North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-06-24

SEC. I. Said Board shall have full power to ap-
point, and discharge at their discretion. a Superin
dent, whose duty il! shall lie to superintend the work
on said building. which said Superintendent shall re.
ceive as his only compensation, such sums as said
board may fix.
SEC. s. There is hereby appropriated. out of any
money in the state Treasury not otherwise appropria.
ted, the sum of one hundred and twenty-five thousand
dollars, or so much thereof as may he necessary. for
the purposes contemplated in this Act.
SEC. 9. The accounts of expenditures relating to
the construction of said buildings shall be approved
by the board OF commissioners, and certified to by
the Superintendent, and then paid by the Auditors
warrantsin the usual manner, drawn in favor of the
party to vhom the payment is due, AMI the commits
sioners ave authorized to advance and pay on con-
tracts before the same are completely performed not
withstandins seventy five per cent, on estimates of
material delivered, or labor performed.
SEC. 10. Or the sum hereby appropriated, not more
than the sum of twenty-five thousand dollars shall
be drawn on the treasury in the year 1868.
SIC. ii. The members OF the Board shall each
receive five dollars per day while actually employed
in the discharge Of their duties and their actual tray.
cling expenses.
Assembly Of immediate importance, shall take effect
and be force from and after its publication in the
Daily State Register and Ioua E-en,ng Statesman,
newspapers published at Des Moines, Iowa.
Approved April g., 1868.
hereby certify the foregoing Act took effect by
publication as required by Section IL thereof, on the
10th day Of April, A. u. lsfs.
ED WRIGHT, sec'y of State.
CHAPTER 9S.
IN ACT to authorize Independent Districts
TO borrow Money, aad issue Bends therefor. TO, the
purpose of erecting and completing School Houses.
legaH2ing Bonds heretofore issued, and making
School Orders draw Six per cent. Interest in Ger.
tain Cases.
SECTION /. BE it enacted by the General Assembly of
ne State Of io7ca, That independent school districts
shall have the power and authority to borrow money
for tae purpose OF erecting and completing school
houses. hy issuing negotiable bonds OF the indepen-
dent district, to rns any period not exceeding ten
years, drawing II rate of interest not to exceed ten
per cent. per annum. which inter est may b. paid semi
annually, which said Indebtedness shall be binding
and obligatory ON the independent district iol the use
OF which said loan shall have been made; prortdea.
no district shall permit a greater outstanding indebt-
edness than an amount equal TO five per centum of
the last assessed value OF the propert, of the district.
sIc. :. When any independent district has procrIr-
ed the site tor. and is ready to erect or has erected
ana rs DESTROYS of completing its school house, il
shall he lawful for the sc!,oOl board of such to
submit to the voters OF their district, at the annual or
special meeting. the question OF issuing bonds MS
contemplated by tins act, giving the same notice OF
such L.ceting as is required hy law to be given Tor
the election OF officers OF such districts. aud the
amount proposed to be raised by the sale vi such
bonds, which question shall be voted upon by the
electors, and il a majority OF all the votes cast ON
that question be in favor of such loan, then said
school board shall issue bonds TO the amou t vot-
ed. in denominations of not less than twenty-five dol
lars. nor exceeding one thousand dollars, due not
moFe than ten years after date, ana payable at the
pleasure OF the district at any tire before dine. which
said bonds shall be given in the name OF the indepen-
dent district issuing tn, m, and shall be signed by the
President OF the Board. and delivered to the Treasur.
er. taking his receipt therefor wh0 shall negotiate
laid bonds at not less than their par value, and cuun-
trIslgn the same when negotiated. The Treasurer
shall stand charged upon his official bond with all
the bonds hat may he delivered to him; pyorided.
that any bond 'r bonds. not negotiated, may be rem
dcred by him to the board.
SEC 3. Nothing in this Act shall 10 deemed to
conflict or interfere with subdivision five, Of section
seven. of chapter one hundred and sevenfy-two, OF the
Ninth General Assembly OF the State of Iowa; but in
the event the electors OF an independent 81 hool dis
trict, which has issued bonds, shall at the annual meet.
ing III March tor any year, tail to vote sufficient
school house tax to raise a sum equal to the interest
on the Outstandi,. g..bonds which will accrue during the
coming year, and such pro rata portion vi the princi-
pal as will ~liqnidate and pay of said bonds at matu-
rity. then it shall be lawful for the school board of
such district to vote a sufficient per cent on the taxa.
bic property OF the district to pay such interest; and
such pro rata portion OF the principal as will pay said
bonds in tull by the time of their maturity, and shall
cause the same to be certified and collected the sans
SEC. 4. Al school orders shall draw six DER cent,
interest after having been pr. scented to the Treasurer
OF the district. and not paid for want Of funds, which
fact shall BE- endorsed upon the order by the Treasur.
er.
SEC. 8. All bonds of independent districts nereto-
ore issued III "a manner conforming substantially
with the provisions of this Act, are hereby declared
L" I've legal and valid.
SEC. 8. This Act. being deemed by the General As.
sembly OF immediate importance. ehall be in force
from andafter its publication in the DdiIg State Rsqis.
Ter and ioica Erentng Statesman, newspapers published
ut Dps Moiues. Iowa.
Approved April q. 1868.
l hereby certify that the foreg ling Act took effect
by publication. as required in. Section . thereof, on
the 18th day of April. A. d. 1888.
ED WRIGHT, Sec'y of State.