The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1916-10-20
plus in this fund the close of each year, the Coun-
ell elect be paid into the Bond Sinking Fund.

Council may in every year by resolution appropriate
exceed Five Hundred Dollars for contingent expenses
incurred be incurred by the Mayor to be used as an
urgent necessity fund.
Provided that nothing contained herein shall prevent the
Council from transferring from the General Fund to aid
and help any other fund at such times IN It's Judgment
the best interests of the city, but the Council shall
have the permanently transfer from any other
fund except the General Fund
Council may in its discretion establish other fund
which it may consider necessary.
| SECTION 49, DISTRIBUTION OF MONEYS. Moneys
a. in the City Treasury the time this Charter into
effect (2 be collected from the taxes levied before this
Charter into effect shall far as practicable be al
among 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 assessment has been levied to cover the costs OF
local improvement which improvement has at said time
for 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 of the sinking fund and may invest the bonds
or other obligations Of the City, issued pursuant to the
visions of this Charter such other bonds as are per-
mted by law for the investment 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 at the first meeting in July each year. and at such
other time the Council require and said report shall
show the condition Of said sinking fund.- with full descrlp
of said securities Any taxpayer any owner OF the
bonds of the City, shall have the right to maintain In
of competent jurisdiction action
ceedngs enforce upon the part of the Council comp
ance with the provisions of this section Whenever at
maturity of any bonds of the City, said sinking fund shall
money sufficient to pay the bonds maturing and
whenever the Council shall deem it advisable to take
the City, 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 such deficiency and to take and refund
such bonds II not due.
SECTION 75 ISSUANCE OF BONDS. The City may
bonds by resolution subject to the limitations herein
before provided as follows:
Q) For the purpose of constructing, maintaining,
tending charging improving suitable water, light heat
IF
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 sruc
ures and all property acquired for use IN connection there
with.
(2) For the purpose of providing funds for perman
ent improvement revolving fund for any contemplated
permanent improvement.
(3) For defraying the of making local improve
mens intersections of Streets alleys and in front of prop
ry exempt by law from special assessments and property
owned by the City.
az For defraying the of establishing and maintain
ing general system Of and of maintaining altering
relayng and extending the existing system Of sewers
~ For the purpose of paying funding refundng
bonded other indebtedness of the City existing at the time
this Charter into effect or created at any time as a
thorzed by this Charter The City, by resolution may
it's certificates other evidence of Indebtedness in
tcpaOn 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 of any specified taxes assessments
funds liens held by the City, may limit the Cy's
liability thereon in other manner may guarantee
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 any property
title which may be acquired by sale of such property
der execution and shall have authority assign and
property acquired whether proceedings to
qure such title have been had to the time OF the going
into effect Of this Charter thereafter and shall have
the power In like manner to assign 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 two per cent Of
the total value Of the taxable property of the City, accord
ton provided that the total of bonds issued
above provided subdivisions one three and four
geher with the other Indebtedness of the City, shall not
exceed per of it's assessabe valuation above
fined
Bonds warrants certificates and other evidence of ndeb
event bear greater rate of interest than
and shall event be sold for less than par
value thereof.
SECTION 76 ANNUAL BUDGET. The Council shall
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 II. ANNUAL TAX LEVY A levy of not to
exceed forty mills the dollar of the assessed valuation of
the city, shall be made by the Council before the
day of October of each and the shall be entered
upon the duplicate for the County collected with
the County and State taxes
| SECTION 49, SEPARATE ACCOUNTS TO BE KEPT
each the tax estimate made in year.
and copy in his book separate and distinct for
each of the several divisions Of taxes shown in the tax
innate of the then current year, and in making any