The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1916-10-06
plus this fund the close of each year, if the Coun
Gil elect be paid into the Bond Sinking Fund

ell elect, be paid into the Bond Sinking Fund.
TENTH: Contingent Fund From the general fund tn
Council may every year by resolution appropriate sun
not exceed Five Hundred Dollars for contingent
incurred be incurred by the Mayor to be used
urgent necessity fund.
Provided that nothing contained herein shall prevent tn
Council from transferring from the General Fund to ali
and help other fund at such times as in it's udgmen
the best interests of the city, but the Council sha
have the to permanently transfer from othe
fund except the General Fund.
The Council may in it's discretion establish any other fun
SECTION 70. DISTRIBUTION OF MONEYS Money
% in the City Treasury the time this Charter int
effect 2 to be collected from the taxes levied before TIM
Charter goes into effect shall far practicable be al
vded among the several funds hereby established and wher
such subdivision is not practicable shall be placed in tn
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 not at said tim
paid for the proceeds of such shall be
into the Permanent Improvement Revolving Fund
SECTION IA. SINKING FUND BOARD. The Council
shall constitute board of sinking fund and shall hav
charge of the sinking fund may invest the in bond
other obligations of the City, issued to the
visions of this Charter in such other bonds per
mtted by law for the investment of the public school fund
for the State OF Minnesota county school bonds
this State.
The Treasurer shall make detailed report to the Ct
Council at the first meeting July each year. and at suc
other time the Council may require and said report shall
show the condition of said sinking fund.- with full descrp
ton Of said securities Any taxpayer owner OF tn
bonds of the City, shall have the right to maintain in
court competent jurisdiction any proper action pro
ceengs to enforce upon the part of the Council comp
ance with the provisions of this section Whenever at thu
maturity of any bonds Of the City, said sinking fund shall
have money sufficient to pay the bonds maturing
whenever the Council shall deem it advisable to take
any bonds not DUE the Council may issue other bonds
the City, not exceeding twenty years, such terms
to place and time of payment and rate of interest
may be deemed advisable and in such amount may b
necessary to meet such deficiency and to take and reunC
such bonds ii 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 ex
tending charging improving suitable water light, heat
ing other plants for the purpose OF purchasing
such plant for the purpose of acquiring any real estate
other property needed connection with such plants
such bonds may be made lien upon such plants and
lures and all property acquired for use in connection there
with.
2) For the purpose of providing funds for perman
improvement revolving fund for any contemplated
permanent improvement.
(3 For defraying the cost of making local improve
intersections of Streets alleys and front of prop
ery exempt by law from special assessments and property
owned by the City.
a. For defraying the of establishing and maintain
general system Of and of maintaining altering
relaying and extending the existing system Of sewers
O For the purpose of paying, funding refundng any
bonded other indebtedness of the City existing the time
thorized by this Charter The City, by resolution may
it's certificates other evidence of Indebtedness
ton of the taxable property of the City, provided fol
herein Such resolutions for the issuance Of bonds
icateS provide that the shall be general obi
Cations payable out of any specified taxes assessments
funds liens held by the City, may limit the City
liability thereon in any other may guarantee
that the City shall pay the providing that the bonds
issued under divisions 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 to which may be acquired by sale of such property
der execution and shall have authority to and
vey any property acquired whether proceedings
qure such title have been had prior the time of the
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
Indebtedness mentioned in this section.
No bonds shall be issued unless the issuance thereof
authorized by resolution passed by majority Of al
members OF the Council and approved by the voters
The debt of the City shall exceed two per cent
the total value of the taxable property of the City accord
to the last preceding for the purpose
ton; provided, that the total of bonds issued
above provided in subdivisions one wo three and four
geher with the other Indebtedness Of the City shall
exceed per of it's assessabe valuation as above
fined.
Bonds warrants certificates and other evidence of ndebt
edness of the City, authorized by this Charter shall in
and shall in event be sold for less than the pal
value thereof.
SECTION rs. ANNUAL BUDGET The Council shall
meet annually the month of September prior to the
levy and make budget Of the estimated amounts required
pay the of conducting the business of the City
for the next ensuing fiscal year.
SECTION II. ANNUAL TAX LEVY A lew of not te
exceed forty mills the dollar of the assessed valuation
the city, shall be made by the Council before the tenth
of October of each year and the same shall be
upon the duplicate for the County and collected with
the County and State taxes
SECTION Is. SEPARATE ACCOUNTS TO BE KEPT
FOR EACH FUND The City Clerk and Treasurer shall
fay do