The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1916-10-13
plus in this fund the close Of each year, the Coun
j Gil elect, be paid into the Bond Sinking Fund.

or to be incurred by Mayor be used
urgent necessity fund.
Provided that nothing contained shall prevent the
Council transferring from the General Fund to aid
help any other fund at such times in its Judgment
serves the interests of the city, but the Council shall
have the power to permanently transfer from any one
fund except the General Fund ,
The Council may in it's discretion establish other fund
which it may consider necessary.
SECTION 49, DISTRIBUTION OF MONEYS. Moneys
N in the City Treasury the time this Charter into
effect (2 be collected from the taxes levied before thus
Charter effect shall far practicable be Oil
vded among the several funds hereby established and where
such subdivision is not practicable shall be placed IN the
| General Fund.
Where prior the time that this Charter goes into eff
feet has been levied to the costs OF
local Improvement which improvement has not at said time
been paid for 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 of the sinking fund and invest the same bonds
or other obligations of the City, issued pursuant to the
visions of this Charter such other bonds
mtted by law for the investment of the public school funds
State of Minnesota county school bonds OF
this State.
The Treasurer shall make detailed report to the City
Council the first meeting in July each year, and at such
other time the Council require and said report shall
show condition of said sinking fund.- with full descrp
ton of said securities Any taxpayer or any owner OF the
bonds of the City, shall have the right to maintain In
of competent jurisdiction any action or pro
ceedngs enforce upon the part OF the Council comp
with the provisions of this section Whenever at the
maturity of any bonds of the City, said sinking fund shall
have money sufficient pay the bonds maturing and
whenever the Council shall deem it advisable to take
any bonds DUE the Council issue other bonds OF
the City to run not exceeding twenty years. such
as to place and time of payment and rate of interest
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
bonds by resolution subject to the limitations herein
before provided as follows:
% For the purpose of constructing, maintaining,
tending charging improving suitable water light heat
ing other plants for the purpose of purchasing
plant for the purpose Of acquiring any real estate
IN
such bonds may be made lien such plants and sruc
ures and all property acquired for In there
with.
~ For the purpose of providing funds for perman
improvement revolving fund for any contemplated
permanent Improvement.
(3) For defraying the of making local improve
intersections Of Streets alleys and in front Of prop
ery exempt by law from special and property
owned by the City.
~ For defraying the Of establishing and maintain
ing general system of and of maintaining altering
relaying and extending the existing system Of
(5) For the purpose of paying funding refundng any
bonded other Indebtedness of the City existing the time
this Charter goes into effect created any
thorzed by this Charter. The City, by resolution may
its certificates other evidence OF Indebtedness IN
tcpaon Of taxes assessments levied upon
ton of the taxable property of the City, provided for
herein Such resolutions for the issuance of bonds
fcates may provide that the shall be general obi
cations payable out OF any speched taxes
liability thereon any other 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 any property
title which may be acquired by sale of such property
der execution and shall have authority assign and
vey any property acquired whether proceedings
que such title have been had to the time of the going
into effect OF this Charter thereafter and shall have
the power in like to assign lien right of
ton held by the City, security for the payment of
Indebtedness mentioned in this section
No bonds shall be issued unless the thereof
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 two per cent of
the total value Of the taxable property of the City, accord
ton provided that the total amount of bonds issued
above provided subdivisions two three and four
gether with the other Indebtedness of the City, shall
exceed per of its assessabe valuation de-
fined
Bonds warrants certificates and other evidence of ndebt
eness of the City, authorized by this Charter shall in
bear greater of interest than per cent per
annum and shall in event be sold for less than the par
value thereof
SECTION 76 ANNUAL BUDGET The Council shall
annually in the month of September prior to the tax
levy and make budget of the estimated required
to the OF conducting the business of the City
for the next ensuing fiscal year.
SECTION II. ANNUAL TAX LEVY. A levy of not to
exceed forty mills the dollar of the valuation
the city, shall be made by the Council before the tenth
day of October of each and the shall entered
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 is made each year. open
and In his book, separate and distinct for
each of the several divisions of in the tax
innate OF the then current year, and in making
estimate for expenditures and in making any levy the
Council shall itemize the show separately the
amount 10 be collected from taxes each fund