Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1868-05-29
LAWS OF IOWA.
Published by Authority.
CHAPTER 90.


An ACT to authorize Independent SCHOOL,
Districts to borrow money, and issue bonds
therefor, for the purpose Of erecting and
completing School Houses legalizing Bonds
heretofore issued, and making School Orr
ders draw six per cent Interest in certain
Cases.
Section l. Be it enacted by the General
Assembly Of the State Of Iowa, That indepen-
dent 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 period not exceeding ten
years, drawing rate Of interest not to ex-
ten per centum per annum, which interest
may he paid semi annually, which said in
debtedness shall be binding and obligatory
on the Independent district for the use Of
which said loan shall have been made; pro-
,ided, no district shall permit . greater out
standing Indebtedness than an amount equal
to five per centum Of the last assessed value
of the property Of the district.
Sec 2. When any Independent district has
procured the site for, and is ready to erect or
has erected, and is DESTROYS Of completing its
school house, it shall be lawful for the school
board Of such district to submit to the voters
of their district, at the annual or special
meeting, the question Of issuing bonds as
contemplated by this act, giving the same
notice Of such meeting as is required BY law
to be given for the election Of officers Of such
districts, and the amount proposed to be rails
ed by the sale Of such bonds, which question
shall be voted upon by the electors, and If
majority Of all the votes cast on that question
be in favor Of such loan, then said school
board shall issue bonds to the amount voted,
in denominations Of not less than twenty i've
dollars, nor exceeding one thousand dollars,
due not more than ten years after date, and
PAYABLE ut the pleasure of the district at any
time before due, which said bonds shall be
given in the name Of the independent district
issuing them, and shall be signed by the
President of the Board, and delivered to the
Treasurer, taking his receipt therefor, who
shall negotiate said bonds at not less than
their par value, and countersign the same
when negotiated. The Treasurer shall stand
charged upon his official bond with all bonds
that may be delivered to him; provided. that
any bond or bonds, not negotiated, may be
returned by him to the board.
Sec 8. Nothing in this Act shall be deems
ed to conflict or interfere with subdivision
five, section seven, Of chapter one hundred
and seventy two, Of the laws Of the Ninth Gen.
eral Assembly Of the State Of Iowa but in the
event the electors Of an independent school
district, which has issued bonde, shall at the
annual meeting in March for any year, fail
to vote sufficient school house tax to raise .
sum equal to the interest on the outstanding
bonds which will accrue during the then COM
ing year, and such pro rata portion of the prin-
cipsl as will liquidate and pay off said bonds
at maturity, then it shall be lawful for the
school board Of such district to vote sufici-
ent per cent on the taxable property of the
district to pay such interest; and such pro
rata portion Of the principal as will pay said
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.
+ Sec 4: All school orders shall draw six per
cent interest after having been presented to
the Treasurer Of the district and not paid for
want of funds, which fact shall DO endorsed
upon the order by the Treasurer.
Sec 8. All bonds Of independent districts
heretofore issued, in manner conforming
substantially with the provisions of this Act,
are hereby declared to be legal and valid.
Sec. 6. This act shall take effect and be
in force from and after its publication in the
Daily State Register and Daily Iowa Evening
Statesman, newspapers published at Des
Moines, Iowa.
Approved April 9th, 1868.
l hereby certify that the foregoing Act
took effect by publication, as required by
Section thereof, on the 10th day Of April
A. D. 1868,
ED WRIGHT, Sec'y Of State.