The Sentinel=record., 1918-10-05
ARKANSAS

ness, IT sald proposed issue llselI, or together with all previous issues Of bonds and other interest bearing evi- 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 (5G), and as to incorporated towns and cities of the second class more il amount than seven per cent 7fot otI the assessed valuation of all taxable property in the municipality proposing to issue the same according to the last general assessment next preeed- 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, anu no bonds for the acquisition of rights of way for and the construction of public highways, streets, alleys oi bouleyards issued under theauthority of this amendment shall be issued 1oi 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 prises operated by any person. firm l CT 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 be used for a longer period than thirty
 Ave years.
 l No municipality shall ever gran. | financial aid toward the construction
 of railroads or other private enter
 prises operated by any person, firm or corporation, and no money raised un-
 der the terms of this amendment by taxation or by sale of bonds for a spe-
 cinc purpose shall ever be used tol
 any other or different purpose.
 For each separate issue of bonds, as
 proposed by any municipality, unuer
 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 l .ies shall 0e to act in conjunction with the Mayor or any Board or Committee, now or hereafter provided by law, tho same as if provision had originally been mad 0 for such Commissioners, and said taxpayers commissioner together with said Mayor or Board or Committee, shall jointly exercise su- pervisi0n over the sale of any bonds which may be voted by the people att 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 .o| that end shall pointly make all con tracts for the expenditure of the pro- ceeds of the sale of each issue off bonds.
 Said election shall be held at such time as the city or town council may designate by ordinance, which ordi-I nance shall specifically state the pur-I pose for which the bonds Or otherl interest-bearing evidences of indeol- 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- ty thereof. and shall fix the date Of the election so that it shall not occur earlier than sixty (G0) days after the passage of said ordinance. Said elec ton shall be held and conducted, and the vote thereon canvassed, 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, in some newspaper published in said municipality and having a bona iidc circulation therein; the last publica- tion to he not less than ten G0) days prior to the date of said election.
 Qualified electors of said munici- pality only shall have a right to vote at said elections The result of said election shall be proclaimed and pup lichn1 hu thn NIavnr and thn rasnlt s