The Sentinel=record., 1918-08-22

! at their respective maturities no mu-
Inicipality 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
(5&), and as to incorporated towns
and cities OF the second class more in
amonunt than seven per cent az 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 oil
indebtedness
Said bonds and other interest-bear-
ing evidences Of Indebtedness shall
he 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 OF
public highways, Streets ALLEYS OF
boulevards issaed under theauthority
Of this amendment shall be ISSUED 10,
a longer period than fifteen years, and
no other bonds shall be issued for
a longer period than thirty-tiye years
No municipality shall ever grant
financial aid toward the construction
Of railroads or other private enter
prses 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 amy person, firm o.
corporation, ana no money raised un
der the terms of this amendment by|
taxation or by sale OF bonds for a spe
cifc purpose shall ever be used tot
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
missiuners shall not be otherwise cuu,
nected with the administration of tleI
affairs Of said municipality, and shall
be chosen by the City Council or othcrl
governing body at lifetime OF the pas
sage of the ordnance 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 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 o.
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 ~
it that funds thus provided are proc
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
nance shall specifically state the pul-
pose for which the bonds or other
| nterest-bcaring evidences of inde9t-
edness are to be issued, and if ior
more than one purpose. provision shah
be made in said ordnance for ballot
| ing on each SEPARATE purpose; which
ordinance shall also state the sum to
tai Of the issue, the dates Of matur
lily thereof, and shall fix the date oil
the election so that it shall not occ(
carrier imam SiAty NuVi Jay = dLtel lFc
passage OF said ordinance. Said elet
ton shall be 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 sol
far as the same may be applicable
except as herein Otherwise provided
Notice Of said election shall be given
hy the Mayor by advertisemepe
weekly for at least four times, in /
ysome newspaper published in said
municipality, and having a bona fide
circulation therein; the last publca-
ron TO be not less than ten (l0l days
prior to the date of said election.
Qualified electors of said munich
pality only shall have right to vote