The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-05-02

CHAPTER as.
AN ACT to authorize Independent School Dis
tricts to borrow Money, and issue Bonds there
for, for the purpose of erecting and completing
School Houses ,egalizing Bonds heretofore issued,
and making School Orders draw Six per cent In
terest in certain Cases
sscrrox l. BE It enacted by the General Assem
big nj The .Siets Of ioea That independent school
districts shall have the power and authority to
borrow money for the purpose Of erecting and
completing school houses. by issuing negotiable
bonds of the independent district, TO run any pc
Rod not exceeding ten years drawing rate Of in
terest not to exceed tea per centum per annup,
which interest may be paid semi annually. which
said indebtedness shall be binding and obligatory
on the independent district for the use Of which
said loan shall have been made proriaed, no dis
trict shall permit greater out standing inteot-
edness than an amount equal to five per eentum Of
the last assessed value OF the property Of the dis
tTict.
SEC . When any independent district has pro-
cured the site for and is ready 10 erect or has
erec;e ard IA DESTROYS of completing its school
house Il shall be lawful for the school board Of
such District to submit to the voters OF their dis
triet, n. the annual or special meeting, the ques
ton of issuing bonds as contemplated By this act,
giving the same notice of such meeting rs il re-
CURED by Law 10 be given for the ele :tion II Off
GERS Of such districts, and the amour proposed 10
be raised by the sale of such bonds. which ques-
I On shall b, voted upon by the Il ctors. and II
q majority OF all he Yotes EAST on that question
be in favor OF such lean, then said school beard
shall issue honas TO tie amount vote |, IN denom-
nations Of not less than twenty-five dollars, nor
exceeding one thousand dollars. due not more than
ten years after date. and payable at the pleasure
OF the district at any time before due, which SAID
bonds shall be given in the name OF the independ-
ent district issuing their, and shall be signed by
the President Of the Board aud delivered to the
Treasurer taking his receipt therefor, who shsl
negotiate said bonds nj not less than their pa rvaf
ue, and conntcrsign the same when negotiated
The Treasurer shall stand charged upon his official
bond with all bonds that may be delivered TO him
proride3, that any bond or bonds, not ne gotatei,
may be returned hy him to the board
sgc g. Nothing in this Act shall be deemed TO
conflict or interfere with subdivision five, of sec
ton seven, of chapter one-handred and seventy
twn Of the laws of the Niath General Assembly
of the State Of Iowa; but in the event the cleo
tnrs or an independent school district which has
issued bonds, shall at the annual meeting in March
for anF year fail to vote sufficient sehool-honse
tax to raise a sum equal to the interest on the
outstanding bonds which will accrue during the
then coming yer, and such pro rata portion Of
the principal as will liqudate and pay of said
bonds at maturity, then it shall be lawful for the
school board Of such district TO vote g sufficient
per CEN the taxable property OF the district 10
nav such Interest. and such pro rata portion Of
The principal as will pay sad bonds in full by the
time of their maturity, and shall cause the same
to be certified and collected the same as other
school taxes.
ago 4. All school orders shall draw six per
cent intsress after having been presented to lhe
Treasurer of the district. and not paid for want
of funds, wh ch fact shall be endorsed upon the
der by the Treasurer
SEC 5. All bonds of Independent districts here
fefqre issued in manner 90 forming substantial
IL with the provisions If this ACT, Are hereby de-
clared to be legal and valid.
G. O. This act, being deemed ofimmediste i'm
no lance by the General Assembly. shall take eff
feet and be in force from anl after its publication
in the Daily State Register, and Erenn3 Statesman
newspapers published at Des Moines.
ApIFo9ed April 6, 1855
i hereby certify that the foregoing ACT took Elf
feet by publication, required in Section thcre-
of, on the 1th day of April. A. d 1868.
Ed WeiGnr, Secy Of Stste.