The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1916-11-03

plus this fund the close of each the Coun
Gil elect be paid into the Bond Sinking Fund.
TENTH: Contingent Fund. From the general fund the
Council may every by resolution appropriate sum
not to exceed Five Dollars for contingent
be incurred by the Mayor to be used
urgent necessity fund.
Provided that nothing contained herein shall prevent the
Council from transferring from the General Fund to aid
help any other fund at such times In It's Judgment
serves the best interests of the city, but the Council shall
have the to permanently transfer from any other
fund except the General Fund
"i SEcT1oN S - DsrRBUToN OF MONEYS Moneys
"a the City Treasury the time this Charter into
effect ~ to be collected from the taxes levied before this
Charter goes effect shall far practicable be d
vded among several funds hereby established and where
such subdivision is not practicable shall be placed in the
General Fund.
Where prior to the time that this Charter goes into eff
feet has been levied to the costs OF
improvement which improvement has not at said time
been paid the proceeds of such shall be paid
into the Permanent Improvement Revolving Fund
| SECTION a. SINKING FUND BOARD. The Council
shall constitute board of sinking fund and shall have
charge sinking fund and invest the in bonds
or obligations of the City, issued pursuant to the
visions of this Charter in such other bonds
mitted by for investment Of the public school funds
for the of Minnesota county school bonds OF
this State. 49,
The Treasurer shall make detailed report to the City
Council the first meeting in July each year. and at such
other time the Council may require and said report shall
show the condition of said sinking fund.- with full descrlp
bonds of the City, shall have the right maintain in
Of competent jurisdiction any proper action or pro
ceedngs to enforce the part OF the Council comp
ance with the provisions of this section Whenever at the
maturity of any bonds of the City, said sinking fund shall
have money sufficient to the bonds maturing and
whenever the Council shall deem it advisable take up
any bonds not DUE Council may issue other bonds of
the City, not exceeding twenty years. such terms
to place and time OF payment and rate OF interest as
may be deemed advisable and in such amount be
necessary meet such deficiency and to take and refund
such bonds if not due.
SECTION 75 ISSUANCE OF BONDS. The City may
issue bonds by resolution subject to the limitations herein
before provided as follows:
% For the purpose of constructing maintaining,
tending enlarging improving suitable water, light heat
other plants for the purpose OF purchasing
such plant for the purpose of acquiring real estate
other property needed connection with such plants
such bonds may be made lien upon such plants and suc
and all property acquired for use In connection there
with.
(2l For the purpose of providing funds for perman
improvement revolving fund for contemplated
permanent Improvement.
(3 For defraying the cost of making local improve
intersections of Streets alleys and in front Of
er exempt by law from special assessments and property
owned by the City.
az For defrayng the cost of establishing and maintain
ing general system of and of maintaining altering
relaying and extending the existing system Of sewers
50 For the purpose of paying funding or refundng any
bonded other Indebtedness of the City existing at the time
this Charter goes into effect created at time
horzed by this Charter The City, by resolution
cpaton of assessments levied por
ton of the taxable property of the City, provided for
Such resolutions for the issuance OF bonds or
tcates may provide that the shall be general obi
gatons payable out of any specified taxes, assessments
funds liens held by the City, may limit the City
liability thereon in other manner may guarantee
that the City shall pay the providing that the bonds
issued under subdivisions three and four above mentioned
shall be general obligations of the City.
CO. For the purpose Of purchasing and maintaining pub
lie parks play grounds and cemeteries The City shall have
authority protect itself by acquiring title to property
title which may be acquired by sale of such property
der execution and shall have authority to assign and
vey any property acquired whether proceedings
qre 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
ton held by the City, security for the payment of any
Indebtedness mentioned in this section.
No bonds shall be issued unless the issuance thereof is
authorized by resolution passed by majority vote Of all
members of the Council and approved by the voters
The debt of the City shall not exceed per of
the total value of the taxable property of the City, accord
the last preceding for the purpose of taxa
ton provided that the total amount of bonds issued
above provided in subdivisions two three and four
geher with the other Indebtedness of the City, shall
exceed ten cent of its assessab valuation above de-
fined.
Bonds warrants certificates and other evidence of ndeb
ednes of the City, authorized by this Charter shall in
bear greater of interest than per per
and shall event be sold for less than the
value thereof.
| SECTION 76. ANNUAL BUDGET. The Council shall
meet annually in the month of September prior to the
levy and make budget of the estimated required
the of conducting the business of the City
for the next ensuing fiscal year.
| SECTION IT,. ANNUAL TAX LEVY A levy of not to
exceed forty mills the dollar of the assessed valuation of
city, shall be made by the Council before the tenth
day of October of each and the shall
upon the duplicate for the County and collected with
the County and State taxes
! SECTION 49, SEPARATE ACCOUNTS TO BE KEPT
FOR EACH FUND The City Clerk and Treasurer shall
each the estimate made each year. open
and in his book and distinct acounts