The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1915-02-05

Council may dispose of enough of the bonds then in the
sinking fund. if any, will with the money then hand
be sufficient to such maturing bonds the Council
dispose OF bonds in said fund.- at such other time
is deemed for the best interests of said fund Whenever
the amount OF such sinking fund.- together with the
therefrom computed from the time of maturity of the City
bonds sufficient to 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
nature and value of all the securities thereunto belonging
with full 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 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
sinking fund shall not have money sufficient pay the
bonds maturing and whenever the Council shall deem
advisable to take up bonds DUE the Council may
other bonds OF the City not exceeding twenty
years, such place and time of payment and
rate OF interest be deemed advisable and in such
may be necessary 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:
% For the purpose of constructing, maintaining, ex-
tending charging or improving suitable water light heat
ing plants for the purpose of acquiring any real
other property needed connection with any such plant and
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 thereof and all property acquired
for in connection Herewith.
90 For the purpose OF raising funds for permanent
Improvement revolving fund provided for in this Charter
in order to provide money for any contemplated local inn
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.
az For the purpose paying funding or refundne any
bonded or floating Indebtedness of the CITY enacted or
listing the time this Charter goes into effect created
any time authorized by this Charter. The City, by
tic
deotedneSs IN anticipation OF any taxes or assessments
levied upon any portion of the taxable property of the
City as 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 of
any specified taxes assessments funds liens held by the
City may limit the Ctys liability thereon i'll any other
manner may guarantee that the City shall pay the same
providing that the bonds issued under subdivisions
two three and four above mentioned shall be general OBJ
legations OF the City.
The City shall have authority protect itself by acqur
ing title any property and shall have authority by
luton to assign and convey any property acquired
whether proceedings to 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 to
assign any lien right Of action held by the City other
evidences OF indebtedness mentioned in this section to
provide that bonds liens right Of action certificates
other evidence of Indebtedness mentioned herein may
collected out 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 ority OF all members of the Council and ap
proved by the voters and the debt of the City shall not
" per cent OF tOal taXaDe 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 at any time amount
but the total of such bonds when added to the other
Indebtedness of the City shall not exceed eight @ per
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
be counted of the aggregate bonded indebtedness
OF the City if 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 i'll
necon Herewith; 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
And the City of Ely may 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 taxes for the year iii which issued
or for the purpose of extending charging improving
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.
debtedness of the City, authorized by this Charter, shall
in bear greater of interest than SIX cent
per annu and shall in event be sold for less than the
par value thereof
Budget Estimate for Fiscal Year.
Section 1O The Council shall annually in the
month of October prior the levy and make budget
of the estimated required the 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
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.