The Sentinel=record., 1918-09-15

IHlClpduly small nave tue power 10
 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 | (5@O, and as to incorporated towns and cities of the second class more il
 amount than seven per cent C7@a) 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 ot
 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, anu
 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 toi
 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 a specific purpose shall ever be used for q longer period than thirty five years.
 No municipality shall ever grant financial aid toward the construction of railroads or other private enter priscs operated by any person, firm or corporation, and no money raised un- der the terms of this amendment by taxation or by sale of bonds for spe- cihc purpose shall ever be used Tor any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, undet
 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 thetime 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 shal
 state the names of the proposed com
 missioners for the information of the public
 l The taxpayers commissioners du 1 ties shall Oe to act in conjunction with
 the Mayor or any Board CT Committee.
 now or hereafter provided by law, the same as if provision had originally been mad for such Commissioners, and said taxpayers commissioner. 1 together with said Mayor or Board or 1 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 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 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 ehall be held at such
 time as the city or town council may
 designate by ordinance, which ordi-
 napce shall specifically state the pur-
 pose for which the bonds or other | interest-bearing evidences of indeot-
 edness are to be issued, and if for
 more than one purpose, provision shall
 be made in said ordinance for lallot- irg on each separate purpose; which ordinance shall also state the sum to- tai of the issue, the dates of matur- | lity thereof, and shall fix the date Of 1 the election so that 1t shall not oCcar
 earlier than sixty (G0) days after the | Id6SdIt Ol FdlU LII QtidilN t. t0hlN fit't~
 ton shall be held and conducted and 1 the vote thereon CanVassed, 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 lby the Mayor by advertisements weekly for at least four times, in some newspaper published in said
 municipality, and having a bona tide circulation therein; the last publlca- ton to be not less than ten (0) days prior to the date of said election. Qualified electors of said munici- pality only shall have a right to vote at said elections. The result of said election shall be proclaimed and pup r--------------.