The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-05-08
CHAPTER pS.

An act to authorize Independent School
districts to borrow money, and issue bonds
therefor, for the purpose Of erecting and
completing school houses. lcgalizing bonds
heretofore issued, and making school or
de,s draw six per cent interest in certain
Uses.
Sec. l. Be it enacted by the General As
-rmbiy OF the state of Iowa, That independ-
mt school districts shall have tho power
nd authority to borrow money for the pur-
pnsc Of erecting and completing school
h"nscs, BY issuing negotiable bonds Of the
Independent district, to run any period not
exceeding ten years, drawing rate of in.
tcrest not to exceed ten per centum per
mum, which interest may be paid semi
sARually. which said indebtedness shall be
binding ard obligatory on the indepe ndcnt
district for the use of which said loan I'll II
hive been made; provided, no district shall
permit greater outstanding indebtedness
than an amount equal to five per ce' tu,n of
the last assessed value of the property of
the district. E#.a
Sec. ,. When any independent district
has procured the site for. and is ready to
erect or has erected aud is DESTROYS Of
completing it's school house, it shall be
lawful for the school board of such dis. iict
y 20 submit te the voters Of their district, at
tue annual or special meeting. the qucs-
t,oH OF issuing bonds as contemplated by
shls act, giving the same notice If such
meeting rs is required by law to le given
Tor the election OF officers of such districts.
ma tbs amount proposed to- BE- raised by
the sale of such bonds. which question
shall be voted upon by the electors, and if
majority Of all the votes east on that
question be in f,v.r Of sacil loan. then said
school board shall issue bonds to the
amount voted. in 'enon,inatiups Of no. less
NEUTRALITY-SUSPICIOUS., nor exceeding one
sh".sand dollars. due not mere than ten
years ;sftcr date, and payable at the plcaa
nre Of the district issuing them, and shall
I've signed by the President Of the board
and delivered to the Treasurer, taking his
receipt therefor, who sha negotiate said
bonds ut not less .hin their par ,luc, and
countcrsiSning the same when negotiated
The Treasurer shall stand charged upou
bis official bond with III bonds that NAV
be delivered t. him; provided. that any
bond or bonds, not negotiated, MY he re-
turned BY him to the board
Scc. ;. Nothing in this act shall be deem
e-fto conflict or interfere with sub division
nvc, OF section seven, Of chapter one hun.
,lrcd and sevcnty-two, of the laws of the
Ninth General Assembly of the state Of
Iowa: bnt in the event the electors of nm
dependents school district, which has is
sHc,t h6als, shall ut the ANNUAL meeting
N March for any year, fail to vote safi-
esent school-housc tax to raise SUN equal
70 the lntcreat on the outstanding bonds
which will accrue during the then coming
year, ana such pro rata porto. Of the prin-
.-llssl ny will liSuidate and pay Of said
-"h'ts ut maturity, then it shall be- lawful
t"i the school board Of such district to vote
"A sufficient per cent on the taxable prop
srty of the district to pay such interest;
ALL such pro rata portion of the principal
as will ply said bonds in FIJI by the time
of their maturity, and sll Ill cause the same
to be certified and collected the same as
'tiier school taxes.
Sec. 4 All school orders shall draw
six per cent interest after having been
presented to the Treasurer Of the District
md not paid for want of funds. which fact
.hall be endorsed upon the or,lcr by the
Treasurer.
See. 5. AL bon Is ofin,l .pen.lent districts
heretofore issued, in manner conforming
substantially with the provisions Of this act
tre hereby decl arc,l to he legal and valid
Nee 6. This act heing deemed by the
HrnEral assembly Of Immediate Importance
skall be in force from AMI after its publ
Asaion in tho daily State Register and
Gssoing st tcsnan, newspapers pnhlisln-
~ q Dea Moines. Iowa.
Approved April g. 1868
thereby certify that the foregoing act
trek effect by publication, rs required in
section 8 thereof. ON tho 18th day Of April
4. D. 1865
ED WRIGHT See = of State.