(Published in the Brainerd Dispatch Octo – Brainerd Dispatch

(Published in the Brainerd Dispatch October 8, 2022, 1t.) ORDER NO. 1537 AN ORDER AMENDING THE MUNICIPAL CHARTER THE MUNICIPAL COUNCIL FOR THE CITY OF BRAINERD ORDERS: SECTION ONE: Chapter Three is amended and renumbered as follows, with language removed scratched. CHAPTER THREE FINANCES 2. Except as otherwise provided herein, all disbursements shall be made by check or electronic transfer. Checks must be signed by the mayor and countersigned by the municipal administrator. All payments must be reviewed and approved by City Council. The City Council shall levy taxes annually into the following specifically designated fund: A PERMANENT IMPROVEMENT FUND, to pay that part of the cost of improving streets and lanes which shall be the responsibility of the City, under the provisions of Sub -division (11) of this Section 46. For the support of this fund, the city council shall annually levy upon the taxable property of the city taxes in an amount not to exceed 9% of the total levy for the preceding year of the town. No part of this fund should be used for any other purpose. In anticipation of the collection of such taxes for the current year and subsequent years, the municipal council may, at the proper time and from time to time, issue and dispose of certificates of indebtedness in an aggregate amount equal to four- twenty (80) per cent of such levy in the current year and estimated amount for not more than ten successive years:; provided that the total issuable of such certificates of indebtedness shall at no time exceed the sum of money then in the Permanent Improvement Revolving Fund under the provisions of Section 49 of the City Charter, as as amended hereby, together with the additional amount of bonds which may or may be issued hereunder, added to the total of the cash payments secured by bonds of the owners of buildings adjoining such improvements or similar street or alley improvements. These certificates will be known as Re-paving Indebtedness Certificates, and on each of them will be indicated the particular purpose for which it is issued or describe the specific improvement on which it is based. These certificates must be numbered consecutively, with date of issue, date of maturity, bear interest, payable semi-annually, have appropriate interest coupons attached, be signed by the mayor, countersigned by the municipal administrator and be attested by the corporate seal; and, whenever possible, should be in denominations of at least $500.00. Whenever occasion arises for the issue of such reimbursement certificates, it shall be the duty of the municipal council to make the necessary reckonings, calculations and estimates with respect to the amount and various times of collection of the taxes so levied and to be collected, and thereupon, depending on the circumstances, to issue and sell one or more of these certificates. All such certificates shall be issued so as to mature in series, on appropriate dates, at the end of which eighty (80) percent of the estimated tax collection for this fund each year will pay for the certificates as they expire, and the following issues must appear in regular order following the certificates issued previously; and whenever there is an unused or unallocated margin of such eighty (80) percent of the estimated tax collection for such fund, in addition to the total amount of all such certificates issued thus far, then and in such circumstances, the first certificates maturing on the next issue must be matured at times and in such a manner as to ensure payment thereof on, and at the time of collection of, such prior unused or unallocated margin of such eighty (80) percent of such estimated tax collection. If, during a year, the taxes collected for this fund are not sufficient to pay the certificates maturing in that year, the deficit is paid out of the general fund. The first maturing certificates of the first issue below will mature on the first of December of the year following the year of their issue, and the other certificates of this issue, which will mature later and in series, will be distributed in successive series and will follow in such order of maturity that eighty (80) percent of the estimated tax revenue, year by year, will pay for such certificates each year thereafter. Neither the council nor any officer of the city shall, in any year, appropriate, expend or disburse any part of this fund, or do any other act with it, at any time or from such that the available balance thereof is insufficient to pay, at maturity, the certificates maturing that year. The municipal council shall, at the proper time and from time to time, prepare for each issue and sale such certificates of indebtedness by appropriate resolution stating in sufficient detail the date of issue, number or quantity, specific denominations, and various dates of maturity thereof, the rate of interest thereon, and the nature or character, location, extent and approximate total cost of the particular improvement upon which the same is based. The sale of such certificates of indebtedness shall be made, conducted and prosecuted in the manner provided for sales of bonds under certain provisions of Section 49 of the City Charter, as hereby amended; provided further that no certificate shall be sold at less than par and accrued interest. SECTION TWO: Upon its adoption, this ordinance takes effect 90 days after its publication. Adopted this 3rd day of October 2022 /s/ KELLY BEVANS President of Council Approved this 4th day of October 2022 DAVE BADEAUX Mayor CERTIFICATE: /S/ JENNIFER BERGMAN City Administrator

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