The Ely miner., 1915-02-12

dispose OF bonds IN said fund.- at such other time
IS deemed for the best interests of said fund Whenever
the of such sinking fund.- together with the interest
therefrom computed from the time of maturity of the City
bonds sufficient pay all of said bonds further levy
need be made and any surplus herenbeore provided for
may be diverted to other funds Said Council shall make
detailed report at the first meeting in July of each year.
and at such other time may deem advisable and said
report shall show the condition of said sinking fund the
and value of all the securities thereunto belonging
with ull description OF said securities Any tax payer,
any of the of the bonds of the City shall have
right to maintain court of competent jurisdiction any
proper action OF proceedings to enforce the Of
the Council compliance with the provisions of this section
Whenever at the maturity of bonds of the City, said
sinking fund shall not have money sufficient pay the
bonds SO maturing and whenever the Council shall deem
advisable to take up any bonds DUE the Council may
issue other bonds of the City exceeding twenty
years. such to place and of payment and
of interest may be deemed advisable and such
be such deficiency and to
take up and refund such bonds if not due.
Bonds and Certificates of Indebtedness
Section 100 The City may issue bonds and certificates
OF Indebtedness by resolution subject to the limitations
hereinafter provided, follows:
(D For the purpose of constructing, maintaining, ex-
tending charging improving, suitable water light heat
ing plants for the purpose OF acquiring any real estate
such bonds and certificates may be made to be first lien
upon all and light plants appliances and
of any kind if issued for ALL and for only upon the
appliance and structure thereof and all property acquired
for in connection Herewith.
(2) For the purpose of raising funds for permanent
in order provide money for any contemplated local i'm
provement and such bonds and certificates made be made
to constitute first lien upon such local improvements and
upon the property benefited thereby and that shall be sub
ject to assessment therefor.
60 For defraying the of establishing and maintain
ing general system of sewers and of maintaining altering
reayng and extending the existing system of sewers.
( For the purpose OF paying funding refundng any
bonded floating Indebtedness of the City, enacted
time authorized by this Charter The City, by
luton may its certificates other evidence of in
in If Of m any ah or m
City provided for herein. Such resolutions for the
issuance of bonds certificates may provide that the
shall be general obligations of the City, that they
will be general obligations but shall be payable Of
any specified taxes assessments funds liens held by the
City may limit the Ctys liability thereon in any other
manner may guarantee that the City shall pay the same
providing that the bonds issued under subdivisions one
two three and four above mentioned shall be general
legations OF the City.
The City shall have authority protect itself by acqu
ing title any property and shall have authority by
luton to assign and convey any property acquired,
whether proceedings acquire such title have been had
prior to the time OF the going into effect of this Charter
thereafter and shall have the power in like
assign any lien or right Of action held by the CITY, or other
evidences of Indebtedness mentioned in this section
provide that such bonds ens right of action certificates
other evidence of Indebtedness mentioned herein may be
collected OF such property liens rights OF action
No bonds of the City Of Ely shall be issued unless the
issuance thereof authorized by resolution passed by
the majority vote OF all members Of the Council and ap
proved by the voters; and the debt of the City shall
exceed two O per cent of the total taxable value of the
taxable property of the City according the last preceding
for the purposes of taxation provided that the
bonds of the City may issued at any any
but the total of such bonds when added the other
Indebtedness of the City shall exceed eight S
of its taxable property above defined Provided that
certificates of indebtedness, bonds issued by the
City OF Ely before the adoption OF this Charter shall not
be counted part of the aggregate bonded indebtedness
OF the City ii issued for the purchase construction,
maintenance extension enlargement Improvement
OF water and lighting plants either owned and operated
by the City the acquisition of property needed
necOn herewith for the creation maintenance of
the permanent improvement revolving fund for the pu
pose of anticipating the collection of general for the
year in which issued
And the City of Ely may issue certificates Of indebtedness
bonds any limit prescribed herein without the approval
of the Of the City issued for the purpose of the
creation and maintenance of permanent Improvement
collection of general for the year which issued
for the purpose of extending enlarging improving
water and lighting plants either owned and operated by
the City, OF acquiring property needed in connection
Herewith for the purpose of funding floating indebted
incurred by the City before the adoption of this
Charter.
Bonds warrants certificates and Other cy of in
debtedness of the City, authorized by this Charter shall
in event bear greater of interest than per
per and shall event be sold for less than the
par value thereof.
Budget Estimate for Fiscal Year.
Section 1Ol. The Council shall annually in the
month of October prior the levy and make budget
of the estimated amounts required to pay the of
conducting the business of the City for the ensuing
fiscal year.
Levy of Taxes.
Section lO2. levy may be made by the Council
before the 10th day of October of each and the
shall be upon the duplicate for the County
collected with the County and State taxes
Clerk and Treasurer to Make Record of Estimates
Section l03 The City Clerk and Treasurer shall each
the tax estimate is made in each year open and
Iron apddi eac,