The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1915-02-19


be sufficient to pay such maturing bonds the Council may
dispose of bonds in said fund such other time
is deemed for the best interests of said fund Whenever
the of such sinking fund.- together with the
herefrom computed from the time OF maturity of the City
bonds sufficient to all OF said bonds further levy
need be made and surplus hereinbeore 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 may deem advisable and said
report shall show the condition of said sinking fund the
nature and value OF all the securities hereuno belonging
with full description of said securities. Any 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 enforce upon the part
the Council compliance with the provisions of this section
Whenever at the maturity of any bonds of the City, said
sinking fund shall not have money sufficient to pay the
bonds maturing and whenever the Council shall deem
it advisable to take up bonds DUE the Council
issue other bonds of the City to not exceeding twenty
years, such terms place and time of payment and
rate of interest may be deemed advisable and in such
amount be necessary meet such deficiency and
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
CD For the purpose of constructing maintaining ex-
tending charging improving suitable water light heat
plants for the purpose of acquiring any real estate
oher property needed in connection with 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 issued for ALL and if 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
Improvement revolving fund provided for i'll this Charter
contemplated
proveent 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 defrayng the of establishing and
ing general system of and of maintaining altering,
relaying and extending the existing system OF sewers
bonded floating indebtedness OF the City, enacted
listing at the time this Charter into effect created at
any time authorized by this Charter The City, by
luton may issue its certificates other evidence OF
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
issuance of bonds certificates may provide that the
shall be general obligations of the City, that they
will not be general obligations but shall be payable out OF
specified taxes assessments funds liens held by the
City, may limit the Citys liability thereon in any other
manner may guarantee that the City shall pay the same
providing that the bonds issued under bdvisions one,
two three and four above mentioned shall be general OBJ
legations of the City
title any property and shall have authority by
luton to assign and convey any property SO acquired
whether proceedings acquire such title have been had
prior the time of the going into effect of this Charter
thereafter and shall have the power in like to
lien right of action held by the City, other
evidences indebtedness mentioned in this section or
provide that such bonds liens right of action certificates,
other evidence of indebtedness mentioned herein may be
collected out any such property liens rights 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 ap
proved by the voters and the debt of the City shall
exceed two 2 per of the total taxable value of the
taxable property of the City according the last preceding
tor the OF taxation provided that the
bonds of the City may be issued any time any
but the total 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
the City issued for the purchase construction,
maintenance, extension enlargement or improvement
of and lighting plants either owned and operated
by the City the acquisition of property needed in
nection therewth for the creation maintenance Of
the permanent improvement revolving fund for the pur
pose Of anticipating the collection of general taxes for the
year in which issued.
bonds any limit prescribed herein without the approval
of the voters 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 taxes for the year which issued
for the purpose of extending, charging improving
the City, of acquiring property needed in connection
Herewith or for the purpose OF funding floating indebted
ness incurred by the City before the adoption of this
Charter.
Bonds, warrants, certificates and other of in
debedness Of the City, authorized by this Charter shall
per annum and shall be sold for less than the
| par value thereof
Budget Estimate for Fiscal Year
Section lO1 The Council shall annually in the
month of October prior to the tax levy and make budget
of the estimated required pay the expenses
conducting the business of the City for the ensuing
| fiscal year
Levy of Taxes
Section l02. levy may be made by the Council on
shall be entered upon the duplicate for the County and
collected with the County and State taxes.
Clerk and Treasurer Make Record of Estimates.
Section 1O3 The City Clerk and Treasurer shall EACH as