The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-02-21
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a N ACT


Ia a.lAor,xs School District No. 2, IN l.
Ctsirs Township, Scou County. to borroo
mouey
Sec. i. Be il enacted by the Genera
Assembly of the State of Iowa, That the
Board OF Directors OF School District No. q
10 the Tow nship OF LeClaire, iG the County
Of Scot, end State OF Iowa. be and hereby
is authorized and empowered to borrow any
sum or Gums Of money not TO exceed IN the
aggregate ten thousand dollars, and give
their Bonds therefor, payable at such time
or times, a. msy be agreed upon and specl-
fed In said bond. PROVIDED. majority OF the
lessl voters Of said District at an election
called for that purpose, shall cast their votes
In favor Of said loan, and provided further,
that The greatest length Of time so specified
she'll aot exceed twenty years. Said bonds
NAV bear interest not to exceed ten per cent
ner apnum on the sum SO bofrJsed; said
sum to be used for the erection OF schno!
house for the use Of said District, and for
no other purpose except as hereinafter 9th
sswise provided.
Sec. Z. Ii shall be the duty Of The Board
Of Dire ctors Of said District, us soon as said
ioaa shall be negotiated, in whole or in pact
to apply the money 30 borrowed, or 60 much
thereof a. may lie necessary to pay on AL
Indebtedness then existing aad on account
of said building, and from time to tine
thereafter make such appropriations from
SAID money rs may be necessary TO carry
on and complete said building, and II u. any
time eur pus shall be left in the treasury,
not needed for present use, the Board OF
Directors msy invest such surplus fer the
use Of said District in such manner as TO
them shall seem most advantageous. The
proceeds srising from such investment to DC
added TO the sinking fund hereinafter pro
vided for.
Sec. s. II shall be the duty OF the said
Boafd Of Directors on The first first Mond1y
in August 10 each year during the continn-
auce OF said loan, to levy such tax on the
taxable properly OF said District as snail be
necessary to pay of annual interest on sa'd
bonds, and such incidental expenses as may
accrue 10 said district, and also 10 raise five
per cent Of the sum borrowed by virtue OF
this act, said five per cent with the interest
and increase thereof 10 constitute a sinking
fund for the payment of said loans when
thrv shall become due, Provided however
thai said tax shall not exceed one and oue
halfper cent on the taxable property aIore
oalQ IN any Onc ycsi, Vos~ '"A w ~
ed in the manner now provided by law ior
the collection Of taxes for school house and
DISTINCT expenses.
Sec. 4. Tho money borrowed by virtue
Of this act shall not be subject 10 the Con
troll of the School Fund Commissioner OF
said county, but shall be under the suPcfvi'
sion of the Board Of Directors VI SAID Dis
trict, and by them expended and used US
hersinbefore specified and not otherwise
Sec. 8. The provisions Of the code Of
Iowa and all enactments subsequent mere
to, 30 far az they conflict with the provisions
of,his act, are hereby declared lnaPPl'cahi'
10 said District.
Sec. 8. This act to take effect from ana
after ito publication in the Davenport we-k'
~ Gazette and Lyons Mirror, without e1'
ptnse to the State.
SAM'L MCFARLAND.
Speaker Of the House of Representa- ives.
w. W. HAMILTON.
President OF Senate
Approved January 2Ist, 1857.
JAMES w. GRIMES.
OyFIcE OF SEc'Y OF STATkt
Iowa CRY, Jan. "A 1918
1 certify the toregoing to be q true copy
from the original roll on file in my otfice.
sa8 sBta Eef ELIJAH SELLS,
- ~ Sec'y OF State.