The Waterbury Democrat., 1939-08-30
LEGAL ADVERTISING

due and payable. Temporary notes issued in anticipation of the sale of bonds or in anticipation of receipts from special assessments shall not exceed the amounts estimated by the city manager to become avail ablbe during the life of such notes for their payment at maturity. The restrictions contained in this section shall be in addition to any general restrictions on municipal borrowing imposed by the general statutes. Sec. ll3. Authorization of Borrow ing. No moeny shall be borrowed except in pursuance of an ordinance specifying the amount authorized to be borrowed and the purpose for which 1t may be borrowed. No ordi- nance authorizing bond issue shall be valid unless passed by a stK-sev- enths vote after public notice of at least two weeks before final action of the council thereon, but the council, by majority vote, may sub- init any such ordinance to the elec- tors at a regular or special election, in which case it shall become effec- tive if approved by 8 majority of those voting thereon. No bonds or notes shall be issued unless provi- sion has been made by appropria- ton for any interest or principal to become due and payable within the fiscal year of issue or within thirty ] days thereafter.
 Sec. IA. Terms of Bonds and Notes. No notes shall be issued for a longer term than six months. All notes issued hereunder shall be sub- ject to recall on payment of the principal and interest accrued thereon, on fifteen days personal notice to the holders thereof. Bonds shall be issued only in serial form with annual maturites beginning with the year next following that of issue. The term of any bond of any series shall not exceed the estimated period of usefulness of the property or improvement for which issued, and in no case shall exceed thirty years. The term of any special as- sessment bond shall not exceed ten years, or of any emergency bond five years. Each bond or note of the city. whether outstanding at the time of the adoption of this charter or subsequently, issued, shall be paid as it becomes due without refund- ing, except as proceeds of the sale of bonds are authorized herein to be used to pay temporary notes is- sued in anticipation of such sale.
 Sec. 115. Payment of Notes issued in Anticipation of Taxes. When notes have been issued in antcipa- ton of the taxes of any year, such notes shall constitute first lien on all proceeds of collection of such taxes. All receipts from such taxes shall be deposited in separate &C., count in an approved city deposi- tory until the full amount of prin- cipal and interest of such notes shall have been so deposited. The amount SO deposited shall not be used for any other purpose than that of paying the principal and interest of such notes. Any officer or employe of the city who shall di- vert, for any purpose, any proceeds of tax collections from the cash col- lateral account so established until the full requirements for retirement of all temporary notes payable therefrom have been met, and such notes have been retired therefrom, or who shall use or be concerned in using the proceeds of deposits in such account for any other purpose than the payment of principal and interest of such notes, shall be per- sonally liable, with the sureties on his official bond, for any amount SO diverted or used. The city shall have no power to renew or pay any temporary 1otes, issued in anticipa- ton of taxes or other receipts of any year by the issue of notes in anticipation of taxes or other re- ceipts of any year other than that in which the notes were first issued. The amount to be raised in any year by temporary loans shall be stated in the budget estimates of the year as a means of financing, and an ap- propriation of a like amount shall be made for retirement of such loans.
 Sec. He. Borrowing between Funds Any surplus moneys of any fund, except as otherwise provided herein. may be used to purchase any bonds or notes of the city under the same conditions and subject to the same restrictions as money may be bor- rowed from any other source. No borrowing, or transfer, of moneys between funds, or use of the money; of any fund for the purposes of an : other fund, shall be exercised a permitted, otherwise than in accoEA- ance with this section, except as ex- pressly provided herein.
 See. 117. Restrictions on Use, o Proceeds of Borrowing. Each tpnt and each note issued by the. cij. shall contain on its face a stat, ment specifying the object for Whj cl it is issued, and no officer of tn, city shall sign or issue any sucl bond unless such statement is so SC forth, or use any such fonds O notes or the proceeds thereof fo any other purpose than that s, mentioned, nor for amy 'uch pur pose except in accordance with tn appropriation and exlpen aiture-co trol provisions of this cl iarter.
 Sec. 1lS. Restrictions on Loan and Credits. No mchGy shall b borrowed by the city ssxcept as au thorized in this chfn.tsr. The credi of the city shall not be given or len to or in aid of any Individual, as sociation or corporation, except tha the city may, in sthe process o acquiring ownership, in whole or il part, of any pub!ar, utility, purchas capital stock or securities of sucl utility.
 TAXES ANn OTHER RE- CEIWaBJ1ES.
 Sec. 119. Annual Tax Levy. NJ later than the next meeting of tn council after the annual appropria ton ordinance has been passed, tn city mana1er ahell report in writin to the cit.F council the rate of ia: estimated to- be required to produc an amour [ of cash receipts durini I l. H-. q