The Mena weekly star., 1918-08-29
PAGE euvv1 -AN1 GIVEN

tivh at an election held for the pur- pose, bonds or other intefest-ssear.nr evidences of tndebtccnas in s;fus a,N TOT the purposes approved by such ma lor'ty at such election. as foalo~s to-
 For the funding or refundins o~ suv eSistin< indebtedness incurred prior to - adoption of this amendment for me acquisition of rights Of WAY for and instruction of public highways
 streets, alleys or bouievards within the corporate limits of such municipality:
 for the purchase. development and isn-
 provement If parks. located eithsr
 within or witnout the corporate limits
 of such municipality; for the construc-
 ton of sewers; for the purchase ov
 struction of city or town halls audi
 toriums, prisons. libraries hospitaia. viaducts bridges. or buildings for hous-
 ing fire fighting apparatus. and for tho purpose of acquiring. purchasing. ex-
 tending. improving. onlarging. building
 or constructing of water works, or light and heat plants As additional security in providing water works or light and heat plants for cities and towns a mortgage or othsr Hen may
 be given by such municiI ilities on such water works or light and heat plants and the income thereof, and the franchise and other property connect ed herewith
 No bonds or other interest bearing
 evidences of indebtedness issued under the authority of this amendi ent shall
 bear a greater rate of interst than six per cnt per annum, payable either an- nuaIly or seni-annually, and bonds ts-
 sued by cities of the first class shall nos be sold on basis of more u.an five per cent; that is to say. the cost to the municipality for interest and discount on each issue of bonds sbaii not ozosss
 per cent per annum. and bonds ts
 sued by cities of the second class ana incorporated towns shall not be sola
 on a basis of more than six per cent and no bonds issued under the author sold. except st public sale after twenty days advertisement in some newspsper ' having . bona fde circulation in the m, .icipality Issuing said bonds, in order to provide for the paymsnt | of the bonds and other int erest- baArinG ! evidences of indebtedness issued un6sr i the provisions of this amendITint ana i interest thereon, special tax, not te | exceed Ave mills on the dollar Tn e4- | dition to the rate now permitted. may ! he levied by municipalities on the tax ! able property therein; and any munio- | ipality Issuing any bonds or other IF | terest- bearing evidences of indebted | ness shall before or at the time of | doing so, levy direct tax payable an l nually not exceeding the amount lin-
 ited as above, sufficient to pay the in- terest on such bonds or other intersst- | bearing evidences of indebtedness as 1 the same natures and also sufficient
 10 pay and discharge the principal of all such bonds or other interest bear
 
 1 respective maturities; provided. that ' the above limitation of the rate of tax i alton shall not apply 10 bonds issued ! by any municipality for the purpose or i acquiring purchasins, extending, i'm proving enlarging building or com i atructtng water works and light ana | heat plants, but the levy of the spe-
 cial tex of i've mills authorized by this | amendment having been exhausted or | the balance un1evied being insufficieue l to pay interest on and retire the pro | posed bonds, said municipality, for the | purpose of paying tho principal snd l interest of such water works and light
 and heat plant bonds, may. SO far as 1 required, levy and collect special tax. | in addition to the rate allowed by this | on the dollar: provided also. that. as s I further and additional limitation upoz both the issuance of bonds or othep
 interest bearing evidences of indebted pay interest thereon and retire the
 same at their respective maturities. no
 municipality shall have the power 70
 make Pn lssqe of bonds or other Tn
 terest bearing evidences of indebted
 ness, if said proposed issue Itself. or | together with all previous issues of
 bonds and other interest bearing evt-
 dences of indebtedness then outstAnd-
 ing by such municipality, shall aggre-
 gate as to q city of the first elssr more in amount than five per cent tb<) and as to incorporated towns | | and cities Of the second Ctosb more tu ' 1 amount than seven per cent (T%) of . the assessed valuation of all taxable . property in the municipality proposing . 10 issue the same. according to the last general assessment next preceding safe
 proposed issue of bonds or other inter- ! est bearing evidences of indebtedness , Said bonds and other interest bearing . evidences of indebtedness shall be se- l rial maturing annually after three veays from date Of issue. and shall bs | paid off as they mature. and no bonds for the acquisition of rights of way for
 and the construction of public high ] ways. streets alleys or bouleTards is- sued under the s~thority of this amend
 ment shall be issued for s longer ps-
 fiod than fifteen years, and no other
 bonds shall he issued for longer pe-
 riod than thirty-five years
 No municipality shall ever grant financial aid toward the construction of railroads or other private enterprises operated by any person. nrm or corpo- | ration. and no money raised under the | provisions of this mendment by tax l ation or by sale of bonds for specific l purpose shall ever be used for any 1 other or different purpose.
 1 For each separate issue of bonds. aE | proposed by any niciDaltty. under l the terms of this smepdment. there | shall be chosen three citizens as tax
 payers ommissSoners These commis-
 sioners shall not be otherwise connect l ed with the administration of the af- ] fairs Of said municipality. and shall be | chosen by the City Council CT her ! governing body at the time of the pas
 sag. of the ordinance caiiine an eec-
 ton for the purpose of voting upon
 said particular Issue nr bonds. The
 advertisement of such pitFifon shall
 state the names of the proposed com l missioners for the infosiaatie of the ! public.
 The taxpayers commissioners, duties
 shall be to act in conjunction with the i tayor or any Board or CDalaIttrr now q hef Ttt4r Aed kfr Itt4- +ls. i ls fl provision had originally becn
 made for sneh T'nfnfni, toner's and said ] tax x-payels taiss ianers. together i "ith said Nafss or Baslrd or Commit
 tee. shall jointly exercise supervision i over the sale oi any bonds which may 1 be voted by the people at such election. ! and shall jointly sec to it that funds I thus provided gre properly and eco- 1 nomically expended for the purpose 1 specified in the Issue Of bonds as voted l by the people. and to that end shall 1 jointly make all contracts for the ex- | peneitrre O. the proceeds of the sale | Of sach issue of bonds
 l G..44 oiee lion shall be held at such l time as the city or town council may i des -grate by ordinance, which ordi-
 nance shall specifically state the pur- | pose for which the bonds other in- l terest- bearing evidences of inde bt ednesx
 are to be issued. and if for more than one purpose, provision shall he made l in said ordinance for hallotiHg on each
 sesarate purpose; w.iieh ordinance shall also state the sum total of the
 issue. the dates Of maturity thereof, and shall fix the date of the election aA fhut ahrf .rf4 \.