bonds for specific purpose shall ever be used for any other or different purpose.
 For each separate issue Of bonds as proposed by any municipality. under the terms Of this amepdment, there shall be chosen three citizens s tax
 
 sioners khall not be otherwise connect ed with the administration Of the sf- fairs of said municipality and shnll hs chosen by the City Council or lther governing body at the time of the pas saEe of inc ordinance ealing cleo ton for the purpose of voting upon said particular issue of bonds. Ths advert is, nient Of such election she ! state the names of the proposed con- missioners for the infoliuttipn of ths public.
 The taxpayers commissioners duties shall be to act in conjunction with ti.s
 sayor or any fs9s rd or S,,7;tHffttss nets
 sr hereafter provided ty lew the sar . .s if provision had originally be n
 de for such 'onasii toners. and sF .iN-pa. srs' n.issieaers. togeth r th said Aog or Board or Comm 5 zee. shall joi. iy exercise supervisi n over the sale C. any bonds which ma / be voted by the people at such election. and shall jointy see to 1t that fuids thus provided are properly and ec1- nomieally expended for the purposs specified in the issue of bonds as voi d by the people. and to that end si 4 Jointly make all contracts for the eS- penditure of the proceeds of the sals of each issue of bonds.
 Said election shall be held at such time as the city or town council may designate by ordinance which ordl- nance shall specifically state the pNr- pose fer which the bonds or other in- terest-bearing evidences Of indebtedr ss are to be issued. and 1T for more an one purpose. provision snsii be 5 in said ordinance for bali0ting on ( n seaarate purpose, wtich ordina a shall also state the sum total of Ihe issue. the dates of maturity thereof, and shall fix the date of the election so that it shall not occur earlier than sixty tee) days after the passage of said ordinance. Said election shall be