Wilmington daily gazette., 1874-01-20
The BosrI Of Education.

.rRciAL MEETING LAST RYESiYo -REPoRT oe
TIE FINANCE COMMITTEE
A special meeting Of the Board OF Education
was held lsst evening, for The purpose OF conSid-
crins the financial condition ot the Board.
After organization. the Finance COMMITTEE
presented the following report
WILMINGTON, DEL, Jan. 10, 1874.
To THE PRESIDENT AND MEMBKRs OF THR BOARD
OF EDUCATION
Gentlemen Ia accord dance with the resolution
passed at our last meeting, the Committee on FL
nance have considered and report upon the
following resolutions
lst. ResOlped, That the Committee on fnanre
be authorized to obtain the opinion OF ronns'i a.
to whether the Board ia entitled to demah! anu
receive from III. q Y Cru ,'t ne ~Aole amount
of money nskeu .vl N....,l,, 4, 'he board, lor
school prrpoacs wh.tto' 70" y Councii 1nuy
have GsstserG nj .he .ixes .sse.s-- lot that pu'
pose or not. 80
Your committee report that the opinion OF the
counsel consulted is that Council is not obliged 10
pay the amount asked for, unless collected
I'd. Resolved, That the Finance Commute be
and are hereby instructed to tiie into conSiusra-
tion the prorriety of making but two payments 10
superintendent, teachers, janitors, and others IN
the employ of the Board i'll the ensuing six
months and in the following manner, 10 wiz
Payments In full for the mouths oil january rep
ruary and March. to be made on the 18th OF Aptll.
For April, Nav aud June on the 18th of July. Ii
being understood that this resolution Is not 10
apply to salaries due December S1st, 1875; Com,
mittee to report al the next meeting of the Board
Upon this resolution, the Committee ask leave
TO report progress.
81. Resolred, That the City Council be request
ed to pass the Ordinance authorized w the
Legislature, to issue bonds to the amount OF
SS0.030, Tor school purposes, said bonds to be
placed in the hands this Board for sale at par,
and
Resolved, That said bouds if 80 received, be
aI..r 1. tha af bta ri
aud that during their sale, orders be drawn against
the proceeds Of those sod for the payment OF
salaries dus from the Board and that warrants
be drawn against the proceeds OF the bonds IN
sold, bearing lawful interest and redeemable OH
the LIST of August, 1874, to be applied to the pay
ment of all amounts OF the Board, except salaries.
IN view of the opinion of the City Solicitor,
lately expressed to the City Council, the COM
mittee nre of the opinion that it is inexpedient to
take the action proposed in the foregoing reso-
lutiens.
4th. .sHesoleed, That the Finance Committee
be authorized to consider and report upon the
probability of negotiating a mortgage upon the
real estate of the Board, for $4,000; and thai
they furnish the Board with the valuation, net,
of the several properties"
Your committee after carefully considering
the resolution believe it to be the most feasible
way to provide funds for the use OF the Board
between January and July.
A it is well known, the taxes collected for
school purposes are not available (only to very
limited extent until the month OF July OF each
year and The probability is that this will con-
time to be the case. II the Board can succeed in
borrowing money or bonds, secured by general
mortgage on its real estate, 1t will, lin the
opinion OF the coninitteel prove the most eco
nomical plan for providing for our expenditures
during said period
The bonds can be made payable in from one to
five years, ut which time we would, no doubt,
have capital, so to speak, sufficient TO meet our
expenses during the months We receive 90 small
portion of money from The proceeds OF school
taxes.
The committee report the value OF the real es-
tate Of tha Roard 10 be na folloHs