The Sentinel=record., 1918-09-18

at their respective maturities, no mu-
 nicipality 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- i gate as to a city of the first class more in amount than five per cent 1 (59o), and as to incorporated towns
 and cities of the second class more il
 amonunt than seven per cent Gg5) 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 or
 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 ot boulevards issued under theauthority of this amendment shall be issued to longer period than fifteen years, and no other bonds shall be issued for l a longer period than thirty-fiye years No municipality shall ever grant | financial aid toward the construction
 of railroads or other private enter prices 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 grant financial aid toward the construction of railroads or other private enter prises operated by any person, firm or
 corporation, anu no money raised m- ter the terms of this amendment by
 taxation or by sale of bonds for spe- cific purpose shall ever be used foi
 any other or different purpose.
 l 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 lmissioners shall not be otherwise con~ lnected with the administration of the iaffairs 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 oe to act in conjunction with
 the Mayor or any Board or Committee. , now or hereafter provided by law, the T same as if provision had originally been mad for such Commissioners, D and said taX-payers' 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 to it that funds thus provided are prop erly and economically expended for
 the purpose specified in the issue of 5 bonds as voted by the people, and a
 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- lpose for which the bonds or other
 interest-bearing evidences of indeot- 2 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- ity thereof, and shall fix the date Of
 the election so that it shall not occI
 earlier than sixty (G0) days after the
 passage of said ordinance. Said cleo
 ton shall be held and conducted, and the vote thereon cauvassed, 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 advertisement
 weekly for at least four times, in
 some newspaper published in said municipality, and having a bona fide
 circulation therein; the last publica- Ition to be not less than ten 00l days prior to the date of said election.
 1 Qualified electors of said munich pality only shall have right to vote
 at eaid elections. The result of said election shall he proclaimed and pup ! -