The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-01-20

of local improvement which improvement has not at
said time been paid for the proceeds of such assess
ment shall be paid into the Permanent Improvement
Revolving Fund
| SECTION 80. SINKING FUND BOARD. The
Council shall constitute Board of Sinking Fund which
shall have charge of the Sinking Fund and may invest
the in bonds other obligations of the CITY,
to the provisions of this Charter or in
such other bonds permitted by law for the invest
ment of the public school funds for the State of Mime
sofa, or any County or 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 owner of the bonds of the City, shall
have the right to maintain in a court of competent
jurisdiction proper action proceedings enforce
compliance with the provisions of this section on the
part of the Council Whenever at the maturity of any
bonds of the City, said Sinking Fund shall not have
money sufficient to pay the bonds so maturing and
whenever the Council shall deem it advisable to take up
any bonds not DUE the Council may issue other bonds of
the City, to run not exceeding twenty years, such
terms as to place and time of payment and rate of
interest as may be deemed advisable, and in such
amount as may be necessary to meet such deficiency
and to take up and refund such bonds if not DUE
SECTION 81. ISSUANCE OF BONDS The City
issue bonds by resolution subject to the limitations
hereinbefore provided follows
ID For the purpose of constructing extending
charging or improving suitable water light, heating
other plants for the purpose of purchasing any
such plant or for the purpose of acquiring any real
estate or 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.
90 For the purpose of providing funds for a
Permanent Improvement Revolving Fund or for any
contemplated improvement
CD For defraying the cost of making local i'm
intersections of streets alleys in
front of property exempt by law from special
ments, and property owned by the City.
"a For defraying the cost of establishing
general system of sewers and altering, relaying and
extending the existing system of sewers
(5) For the purpose of paying, funding or re-
funding any bonded other Indebtedness of the
City existing at the time this Charter goes into effect
or created at any time authorized by this Charter
The City, by resolution, may issue its certificates or
other evidence of Indebtedness in anticipation of any
taxes assessments levied upon any portion of the
taxable property of the City, provided for herein
Such resolutions for the issuance of bonds or cert-
Gates may provide that the shall be general
obligations, payable out of any specified taxes,
assessments funds or liens held by the City, or may
limit the Citys liability thereon 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 pubic PARKS play grounds and cemeteries.
The City shall have authority to protect itself by ac-
quring 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 acquired, whether proceedings to &C.
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, as
security for the payment of any indebtedness men
toned in this section
No bonds shall be issued unless the issuance
thereof is authorized by a resolution passed by a
majority vote of all members of the Council and
approved by the voters, 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-
gether with the other indebtedness of the City, shall
not exceed ten per cent of its assessed valuation as
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 and shall in no
event be sold for less than the par value thereof
SECTION go. ANNUAL BUDGET The Council
shall meet annually in the month of September prior to
the tax levy, and make budget of the estimated
amounts required to the of conducting the
business of the City for the next ensuing fiscal year.
SECTION SO. 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 on
or before the tenth of of nd