Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1920-04-23

in said tax estimate for the purpose Of |
raising moneys for such special funds. |
but no power shall exist to issue certi-
exceeding tifty, per cent $50 p. e. Of the
amount named in said tax estimate to |
be collected for the use and benefit Of
issued to become due and payable later
than December 81 Of the year succeed
ing the year In which said tax estimate
made. Said certificates shall not be
sold for less than par and accrued IN
terest and shall not bear q greater rate
annum. which certificates shall state
upon their face for which Of said sep
arate funds the proceeds Of said certift-
amount embraced in said tax estimate
for that particular; purpose. The pro-
ceeds Of the tax assessed and collected
and the faith and credit Of the City are
trreyocabiy pledged for the redemption
of the Serfif5saffs g tFsSHd
-9aS The Mayor, me city Clerk ana the
stitute the Board Of Equalization and
sna . be %sat n Sa to s such 9S
fourth Monday of June in each year and
shall continue in session not later than
the second snd Monday in July to reyiew
made by the City Assessor pursuant to
90: Said board shall elect a Score
ceedings and it is hereby vested with
all powers which are or may be vested
in County Boards Of Equalization under
not be restricted by any limitations in
Of real and personal property as re-
fc5 %ny 1 persoS a Assass9x by an as
sessment shall have the right to appear
before such board in person or by at
1rnsy and present such for
(dl. The City Assessor. shall he pres.
ent at all meetings Of the said board
to: present all facts relating to the as
ment roll in accordance with the deci-
sion Of said board and after the same
shall have Sn,a been cen T., Sertif3ed by the secEe-
County Auditor such revised assess
ment rolls not later than the second
Monday in July Of each year, and Unless
proceed under the general laws Of the
state.
(e). Any person who deems himself
e6ss atfer BY tSs fT
duty 1t shall be to investigate the facts
| connected with such assessment before
the next assessment is made. and If he
Immediately make such correction as
may be necessary in book t. be kept
for that purpose and make entry Of
book. or bring the matter before the
City Assessor or before the next Board
seq e. sHk f1S Pr9RHS
order to provide for the payment Of the
bonds and debts OF the City, the City
| Council shall maintain Sinking fund
and for that purpose shall levy upon all
taxes as shall be sufficient to pay the
| interest to become due during the next
nscal year. upon all bonds. certificates
Of said City heretofore or hereafter
issued or contracted and an additional
tax Of one mill on the dollar Of the as
tho sac aad
certificates of indebtedness or other in
| debtedness when the same shall become
| due.
Council. and the Chairman Of the T.
nance a committee Of the, City Council
snaai I, constitute and be known as the
the City Of Little Falls" and such Com
misstoners shall have charge and con-
troll of such sinking fund. Any two Of
authorized and required to discharge the
trusts and duties vested in them by the
provisions of this Section. but shall not
De De entitled en- to receive any additional
(b). Such Commissioners shall. from
time to time invest the money which
the redemption of the city debt ur any
surplus of interest to the credit of the
interest fund or as much thereof as
sued by said City or bonds issued BY
Little Falls school district at the mar
ket value thereof, or in the bonds Of the
| bonds. Notwithstanding that the said
State or United States bonds may be
above par value thereof, and deposit the
provaea
preference at all times be given to the
purchase of bonds. certificates or obii-
| cations Of the City If the same can be
| -. (c). Whenever any part Of said
Sinking Fund shall have been invested
in any of the several. bonds mentioned
shall at any time thereafter DEEM # FOR
| the best interest OF the said City to
s sell any part or al Of such bonds and
inv vst;d the proceeds thereof In any de-
proceeds into the City Treasury or de-
posit the same as hereinafter provided
1 1or: such t Gommfssi9ners shall have
| than market value thereof and rein
vest %, or deposit 20 t the proceeds thereof:
city can not be purchased at par value
and such Commissioners shall deem
It advisable, part or all Of said Sinking
designated National Banks State Banks
Savings Banks. or Private Banks in the
name Of the City of Little Falls. Such
| bank. banks, or bankers shall be desig-
mated by the Council after advertising
In one or more newspapers published in
the City. of Little Falls, for at least one
~ week for proposals. which proposals
! shall state what security shall be given
to such City for such FUNDS and what
interest shall be paid on the amount SO
deposited. said funds with the accrued
interest to be held subject to draft and
payment from and after the time to be
designated by such Commissioners at
the time of depositing said funds.
! Before any National. State. Private OF
| Savings Bank or Banks or Banker shall
be designated as such depository, such
bank or banker shall deposit with the
City Clerk a bond payable to the City
| of Little Falls which bond shall be ap-
proved by the City Council and shall be
in such amount as said Council shall
direct, which amount shall be at least
double the amount of the funds to be
deposited with such bank or banker.
! (e). Whenever any of the moneys
constituting the sinking fund for the
| redemption of the city debt shall be re-
quired for any purchase. investment OF
deposit or for the redemption of the
| city bonds or certificates Of indebted
ness at their maturity. the amount OF
money so required on such payment
shall be paid by the City Treasurer up
/ 0fo rs, 81