The Sentinel=record., 1918-09-19

| dt NHtlE it6peCllfe mdluFlllcs, no mu~ | nicipality shall have the power to
 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 1 (5%c), and as to incorporated towns
 and cities of the second class more II
 amount than seven per cent (7Gs) of
 the assessed valuation of all taxable l 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- 1 ing evidences of indebtedness shall be 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 and the construction of public highways, streets, alleys o1 l boulcvards issued under theauthority of this amendment shall he issued foi
 a longer period than fifteen years, and l no other bonds shall be issued for
 a longer period than thirty-fiye years.
 No municipality shall ever grant l financial aid toward the construction \ of railroads or other private enter l prises operated by any person, firm l or corporation, and no money raised | under the provisions of this amend | ment by taxation or by sale of bonds l for a specific purpose shall ever be | used for a longer period than thirty
 five years.
 No municipality shall ever grant | financial aid toward the construction
 of railroads or other private enter 1 prises operated by any person, firm or 1 corporation, and no money raised un- | der the terms of this amendment by taxation or by sale Of bonds for spe- cifc purpose shall ever be used Tor
 any other or different purpose l proposed by any municipality, undet the terms of this amendment there shall be chosen three citizens as tax l payers commissioners These com missioners shall not be otherwise con nected with the administration of the
 affairs of said municipality, and shall l 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 6hal
 state the names of the proposed com
 missioners for the information ol the public
 l 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 su- 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 tho 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 indcDt- edness are t0 be issued, and if for
 more than one purpose, provision shall be made in said ordinance for ballot irg 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 Of the 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 l
 1 the vote thereon canyassed, 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. 1 except as herein otherwise provided. Notice of said election shall be given by the Mayor by advertisements veel,Iv for 4t least four times. in
 some newspaper published in said
 municipality, and having bona fide circulation therein; the last publica- ton to be not less than ten (l0) days lprior to the date of said election
 Qualified electors of said munici-
 pality only shall have right to vote
 at said elections. The result of said election shall be proclaimed and pup