The Sentinel=record., 1918-08-23

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 n city of the first class
more in amount than five per cent
$50, and as to incorporated towns
and cities of the second class more in
amount than seven per cent (7E) 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 OF
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 am
no bonds for the acquisition OF rights
of way for ana the construction OF
public highways, streets, alleys or
bouevards issued under theauthority
Of this amendment shall be issued rol
a longer period than fifteen years, and
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
priscs 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 grant
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 byI
taxation or by sale of bonds for a spe-
cihc purpose shall ever be used ror
any other or different purpose.
For each separate issue Of bonds, a6|
proposed by any municipality. undct
the terms of this amendment, there
shall be chosen three citizens as tax
payers commissioners. These COM
missioners shall not be otherwise CONF
nected with the administration of theI
affairs Of said municipality and shall
be chosen by the City Council or other
governing hcdy 1t thet!mc of the Pa@-
sage of the ordinance calling AM
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 corn
mssoners for the information of the.
public,
The taxpayers commissioners On
ties shall Oe 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 OF
Committee shah Jointly exercise su-
perysion 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 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 shah DO held at such
time as the city or town council may
desienate by ordinance, which ordi
nance shall specifically state the pur-
pose for which the bonds or other
interest bearing evidences of indenl-
cdness 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 0i
TIC election so that it shall not Occur.
earlier than sixty (G0 days after the
passage of said ordinance said cleo
ton shah be held and conducted, and
the vote thereon cauvasscd and theI
result thereof declared, under the law
and in the manner now or hereafter
provided for municipal elections, sol
far ms the same may he applicable
except as herein otherwise provided
Notice Of said election shall be given
by the Mayor by advertisements
weekly for at least four times, inl
some newspaper published in said
municipality, and having 2 bona fide
circulation therein; the last publica-
ton to be not less than ten C0) days
prior to the date of said election
Qualified electors Of said munich
pality only shall have a right TO vote
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