The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-10-31
LEGAL NOTICES

| tercst- bearing evidences OF indebted
ness, il said proposed issue itself, OF
together with all previous issues o
bonds and other interest bearing eyi-
dences of Indebtedness then outstand-
ing By such municipality, shall aggre-
gate as to city Of the first class
more in amount than five per cent
(5g), and as to Incorporated towns
and cities of the second class more il
amount than seven per cent (7eo> 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 OF
other interest bearing evidences oil
! indebtedness
Said bonds and other Interest-beaF
ny evidences OF Indebtedness shan
20 serial. maturing annually after
| three years from date of issue, and
shall be paid off as they mature, an
no bonds for the acquisition Of rights
| Of way for ana the construction oi
public highways, streets, alleys 81
boulevards issued under theauthority
3f this amendment shall be issued 10,
longer period than fifteen years, and
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
1rises operated by any person, firm
,r corporation, and no money raised
under tho provisions OF this amend
ment by taxation or by sale of bonds
or a specific purpose shall ever be
used for a longer period than thirty
Eve years.
No municipality shall ever gran.
1na0cial 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
axation or by sale OF bonds for a spe-
.ifc purpose shall ever be used fol
any other or different purpose.
For each separate issue Of bonds, o8
proposed by any municipality, un1ei
he terms Of this amendment, there
shall be chosen three citizens as tax
payers com missioners. These COM
missioners shall not be otherwise con
uected with the administration Of the
affairs Of said municipality, and SHAH
be chosen by me City Council or other
governing body at lifetime of the pas
sage Of the ordinance calling an
election for the purpose Of voting up
IN 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
! les shall DC to act in conjunction with
the Mayor or any Board or Committee,
low or hereafter provided by law, the
same as if provision had originally
been mad FOR such Commissioners,
ma said Taxpayers commissioner,
.ogether 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 al
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 %
! hat end shall pointly make all con-
rracts for the expenditure of the pro-
oeeds Of the sale Of each issue Of
bonds.
Said election shan be held at such
time as the city or town council MAY
designate by ordinance, which ordi-
rance shall specifically state the pur-
pose for which the bonds or other
Understanding evidences Of indeot-
adness 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-
jty thereof, and shall fix the date CT
he election so that it shall not occur
earlier than sixty COO days after the
passage Of said ordinance said cleo
ton shall be held and conducted and
he vote thereon canyassed, and the
result thereof declared. under the law
and in the manner now or hereafter
provided for municipal elections, so
tar as the same may DO applicable,
except as bccein 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 a bona fide
circulation therein; the last pubIca-
ton to be not less than ten C1o) 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 sail
election shall be proclaimed and pun
hshed by the Mayor and the result as
proclaimed shall be conclusive unleFs
attacked in the courts within thirty
600 days after the date of such pro-
clamation.
This amendment shall NOT repeal or
affect any law relating to the organ
H. t1fg