The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1915-01-29

be sufficient to pay such maturing bonds the Council may
is deemed for the best interests of said fund Whenever
the of such sinking fund.- together with the interest
thererom computed from the time OF maturity OF the City
bonds sufficient pay all OF said bonds further levy
need be made and any surplus herenbefore provided for
may be diverted to other funds Said Council shall make
detailed report at the first meeting in July of each year
and such other time deem advisable, and said
report shall show the condition of said sinking fund.- the
and value OF all the securities thereunto belonging
with full description OF said securities Any tax payer or
of the owners of the bonds of the City shall have the
right maintain in of competent jurisdiction any
action OF proceedings to enforce upon the part OF
the Council compliance with the provisions of this section
Whenever at the maturity of any bonds of the City said
bonds so maturing and whenever the Council shall deem
advisable to take up bonds not DUE the Council may
years such place and time of payment and
rate OF interest as may be deemed advisable and in such
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, as follows
! CD For the purpose of constructing, maintaining,
ing plants for the purpose OF acquiring real estate
other property needed in connection with any such plant and
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 connection Herewith.
i () For the purpose of raising funds for permanent
Improvement revolving fund provided for in this Charter
in order to provide money Tor any contemplated local i'm
provement such bonds certificates made be made
to constitute first lien upon such local improvements and
upon the property benefited thereby and that shall be sub
ect to assessment therefor.
II 60 defraying the of establishing and maintain
ing general system of sewers and of maintaining altering
relaxing and extending the existing system of sewers.
/ N For the purpose of paying funding refundng any
bonded floating Indebtedness Of the City, enacted
listing the time this Charter goes effect created
any time authorized by this Charter The City, by
luton may issue its certificates other evidence OF in
debtedness anticipation of any taxes assessments
levied upon any portion of the taxable property of the
City, provided for herein Such resolutions for the
issuance of bonds certificates may provide that the
same shall general obligations of the City, that they
will be general obligations but shall be payable OF
any specified taxes funds liens held by the
City, may limit the Ctys liability thereon in any other
manner may guarantee that the City shall pay the
providing that the bonds issued under subdivisions
two three and four above mentioned shall be general OBJ
legations OF the City.
i The City shall have authority to protect itself by acqu
ing title any property and shall have authority by
Whether procesdngs to acquire such title have been had
prior the time of the going into effect OF this Charter,
or thereafter and shall have the power in like
assign lien right OF action held by the City or other
evidences of Indebtedness mentioned in this section
provide that such bonds liens right of action certificates
other evidence of Indebtedness mentioned herein be
collected of any such property liens rights OF action
No bonds of the City of Ely shall be issued unless the
issuance thereof is authorized by resolution passed by
the majority OF all members of the Council and ap
proved by the voters and the debt of the City shall not
exceed (2) per of the total taxable value Of the
taxable property Of the City according to the last preceding
for the purposes of taxation provided that the
bonds OF the City be issued at time in any amount
but the total OF DOnQS We auQed TO
of the City shall exceed eight 50 cent
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 OF the aggregate bonded indebtedness
of the City issued for the purchase construction,
maintenance extension enlargement Improvement
Of and lighting plants either owned and operated
by the City, the acquisition OF property needed IN
necon herewith for the creation maintenance OF
the Improvement revolving fund for the pur-
pose of anticipating the collection of general for the
year i'll which issued.
And the City of Ely certificates OF indebtedness
bonds 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
collection of general for the year in which issued
and lighting plants either owned and operated by
the City of acquiring property needed IN connection
Herewith for the purpose of funding floating indebted
ness incurred by the City before the adoption OF this
, Charter.
Bonds, warrants, certificates and other ce OF in
debtedness of the City, authorized by this Charter, shall
bear greater of interest than SIX per cent
Der annum and shall no be sold for less than the
par value thereof
> Budget Estimate for Fiscal Year.
: Section lO The Council shall annually in the
month of October prior the levy and make budget
of the estimated required to pay the expenses OF
conducting the business of the City for the next ensuing
fiscal year.
= Levy of Taxes.
Section lO2. levy may be made by the Council on Oh
before the 10th day of October of each and the
be entered upon the duplicate for the County
= collected with the County and State taxes
- Clerk and Treasurer Make Record of Estimates.
Section lO3 The City Clerk and Treasurer shall EACH
'IcoOp the tax Stima