as part of the paving work of said street, which cost is to be included in the cost of the paving or repaving and assessed as above provided. Sec. 3. The paving or repaving of streets or parts of streets, the expenditure for which shall have been provided for in the annual estimate of expenses adopted by the court of common council, shall not be considered a public work or improvement within the meaning of the provisions of the charter of said city. Sec. 4. Acts amending the charter of the city of Hartford concerning street paving, approved May 19, 1915, and April 13, 1917, and all other acts or parts of acts inconsistent herewith, are repealed. Approved, May 27, 1921. 1921 S. L. 693. § 6. Substitute for House Bill No. 312. 321 AN ACT AMENDING THE CHARTER OF THE CITY OF Be it enacted by the Senate and House of Representatives Section 1. The city of Hartford is authorized to issue negotiable bonds, notes or other certificates of debt under Rev. 1920. its corporate name and seal and upon the credit of the city for the purposes hereinafter specified, which bonds, notes or other certificates of debt shall be obligatory upon the city and the inhabitants thereof according to the purport and tenor of the same; provided every issue of bonds, notes or other certificates of debt made under the authority of this act for the purpose of obtaining funds for a period longer than one year shall be in serial form, payable as consecutively numbered in equal amounts each year beginning one year from date. Sec. 2. The purposes for which said bonds, notes or other certificates of debt may be issued and for which the avails thereof shall be used are: To meet the cost of public improvements duly authorized under the charter of the city of Hartford; to raise funds in anticipation of bond issues for the purpose of financing such improvements for a temporary period previous to the issue of such bonds; to raise funds in anticipation of taxes by the issue of notes maturing in six months or less from date of issue; to redeem or refund outstanding bonds or other obligations of the city; to meet the cost in whole or in part, including damages awarded, which the city is required to defray temporarily in connection with public improvements duly authorized where benefits assessed cannot be immediately collected, provided this authority shall be an alternative to and not a limitation of the power now granted by the charter of the city to the court of common council to provide for the issue of assessment certificates. Sec. 3. No bonds, notes or other certificates of debt except such as are to mature in six months or less and to be paid from current taxes shall be issued under the authority of this act if such issue shall bring the total outstanding indebtedness of the city to an amount in excess of five per centum of the grand list. The grand list for the purposes of this section shall be deemed to include the assessed value of all shares of capital stock the taxes on which are required by section 1205 of the general statutes to be remitted annually to the city of Hartford by the state. In computing the total outstanding indebtedness of the city for the purposes of this section, there shall be deducted the amount of the city's sinking fund, the amount of bonds issued for the supply of water, and of such other bonds of the city as may be issued under any act of the legislature specially providing that the bonds issued thereunder shall be deducted in computing the total outstanding indebtedness of the city. Sec. 4. Said bonds, notes or other certificates of debt may be issued from time to time whenever the court of common council of the city of Hartford in legal meeting assembled, by a majority of its members present and absent, and subject to the approval of the mayor to the extent required by the charter of the city, shall by resolution vote to issue such bonds, notes or other certificates of debt, provided the court of common council shall pass no such resolution or vote unless the board of finance has considered and acted upon the same and submitted its recommendation and report to the court of common council. Sec. 5. The resolution for the issuance of such bonds, notes or other certificates of debt to be adopted by the court of common council shall designate such name or title for the issue as seems appropriate, set forth the amount of the issue and the purpose for which its avails are to be used, and provide as to the form, rate of interest, which shall not exceed six per centum per annum, interest payment periods, the amount of each bond, note or other certificate of debt, the date of issue and maturity, the method of registration, if any, and whether the same shall carry interest coupons or otherwise, and such resolution may also provide, in connection with issues of bonds or notes for public improvements, as to whether the same shall be paid from the proceeds of benefits assessed the collection of which is anticipated, or from annual tax revenue, as the case may be, or in case of notes maturing in six months or less, by payment out of current taxes. Such resolution may also direct and prescribe the method of sale of such obligations, which may be public or private, and any of such obligations may be sold at a price less than par. Such obligations shall be signed by the mayor and treasurer and the principal and interest thereof may be made payable in gold or otherwise as determined upon by the court of common council. Sec. 6. The avails of such bonds, notes or other certificates of debt when sold shall be applied for the purposes for which such issue was authorized by the resolution of the court of common council. Sec. 7. The court of common council, upon recommendation of the board of finance, shall include in the annual budget such an amount as may be determined upon to be assessed and collected as a part of the regular annual taxes upon the ratable estate within the city for the purpose of paying such bonds or notes as mature during the fiscal year covered by said budget and as are designated by the resolution of the court of common council under which they are issued as intended to be paid by the proceeds of annual tax revenue. Sec. 8. The mayor, with the approval of the board of finance, shall designate and appoint a trust company located in Hartford as agent of the city sinking fund and such appointment shall continue unless it be revoked for cause. Sec. 9. The court of common council, upon recommendation of the board of finance, shall annually levy a tax at a rate to be determined upon, but not less than one mill on the dollar, to be assessed and collected upon the ratable estate within the city at the same time as the regular annual taxes for city expenses, for the benefit of the city sinking fund established for the purpose of paying at maturity the funded debt of the city evidenced by bonds or other obligations heretofore issued which are intended to be paid out of said sinking fund but not including any part of the water indebtedness of the city. Sec. 10. The city collector is hereby directed to deliver the proceeds of said city sinking fund tax to the city treasurer who shall forthwith transmit such proceeds to the agent of the sinking fund. Sec. 11. Said agent of the city sinking fund shall hold such sinking fund and the proceeds of such annual tax delivered to it by the city treasurer and any other payments transmitted to such agent under authority of the court of common council and shall invest the same and the interest received thereon with due regard to the dates of maturity of the obligations of the city payable from the sinking fund in such obligations of the United States or of this state, or of any municipality of this state, or of any other state in the United States or any municipality thereof in which trust funds may be invested under the laws of this state, giving preference to the purchase of obligations of the city of Hartford when the same can be purchased to yield a rate of return which in the judgment of said agent seems fair in comparison with other issues. Sec. 12. The court of common council, on recommendation of the board of finance, may order transferred to the sinking fund unappropriated revenue, including proceeds received by the city from the sale or lease of city property, and may also order transferred any amount received by the city in excess of the amount appropriated for any public improvement from the sale of an issue of bonds or notes when such issue is sold at a premium, and also may order transferred the unexpended balance of appropriations heretofore or hereafter made for public improvements when the funds required by such appropriation have been raised by bond or note issue and there remains a balance on hand unexpended after the entire cost of any such public improvement has been met. Sec. 13. Said agent of the sinking fund shall make an annual report to the mayor who shall transmit such report to the court of common council and it shall be the duty of the comptroller to audit the accounts and funds of said agent semi-annually. Sec. 14. No funds shall be drawn from said sinking fund except for the purpose of meeting maturing obligations of the city of Hartford and then only when determined upon by the board of finance, in which case the mayor shall draw his order upon the sinking fund agent payable to the city treasurer for the sum necessary to meet the payment of such maturing obligations. Sec. 15. The present city sinking fund established by vctes of the town of Hartford and of the court of common council of the city of Hartford shall be continued subject to the provisions of this act. Sec. 16. An act amending the charter of the city of Hartford authorizing the borrowing of temporary funds, approved April 9, 1919, is repealed. Approved, May 27, 1921. |