The Sentinel=record., 1918-08-30

nicipality shall have the power tol make an issue of bonds or other in terest- bearing evidences of indebted ness, if said proposed issue itself, orl
 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 (5ao), and 9s to incorporated towns and cities of the second class more inI amount than seven per cent (7%) of the assessed valuation of all taxable property in the municipality propOsirg|
 to issue the same according to the, last general assessment next preced ing said proposed issue of bonds or other 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, ana no bonds for the acquisition of rights of way for and the construction off public highways, streets, alleys or| boulevards issued under theauthority of this amendment shall be issued fot longer period than fifteen years, and no other bonds shall be issued for| 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 q specific purpose shall ever bel 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 or corporation, and no money raised m ter the terms of this amendment by taxation or by sale of bonds for spe cifc purpose shall ever be used ror any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, under the terms of this amendment, there shall be chosen three citizens as tax payers commissioners. These com missioners shall not be otherwise con- nected with the administration of the affairs Of said municipality, and shall 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 shal 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 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 tol l it that funds thus provided are prop erly and economically expended forl the purpose specified in the issue of
 bonds as voted hy the people, and toI that end shall pointly make all con- tracts for the expenditure of the pro ceeds of the sale of each issue ot
 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 indeDl-
 eGness are to be issued, and if forl 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 oi the election so that 1t shall not occur earlier than sixty (G0) days after the passage of said ordinance. Said cleo 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, go 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, in some newspaper published in said municipality, and having bona fide circulation therein; tine last publica- tion to be not less than ten (l0) days prior to the date of said election.
 Qualified electors of said municl-
 pality only shall have right to vote