The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1916-10-27
plus fund the close Of each year. it the Coun
20 oil oloct he Maid into the ROnd Sinking Fund

urgent necessity fund.
Provided that nothing contained herein prevent the
Council from transferring from the General Fund to AID
help any other fund at such times in its Judgment
the best interests of the city but the Council shall
not permanently transfer from other
fund except the General Fund
The Council may in it's discretion establish other fund
| SECTION 49, DISTRIBUTION OF MONEYS. Moneys
O in the City Treasury the time this Charter goes into
effect (2 be collected from the levied before this
Charter goes into effect shall far practicable be d.
the 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
local Improvement which improvement has 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
other obligations of the City, issued pursuant to the pro-
mtted by of the public school funds
for the State OF Minnesota county or 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 Council may require and said report shall
show the condition of said sinking fund.- with full descrp
ton of said securities Any taxpayer, any of the
bonds of the City, shall have the right to maintain IN
of competent jurisdiction action or pro
ceedngs enforce upon the part OF the Council comp
ance with provisions of this section. Whenever at the
maturity of any bonds of the City, said sinking fund shall
whenever the Council shall deem it advisable take up
any bonds not DUE the Council issue other bonds OF
the City, not exceeding twenty years, such terms
place and time of payment and rate OF interest
may deemed advisable and in such amount may be
necessary meet such deficiency and to take and refund
such bonds if not due.
SECTION IS. 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
other plants for the OF purchasing any
such plant for the purpose of acquiring real estate
other property needed connection with such plants
such may be made lien upon such plants and sruc
lures and all property acquired for in connection there
with.
~ For the purpose of providing funds for perman
improvement revolving fund for contemplated
permanent improvement.
intersections of Streets alleys and in front of prop
ery 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
5) For the purpose of paying funding refundng any
bonded other Indebtedness of the City existing the time
this Charter goes into effect created at any time
horzed by thisCharter The City, by resolution may
sue it's certificates or other evidence Of Indebtedness in
cpatOn of taxes assessments levied
ton Of the taxable property OF the City, provided for
herein Such resolutions for the issuance of bonds
cates may provide that the shall be general obi
Cations payable out of any specified taxes, assessments
liability thereon in other manner may guarantee
that the City shall the providing that the bonds
issued under 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
any property acquired whether proceedings to
que such title have been had prior the time of the going
into effect Of this Charter thereafter and shall have
the power In like manner 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
authorized by resolution passed by majority of all
members of the Council and approved by the voters
The debt Of the City shall not exceed two cent of
the total value of the taxable property of the City, accord
the last preceding for the purpose of
above provided in subdivisions one two three and four
geher with the other indebtedness of the City, shall not
exceed ten cent of it's assesab valuation above de-
fined.
Bonds warrants certificates and other evidence of ndeb
edness of the City, authorized by this Charter shall in
and shall in be sold for less than par
value thereof.
SECTION rs. ANNUAL BUDGET. The Council shall
meet annually in the month of September prior to the
levy and make budget of the estimated required
pay the of conducting the business of the City
for the next ensuing fiscal year.
| SECTION IT, ANNUAL TAX LEVY. levy of not to
forty mills the dollar of the assessed valuation
the city, shall be made by the Council before tenth
day of October of each year and the shall entered
upon the duplicate for the County collected with
the County and State taxes
| SECTION 49, SEPARATE ACCOUNTS TO BE KEPT
FOR EACH FUND. The City Clerk and Treasurer shall
and copy in his book separate and distinct accounts for
each of the several divisions of taxes shown in
innate of the then current year, and in making
estimate for expenditures and in making any levy, the
Council shall emiZe the show the
amount 10 be collected from taxes for each fund.
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