The Sentinel=record., 1918-10-13


 terest- bearing evidences of indebted ness, if said proposed issue itself, or together with all previous issues oi 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 (5%s), and as to incorporated towns and cities of the second class more il amount than seven per cent (7goe oi the assessed valuation of all taxable property in the municipality proposing to issue the same according to the last general assessment next preced- ng said proposed issue of bonds or other interest bearing evidences oi indebtedness
 Said bonds and other mterest-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, anI no bonds for the acquisition of rights # way for and the construction of public highways, streets, alleys ol 5ouleyards issued under theauthority of this amendment shall be issued TO, I longer period than fifteen years, ana no other bonds shall be issued for l longer period than thirty-five years No municipality shall ever grant Financial aid toward the construction # railroads or other private enter prises operated by any person, firm pr corporation, and no money raised under the provisions of this amend ment by taxation or by sale of bonds tor 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
 # railroads or other private enter prises operated by any person, firm oi corporation, and no money raised un-
 Ter the terms of this amendment by ,axation or by sale of bonds for a spe cihc purpose shall ever De used rol 1 any other or different purpose.
 For each separate issue of bonds, as proposed by any municipality, under lhe terms of this amendment, there shall be chosen three citizens as tax payers commissioners These com mssioners shall not be otherwise con l 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 nissioners for the information of the | public.
 The taxpayers commissioners du l ies shall 0e to act in conjunction with 1 the Mayor or any Board or Committee, 1 aow or hereafter provided by law, che same as If provision had originally been mad e for such Commissioners, and said taxpayers 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 1t that funds thus provided are prop erly and economically expended for l the purpose specified in the issue of bonds as voted by the people, 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
 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- ity thereof, and shall fix the date Of the election so that it shall not occur earlier than sixty (6O) days after the passage of said ordinance Said elec- ton shall be held and conducted and the vote thereon canyassed, 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 bona fide circulation therein; the last publics- ton to be not less than ten (10) days prior to the date of said election
 Qualified electors of said munich pality only shall have a right to vote at said elections. The result of said election shall be proclaimed and pup ushed by the Mayor, and the result as proclaimed shall be conclusive unless attacked in the courts within thirty (3O) days after the date of such pro clamation.
 This amendment shall not repeal or affect any law relating to the organ t4s.. e s.,,,,-~xraY,anf dicfripfa