The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-11-24

ment shall be paid into the Permanent Improvement
Revolving Fund
SECTION 7. SINKING FUND BOARD. The
Council shall constitute Board of Sinking Fund which
shall have charge of the Sinking Fund and may invest
the same in bonds other obligations of the City,
issued pursuant to the provisions of this Charter
such other bonds permitted by law for the invest
ment of the public school funds for the State of Mime
sofa, or any County school bonds of this State.
The Treasurer shall make detailed report to the
City Council at the first meeting in July of each year.
and at such other times the Council may require and
said report shall show the condition of said Sinking
Fund, with full description of said securities Any
taxpayer any of the bonds of the City, shall
have the right to maintain in court of competent
jurisdiction any proper action proceedings enforce
compliance with the provisions of this section the
part of the Council Whenever the maturity of any
bonds of the City, said Sinking Fund shall not have
money sufficient to pay the bonds maturing and
whenever the Council shall deem advisable to take up
any bonds DUE the Council may other bonds of
the City, to 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 be necessary to meet such deficiency,
and to take up and refund such bonds if not due.
SECTION 8. ISSUANCE OF BONDS The City
may issue bonds by resolution subject to the limitations
lhereinbefore provided follows:
% For the purpose of constructing, extending,
enlarging improving suitable water, light heating
other plants for the purpose of purchasing any
estate other property needed in connection with
any such plants. Such bonds may be made lien
upon such plants and structures, and all property
acquired for use in connection Herewith.
(2) For the purpose of providing funds for
Permanent Improvement Revolving Fund or for any
contemplated Improvement.
co For defrayng the cost of making local i'm
provements in intersections of Streets alleys and in
front of property exempt by law from special
ments, and property owned by the City,
(4) For defrayng the cost of establishing
general system of and altering, relaying and
extending the existing system of sewers.
(5) For the purpose of paying, funding
funding any bonded other Indebtedness of the
City existing at the time this Charter goes into effect,
created at any time authorized by this Charter.
The City, by resolution, may issue its certificates
other evidence of Indebtedness in anticipation of any
assessments levied upon any portion of the
taxable property of the City, provided for herein.
Such resolutions for the issuance of bonds cert
Gates may provide that the shall be general
obligations, payable out of any specified taxes,
assessments, funds or liens held by the City, may
limit the Ctys liability thereon in any other manner
or may guarantee that the City shall pay the same,
providing that the bonds issued under subdivisions
three and four above mentioned, shall be general OBJ
legations of the City.
CO. For the purpose of purchasing and establish
ing public parks, play grounds and cemeteries.
The City shall have authority to protect itself by
quirng title to any property title to which may be
acquired by sale of such property under execution,
and shall have authority to assign and convey any
property so acquired, whether proceedings to
qure such title have been had prior to the time of
the going into effect of this Charter thereafter,
and shall have the power in like manner to assign
any lien right of action held by the City,
security for the payment of any Indebtedness
toned in this section.
No bonds shall be issued unless the issuance
thereof is authorized by resolution passed by a
| majority vote of all members of the Council and
approved by the voters, as provided by law.
The debt of the City shall not exceed two per
cent of the total assessed valuation of the taxable
property of the City according to the last preceding
assessment for the purpose of taxation; provided,
that the total amount of bonds issued above pro-
vided in subdivisions one, two, three and four to-
gether with the other indebtedness of the City, shall
not exceed ten per cent of its assessed valuation
above defined.
Bonds, warrants certificates and other evidence
of indebtedness of the City, authorized by this
Charter shall in event bear greater rate of
interest than six per cent per annum and shall in
event be sold for less than the par value thereof
SECTION g. ANNUAL BUDGET. The Council
shall meet annually in the month of September prior
the tax levy and make budget of the estimated
amounts required to pay the expense of conducting the
business of the City for the next ensuing fiscal year.
SECTION 10. ANNUAL TAX LEVY. levy of
not to exceed forty mills the dollar of the assessed
valuation of the City, shall be made by the Council
before the tenth day of October of each year and
the shall be entered upon the duplicate for the
County and collected with the County and State Taxes