Charlevoix county herald., 1911-07-01

quence thereof to mature during the
period covered by the contract. Such
contract shall be alb initio null and
void as to the city for any other or
future liability; provided, first, that
nothing herein contained shall pre-
vent the commission from providing
for payment of any expense, the ne
cessity of which is caused by any
casualty, accident or public calamity
arising after the passage Of the an
nual appropriation ordinance; and, Sc
cond, that the provisions OF this Sec
ton shall not apply to or limit the
authority conferred in relation to
bonded indebtedness, nor for moneys
to be collected by special assessment
for local improvements.
Sec. 10. In case Of fire or food or
other calamities the commission may
borrow for the relief of the inhabi-
tants OF the city and for the preser-
walton of municipal property, a sum
not exceeding one-fourth of one per
cent of the assessed value of all real
and personal property in the city, due
in not more than three years, for any
loans lawfully made, the bonds OF the
city may be issued bearing legal
rate of interest, a record showing the
dates, number and amounts of all
bonds issued, and when due, shall be
kept by the city clerk, when deemed
necessary by the commission to ex-
tend the time of payment, new bonds
| may be issued in the place Of former
bonds falling due, in such manner as
merely to change but not to increase
the indebtedness of the city. Each
bond shall show upon its face the
class. of Indebtedness to which 1t be-
longs, and from what funds 1t 10 pay
able, no bonds shall be issued with
out providing sinking fund to pay
them at maturity; provided that no
sinking fund shall be required in the
case of serial bonds which fall due
annually
Sec. 20. Immediately upon the close
of the fiscal year the commission shall
audit and settle the accounts of the
city treasurer and other officers OF
the city, and the accounts, also, as
far as practicable, Of all persons hav-
ing claims against the city, or ac-
counts with it not previously audited;
and shall make out statement in
detail of the receipts and expendi-
lures of the corporation during the
preceding year which statement shall
distinctly show the amount Of all
taxes raised during the preceding
year for all purposes, and the amount
raised for each fund; the amount le-
We'd by special assessments and the
amount collected on each; and the
amount of money borrowed, and upon
what time and terms and for what
purposes, also the items and amounts
received from all sources during the
year, the expenditures thereof, classi-
flying the expenditures for each pur-
pose separately. Said statement shall
also show the amount and items of all
Indebtedness outstanding against the
city, and to whom payable, and with
what rate OF interest; the amount 0f
salary or compensation paid or pay
able to each officer of the city for
the year, and such other information
as shall be necessary to a full under
standing of all the financial concerns
OF the city. =.
Sec. 81. Said statement, signed by
the mayor and city clerk, shall be al.
ed in the Office of the city clerk, and
a copy thereof published in one of
the newspapers Of the city.
Sec. %. Every bond issued by the
city shall be made payable within
thirty years from the date of issue.
and shall contain on its face state
ment specifying the object for which
the same is issued, and If issued for
the purpose of raising money for any
public Improvement, the particular
public Improvement shall also be spe-
CITED on the face of such bond. and
it shall be unlawful for any officer Of
such city to sign or issue any such
bond without such matters are set
forth on the face Of the same, as
aforesaid. or to use such bonds or
proceeds from the sale thereof, for
any other object than that mentioned
on the face of such bond
Sec. 23 The assessor shall in each
year make and complete as assess
ment of all of the real and personal
property of the city liable to taxation
under the laws of the State, and Of
all the property of any person liable
to be assessed therein, in the same