The Sentinel=record., 1918-10-04

ness, If sa1 proposed issue itself, orI together with all previous issues of bonds and other interest bearing evil denees of Indebtedness then outstand-
 ing by such Municipality shall aggre- gate as to D city of the first class
 more in amount than five per cent (5GD, and as to incorporated towns and cities of Ithe second class more il
 amount thN seven per cent (7gs} 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, ann
 no bonds for tho acquisition of rights
 of way for ana Nhe construction of public highways, streets, alleys oi boulevards issued under theauthority of this amendment shall be issued toi
 d 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
 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 any person firm or 1 corporation, and 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 for any other or different p.rpose
 For each separate issue of bonds, a.
 proposed by any municipality, unuer | the terms of this amendment, there shall be chosen three citizens as tax | payers commissioners These com missoners 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.
 1 The taxpayers commissioners du l ties shall Oe to act in conjunction with 1 the Mayor or any Board or Committed 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
 Committed shall jointly exercise su- pervisi0n over the sale of any bonds
 which may be voted by the people at such election, and shall jointly see to | 1t that funds thus provided are prop
 erly and economically expended for | the purpose specified in the issue of bonds as voted by the peonle, and 70 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 pur- | pose for which the bonds or other
 interest-bearing evidences of inde0l- 1 edness arc to be issued, and if for more than one purpose, provision shall l 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 Of the election so that it shall not occur earlier than sixty (60) days after the passage of said ordinance. Said cleo
 ton shall he held and conducted, and tHH fote tAcIeuu can HFd9acd, ana lhe 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 by the Mayor by advertisements
 weekly for at least four times, in some newspaper published in said
 municipality and having a bona fideI circulation therein the last publlca
 ton to be not less than ten G0) days
 prior to the date of said election.
 Qualified electors of said munich pality only shall have right to yote| at said elections. The result of said