The Belding banner-news. (Belding, Mich.) 1918-1973, 1918-10-09


provement Bonds" At any time be-
fore the confirmation Of the special
assessment roll for grading, ma0d-
amizing, paving, repaving, resurfac-
ing, graveling or otherwise construct
ing, improving or repairing any street
the City Commission may determine
by resolution that the corporation
shall pay the cost and expense there
of for the street intersections and the
expense of laying and relaying the
water mains and services, sanitary,
storm and connecting sewers. In
case the City Commission shall deter
mine by reolution that the corporation
shall pay portion CT the expense of
the work, or pay for grading, macad-
amizing, paving, re-paving, resur-
facing. crawling or otherwise con-
structng, improving or repairing the
street intersections, or the expense of
laying and relaying water mains and
services, sanitary, storm and connect
ing sewers or any or all of the same,
the total amount of the bonds issued
shall be divided into two portions,
one portion Of said bonds shall not ex-
coed the cost CT the Improvement that
Is to be assessed to the abutting prop
erty, and said bonds shall be known
as Street Improvement Bonds" The
other portion shall not exceed the
amount that the city is to pay for
SAID work, and the bonds issued to
raise the same shall be known as
"City Improvement Bonds" Both
street Improvement bonds and city
Improvement bonds shall be a direct
city obligation. All street improve
ment bonds and city improvement
bonds shall be made payable in equal
amounts each year for period not
exceeding ten years from the date of
issue, as the City Commission may
direct. The City Commission may
provide that all or any part of the
street Improvement bonds and the city
improvement bonds may be retired at
the time of any yearly payment CT
interests by the City Commission CIV
ing the holder of said bonds a written
notice of its intention to retire said
bonds not less than ninety days pre-
vious to the date on which interest
falls due. All of SAID bonds shall
bear an endorsement giving the ma
ture of the work for which said bonds
were issued. Said bonds shall not be
J sold for less than par and the pro-
ceeds thereof shall be paid the City
Treasurer and by him placed to the
credit of the fund to be known by
the name endorsed upon the bonds.
As rapidly as money lis collected upon
the special assessment roll for the
improvement for which street i'm
provement bonds were issued, the
SEINE shall be placed to the credit of
a fund TO be known as the street
Improvement Fund" On or before
the day that any of said bonds shall
fall due, the City Commission shall
transfer or pay into special fund
Whenever the City Commission shall
direct any of the cost and expense
to be assessed to the abutting or con-
tingent property, the total amount
assessed shall be divided into as many
equal annual installments as there
are years in the term for which the
bonds for said improvements were
issued. All of the installments shall
draw the same interest as the bonds
issued Cor the Improvement. On
all intallments not paid within thirty
days after they fall due, there shall
be added and collected an additional
two per cent per annum as a collec-
ton fee. All assessments under this
charter shall be collected in the same
manner and with all the remedies
that are prescribed for the collection
of other city taxes, except as the
same may be in this section varied.
The term water service" shall be
construed to mean water services
from the main to the curb and the
term connecting sewers shall be
construed to mean connecting sewers
from the main or lateral sewer to the
curb.
Sewer Bonds.
Section 8. Whenever the City
commission shall determine that the
whole or any part Of the expense of
laying sanitary sewers shall be de-
frayed by an assessment upon the
property adjacent thereto and benefit
ed thereby, it may provide that the
total amount to be assessed shall be
divided into not to exceed five equal
installments one installment to be due
and payable each year. The City
Commission may also provide fer
meeting the expense Of said improve
ments in anticipation of the collec-
ton of the assessment and taxes to
defray the cost and expense thereof
in the following manner: The City
Commission shall by resolution de-
termine what proportion of the cost
of constructing said sewers shall be
assessed upon the property adjacent
thereto and benefited thereby. The
City Commission may then authorize
that a sum of money not exceeding
the cost of the improvement to be
assessed to the property adjacent
thereto and benefited thereby. shall
be borrowed by the issue of bonds to
be known as "Sewer Bonds" bearing
interest at a rate not exceeding six
per cent. An Sewer Bonds" shall
be direct city obligation and shall
be made payable in equal amounts
each year for a period not exceeding
FIVE years from the date Of issue, as
the City Commission may direct All
of said bonds shall bear an endorse
ment giving the nature CT the work
for which said bonds were issued.
Said bonds shall not be sold for less
than par and the proceeds thereof
shall be paid the City Treasurer and
by him placed to the credit of fund
to be known by the name endorsed
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