The Prescott daily news., 1918-08-21

ing bona fde circulation in the municipality issuing said bonds.
 In order to provide for the payment of the bonds and other interest-l ear ing evidences of indebtedness sued under the provisions of this amend ment, and interest thereon. a special tax not to exceed five mills on the dollar, in addition t. the rate now permitted, may be levied by munici- palities on the taxable property there m; and any municipality issuing any tonds or other interest-bearing evi- dences of indebtedness shall, before or at the time of doing so, levy a direct tax payable annually not ex- ceeding the amount limited as above, sufficient to pay the interest on such bonds or other interest bearing evi- dences of indebtedness as the same natures, and also sufficient to pay and discharge the principal of all such other bonds or other interest bearing evidences of indebtedness at their re- spective maturities; provided that the above limitation of the rate of taxation shall not apply to bonds is- sued by any municipality for the pur- pose of acquiring, purchasing, ex- tending, improving, enlarging, build ing or constructing water works and light and heat plants, but the levy of the special tax of five mills author ized by this amendment having been exhausted or the balance unlevied be- ing insufficient to pay interest on and retire the proposed bonds, said munic- ipality, for the purpose of paying the principal and interest of such water works and light and heat plant bonds, may, so far as required, levy and col feet a special tax, in addition to the rate allowed by this amendment, of not to exceed five mills on the dollar provided also, that, as further and additional limitation upon both the issuance of bonds or other interest bearing evidences of indebtedness and the levy of special tax to pay inter- est thereon and retire the same at their respective maturities, no munic- ipality shall have the power to make an issue of bonds or other interest bearing evidences of indebtedness, if said proposed issue itself, or tigether with all previous issues of bonds and other interest-bearing evidences of indebtedness then outstanding by such municipality, shall aggregate as to a city of the first class more in amount than five per cent G per cent), and as to incorporated towns and cities of the second class more in amount than seven per cent C. per cent of the assessed valuation of all taxable prop erty in the municipality proposing to issue the same, according to the last general assessment next preceding said proposed issue of bonds or other interest bearing evidences of indebt- edness.
 Said bonds and other interest-bear- ing evidences of indebtedness shall be serial, maturing annually after three I years from date of issue, and shall be paid off as they mature, and no bonds for the acquisition of rights of way for and the construction of public highways, streets, alleys or boule- wards issued under the authority ot this amendment shall be issued for 8 longer period than fifteen years, and no other bonds shall be issued for a longer period than thirty-tive 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 CT by sale of bonds for a specific purpose shall ever be used for any other or different pur- pose.
 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 shal be chosen by the City Council ol other governing body at the time ot the passage of the ordinance calling ar election for the purpose of voting upon said particular issue of bonds
 The advertisement of such electio