The Belding banner-news. (Belding, Mich.) 1918-1973, 1920-09-08

1 ZION Of t8lo p0uo1 20 DC 8tse11eQ W
the abutting property shall be known
As "street Improvement bonds. The
other portion comprising the amount
the city Is to pay for said work, shall
be known as "city Improvement
bonds. Both street Improvement
bonds and city improvement bonds
shall be direct city obligation. All
street improvement bonds ard city
Improvement bonds shall be made
payable in equal amounts each
year for period not exceeding
thereof in public places in said city
ten years from the date of issue, as
the city council may direct. The city
council may provide that all or any
part of said bonds may be retired at
the time of any yearly payment OF
interest, by the city council giving
the holder of said bonds written
notice of its intention to retire said
bonds not less than ninety days prii..
or thereto. 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
sold for less than par, and the pro-
treasurer and by him placed to the
the name endorsed upon the bonds.
sessment roll for the improvement
for which street improvement bonds
were issued, shall be, thereafter,
placed to the credit of fund to be
known as the "street improvement
fund.-. On or before the day that
any of said bonds shall fall due, the
,.kxx oo,noH oka11 fro,cfar ~ nav IN
to a special fund enough money to
pay said bonds. Whenever the city
council shall direct any Of the cost
and expense to be assessed to the
abutting or contingent property, the
total amount assessed shall be divid-
ed into as many equal. annual in
stallments as there are years in the
term for which the bonds for said
Improvement were issued All of
the installments shall draw the same
interest as the bond issued for the
improvement. All assessments un-
der this charter shall be collected in
the same manner and with all the
remedies and the same fees as is
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 "con-
Meeting sewers" shall be construed
to mean connecting sewers from the
main or lateral sewer to the curb.
Sewer bonds.
Section 81. Whenever the city
council shall determine that the
whole or and part of the expense of
Iax TO Cd n hn a i
frayed by an assessment upon the
property adjacent thereto and bene-
flied thereby, and has determined
what proportion of the cost of con-
structing said sewers shall be asses
sed upon the property adjacent there
to and benefited thereby and the time
and manner of paving the same, then
the city council may authorize that
sum of money not exceeding the
cost of the improvement to be asses
sed to the property adjacent thereto
and benefited thereby in anticipation
of the assessment to be collected,
shall be borrowed by the issuance
of bonds to be known as "sewer
bonds. bearing interest at rate not
exceeding six per cent. All "sewer
bonds" shall be direct city obliga-
tion 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 council may
direct. All of said bonds shall bear
an endorsement giving the nature Of
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 to the city
treasurer and by him placed to the
credit of fund to be known by the
name endorsed upon the bonds. AS
rapidly as money is collected upon
the special assessment rolls for the
improvement for which the bonds |
were issued, the same shall be plac-
ed to the credit of a fund to be known
as the "sewer bonding fund" On
or before the day that any of said
bonds shall fall due, the city council |
shall transfer or pay into special
fund enough money to pay such
bonds. The total amount to be as
sessed to the adjacent property for
any such improvements shall be di- l
vided into as many equal annual in
stallments as there are years in the /
term for which the bonds for said
were issued. All of the
installments shall draw the same in
terest as the bonds issued for the
All assessments under
this charter will be collected in the
same manner and with all the rem
edies and the same fees as prescrib-
ed for the collection of other city
taxes, except as the same, may be,
in this section, varied. No bonds
shall be issued without providing for
a sinking fund to nav them aft nafllr
ity but no sinking fund shall be re-
CURED in case of bonds for which
a tax is levied in special assess
ment district.
General Taxation
Subject of taxation.
Section So. The subjects of taxa
ton shall be the same for municipal
purposes as for state, county and
school purposes under the general
aw. The amount raised annually
shall not exceed the limit of one and
per cent for general city
purposes and one half of one per