The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-09-26

| at their respective maturtCS, no mu
nicipallty 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 a 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 il
amount than seven per cent (7ge) 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, ant
no bonds for the acquisition of rights
of way for ana the construction oil
public highways, streets, alleys 81
bouleyards issued under theauthority
of this amendment shall be issued ton
loneer period than fifteen years, and
no other bonds shall be issued for
a longer period than thirty-five years
No municipality shah 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
Ave 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 by
taxation or by sale Of bonds for spe-
cific purpose shall ever be used rof
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 lifetime 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 shall
| state the names Of the proposed com
| missioners for the information OF the
public.
| The taxpayers commissioners du
| ties shall De 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 SUI
pervsi0n 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 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 indeot-
ednoss are to be issued, aud 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-