The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1915-02-26

is deemed the best OF whenever
the amount OF such sinking fund.- together with the interest
herefrom computed from the time of maturity of the City
bonds sufficient to pay all of said bonds no further levy
need be made and surplus herenbefore provided
may be diverted other funds Said Council shall make
detailed report at the first meeting 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 tereunto belonging
with full description of said securities Any tax payer
OF the OF the bonds of the City, shall have the
right to maintain in court of competent jurisdiction any
proper action OF proceedings to enforce the
the Council compliance with the provisions of this
Whenever at the maturity of bonds OF the City, said
sinking fund shall not have money sufcienN to pay the
bonds maturing and whenever the Council shall deem
advisable take up any bonds DUE the Council NAV
issue other bonds of the CITY to run not exceeding twenty
years. such place and time of payment and
rate of interest may be deemed advisable, and in such
amount be necessary meet such deficiency
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 the limitations
hereinafter provided, follows
0) For the purpose of constructing, maintaining ex-
tending charging improving suitable water light heat
ing plants for the purpose of acquiring any real
other property needed in connection with any such plant
such bonds and certificates may be made to be first lien
upon all water and light plants appliances and structures
of any kind if issued for all, and if for only upon the
appliance and structure thereof and all property acquired
for i'll connection Herewith.
(2) For the purpose of raising funds for permanent
Improvement revolving fund provided for in this Charter
order to provide money for any contemplated local inn
provemen and such bonds and certificates made be made
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 establishing maintain
ing general system of sewers and of maintaining altering
relaying and extending the existing system of
N For the purpose of paying funding refunding any
bonded floating Indebtedness OF the City enacted
listing at the time this Charter goes into effect
any time authorized by this Charter The City by
luton issue certificates or other evidence of in
debtedness in anticipation Of any taxes or assessments
levied upon any portion of the taxable property of the
City, provided for herein. Such resolutions for the
Of hOpdc
same shall be general obligations of the City that they
will not be general obligations but shall be payable
City, may limit the Cys liability thereon in any other
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 OBJ
legations of the City.
The City shall have authority protect itself by acqur-
title to property, and shall have authority by
whether proceedings acquire such title have been had
prior the time of the going effect of this Charter
assign any lien right Of action held by the City other
evidences of Indebtedness mentioned this section
provide that such bonds liens right of action certificates
other evidence of Indebtedness mentioned herein 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 Of all members of the Council and a-
proved by the voters and the debt of the City shall
exceed two O per 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 be issued any time any amount
but the total amount OF such bonds when added the other
indebtedness of the City shall exceed eight 81 per
OF its taxable property above defined Provided that
any certificates Of Indebtedness bonds issued by the
City OF Ely before the adoption Of this Charter shall
be counted part OF the aggregate bonded Indebtedness
OF the City issued for the purchase construction
extension enlargement improvement
of water and lighting plants either owned and operated
by the City the acquisition OF property needed in
nection 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 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
revolving fund for the purpose of anticipating the
for the purpose of extending, charging improving
water and lighting plants either owned and operated by
the City or 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 Of in
debtedness of the City authorized by this Charter, shall
event bear greater rate of interest than six per
per annn and shall be sold for less than the
par value thereof.
Budget Estimate for Fiscal Year.
Section lOl. The Council shall annually in the
month of October prior to the tax levy and make budget
of the estimated required pay the expenses of
conducting the business of the City for the ensuing
fiscal year.
Levy of Taxes.
before the 10th day of October of each year and the
shall be entered upon the duplicate for the County and
collected with the County and State taxes.
Clerk and Treasurer to Make Record of Estimates.
Section lO3 The City Clerk and Treasurer shall each
the estimate is made in each year open and
of the several divisions OF shown the estimate
of the then year. and making estimate for