The Sentinel=record., 1918-10-17


 make an issue of bonds or other in- | terest- bearing evidences of indebted | ness, if said proposed issue itself, ol | together with all previous issues O | bonds and other interest bearing evi dences of indebtedness then outstand- ing by such municipality, shall aggre- l gate as to a city of the first class more in amount than five per cen | (5G), and as to incorporated town, and cities of the second class more il amonunt than seven per cent (7G} o l the assessed valuation of all taXahit ] property in the municipality proposing to issue the same according 10 tho last general assessment next preced ing said proposed issue of bonds ol other interest bearing evidences oi indebtedness.
 Said bonds and other Interest-bear- ing evidences Of indebtedness shdl be serial, maturing annually after three years from date of issue, and shall be paid off as they mature, an. no bonds for the acquisition of rights of way for and the construction 0t public highways, streets, alleys oi bouleyards issued under theauthOrity of this amendment shall be issued ron a 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 CT corporation, and no money raised under the provisions of this amend ment by taxation oI 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 o' corporation, and no money raised m Ger the terms of this amendment by taxation or by sale Of bonds for spe . cihc purpose shall ever he used tor any other or different purpose
 For each separate issue of bonds, a 3 proposed by any municipality, unner 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 tho affairs of said municipality, and shall be chosen by ;ne 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 10 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 e for such Commissioners, and said taxpayers commissioner, together with said Mayor or Board or Committee, shall jointly exercise SUI pervisi0n 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 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 indeol- edness are to be issued, and if for more than one purpose, provision shah 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 then eof, 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 be held and conducted, and the vote thereon cauyassed, 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 a bona fide circulation therein; the last puhllca- ton to be not less than ten Oo) days rrior to the date of said election.
 Qualified electors of said munici- pality only shall have a right to vote at said elections. The result of saii 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 (90) days after the date of such pro clamation.