The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-10-15

together with all previous issues o
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
t5sa), and as to incorporated towns
and cities of the second class more il
amount than seven per cent (7gc} 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 Oh
| Indebtedness
Said bonds and other interest-bear-
ing evidences OF Indebtedness shah
be serial, maturing annually after
three years from date of issue, aud
shall be paid Off as they mature, an.
no bonds for the acquisition Of rights
OF way for and the construction oi
public highways, streets, alleys d
boulevards issued under theauthorit
II this amendment shall be issued 70,
a longer period than fifteen years, ano
no other bonds shall be issued for
a 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 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 o.
corporation, and no money raised un
Ger the terms Of this amendment BY
taxation or by sale of bonds for spe-
cifie purpose shall ever be used roi
any other or different purpose.
For each separate issue Of bonds, as
proposed by any municipality, under
inc terms Of this amendment, there
shall be chosen three citizens as tax
payers commissioners. These com
missioners shall not be otherwise CON
aected with the administration of the
affairs Of said municipality, and shan
| )e 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 Oe to act in conjunction with
| the Mayor or any Board or Committee.
| now or hereafter provided by law, the
same as il 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 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 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-
aance 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 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 ot
the election so that it shall not occur
earlier than sixty goo days after the
passage Of said ordinance. Said cleo
ton shall he held and conducted. and
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,
except as herein otherwise provided.
Notice OF said election shall be given
by the Mayor by advertisements
weekly for at least four times, ia
some newspaper published in said
municipality, and having a bona fide
circulation therein; the last publica-
ton to be not less than ten 00) days
prior to the date of said election.
Qualified electors of said munict-
pality only shall have a right to vote
at said elections. The result OF said
election shall be proclaimed and pup
lished by the Mayor. and the result as
proclaimed shall be conclusive unless
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
lzation OF Improvement districts.
This amendment shall be in force
= Kali