The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1918-08-13

| HltiPdiily SHhi nave the power 10
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-
! sate as TO a city Of the first class
more in amount than five. per cent
| t5f,1, aud as to incorporated towns
ana cities of the second class more in
amount than seven per cent t7G) OF
| the assessed valuation OF an 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 am
no bonds for the acquisition of rights
of way for ana the construction Of
public highways, streets, alleys or
boulevards issued under theauthority
Of this amendment shall be issued rol
a longer period than fifteen years, and
no other bonds shall be issued Tor
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 bon1s
for a specific purpose shall ever be
used for a longer period than thirty
Eve years.
No municipality shall ever gran.
financial aid toward the construction
of railroads or other private enter
prises operated by any person, firm o.!
corporation, and no money raised un
| der the terms of this amendment by
taxation or by sale of bonds for spe-
cific purpose shall ever be used tol
any other or different purpose.
For each separate Issue Of bonds, as
proposed by any municipality, unoei
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 SHAH
Ebe chosen by the City Council or other
! governing body at lifetime OF the pas
sage OF the ordnance calling an
| election for the purpose of voting up
on said particular issue of bonds. The
| advertisement of such election shah
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 tor such Commissioners
and said taxpayers commissioner
together with said Mayor or Board OF
Committee, shall jointly exercise SUI
pervision over the sale of any bonds
which may be voted by the people al
such election, and shall Jointly see tC
it that funds thus provided are prop
erly and economically expended fol
the purpose specified in the issue Of
bonds as voted by the people, and e
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
Understanding evidences of inde9C-
edness are to be issued. and if fol
more than one purpose, provision shall
be made in said ordnance 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 it shall not Occur
| 6dIlAcI lldi ClAly NOVJ udS dAACi NliN
| passage of said ordinance. Said cleo
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 shan be given
by the Mayor by advertisement
weekly for at least four times, ih
| some newspaper published in said
municipality, and having a bona fide
circulation therein; the last publce-
| tion to be not less than ten O0) days
prior to the date OF said election.
Qualified electors of said munich
patty only shall have a right TO vote
at said elections. The result OF said
election shall be proclaimed and pup
hshed by the Mayor, and the result as
proclaimed shall be conclusive unless
attacked in the courts within thirty
600 days after the date of such pro-
clamstion.
This amendment shall not repeal or
affect any law relating TO the organ