The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-02-07


Tor Tree school purposes only, TO
issue bonds for the purpose of erect
ing school houses thereon, within
the limits of such incorporated
towns or villages or towns incorpor-
ated under special law, and to levy
tax to pay the same.
Section |. Be it enacted by the
Legislature of the State OF Texas.
That for the purpose of erecting
one or more school houses in and for
cities or towns incorIo Grated under
special law, or any town or village in
the State of Texas Incorporated for
free school purpos es only, the board of
trustees of the same 81 all have power
ID she bonds of such towns or vii
lagos in an amount not to exceed 5
per cent of its taxable property as
shown by the last assessment thereof
and for the purpose of extending the
time OF the payment of the bonded
Indebtedness of any such town or vii
lage. the board of trustees of the same
shall have power to issue the bonds of
said town or village in a sum not to
exceed i'll amount its outstanding in
debtcdness; provided, that no such
bonds shall be issued until, at an cleo
ton called for that purpose, the ques-
ton shall have been submitted to the
qualified property taxpayers of such
town or village, and majority of all
such qualified electors voting at said
election shall have declared by their
votes in favor of issuing the same;
and provided further, that no such
election shall be ordered unless a petit
ton stating the purposes for which
the bonds are to be issued, and signed
by ut least twenty-five free holders of
said town or villege, shall have been
presented to the board of trustees
praying that vote be taken for the
issuing of such an amount of bonds
as may be asked for therein.
Sec. 2. Whenever such petition so
signed shall be presented to the board
of trustees of any town or village in
corporated as aforesaid, praying that
vote be taken on the question of
issuing the bonds of the said town or
village, it shall be the duty of the
board of trustees Immediately to order
an election for the purpose of determ-
lining the question of the issuing of
the bonds as prayed for, and forthwith
to give notice by posting up written
or printed notices signed by the presi-
dent and secretary of said board in
five of the most public places in said
town or village, which notices shall
be posted up at least ten days before
such election and shall state therein
the object for which the election was
called and the manner in which the
queSt on shall be voted upon; the said
elc, Ion shall be conducted in all re-
SlUcts as other general elect ms under
| the laws of the state. and the returns
of the election shall be the same eX-
cept that they shall be made TO the
| board of trustees of such town or
village.
Sec. 3. The bonds herein provided
for shall he issued in denominations of
not less than 800 and not more than
$500 each; they shall bear interest at
rate not to exceed 10 per cent per an
mum, payable annually on the LIST day
of January or semi-annually on the
1st days OF January and July of each
year, at such place as hall be desig-
| mated in the bonds, the principal of
the bonds being made payable not ex-
ceeding fifteen years from their date.
These bonds shall specify on their face
the date of issue, amount, for what
purpose and to whom issued, the time
| they run, the rates and times of pay
ment of interest, and shall have cou-
pons attached for the interest as it be-
comes due, said coupons being so ar
ranged that the last one shall fall due
| at the time of the maturity of the
bond, said bonds and the coupons there
to attached shall be signed by the pres
ident, countersigned by the secretary,
and after registration by the clerk of
the county court of the county in
which such town or village may be
situated, shall be negotiable and trans
ferable by delivery and may be dis
posed of by the district board at not
less than IS cents on the 81 and the
proceeds of the same applied to the
purchasing of sites and the erecting of
SchoolhouSeS thereon.
Sec. 4. Before the aforesaid bonds
the board of trustees of the village or
town issuing the same, shall cause
them to be registered with the clerk
of the county in which said town or
village is situated, and is shall be the
duty of the county CLERK, on presenta-
ton of any school bonds for registry,
to register the same in book pre-
pared for the pun pose, which register
shall contain, first, the name of the
village or town; second, the number
of the bond; third, date of the bond;
fourth, to whom payable: fifth, when
and where payable; sixth, when due;
seventh, when interest is due; eighth,
amount of the bond, and shall note on
each of said bonds the date of such
registration and sign the same under
his official seal.
Sec. 5. 1t shall be the duty of the
board of trustees of such town or vii
lage to levy annually upon the taxa
BILE property in such town or village a
tax sufficient to pay the interest accru-
ing upon any bond issued by such
town or village, and to provide sink
ing fund for the final redemption of
the bond so issued, and such levy to be
made with the annual levy of special
tax, if any, for the purpose of carry
ing on the schools in said town or
village and shall be collected as other
taxes, and when collected shall be
paid over and remain in the hands of
the county treasurer specific fund
for the payment of the interest upon
said bonds and for their final payment
at maturity; provided, that moneys in
the hands of the county treasurer, be-
longing to the sinking funds of any
village or town incorporated for pub
lie free school purposes in such coun-
ty. shall be invested by the county
fl g isurer, first, 10 the bonds of the
town or village to which said sinking
fund belongs; provided, such bonds
can be purchased at price not ex-
ceeding their market or par value;
second. in the bonds of other towns OF
villages incorporated for public free
school purposes of this state maturing
before the bonds for whichssuch fund
is raised; provided, the same can be
purchased at price not exceeding
their market or par value; and third,
in the bonds of any county of this
state or any bonds of the state of
Texas or the United States.
Sec. &. 1t any member of the board
OF trustees, county treasurer, or other
officer, whose duty it is under the pro-
vision CT this act to issue or assist in
any manner in the issuance of the
bonds of any town OF village, shall
prepare, sign, or deliver or aid or assist
in preparing, signing or delivering, or
shall cause to be prepared, signed or
delivered any bond or bonds of any
town or village at any time before
such bond or bonds are authorized by
this act to be prepared or delivered,
such officer shall be guilty of felony
and upon conviction shall be fined in
any sum not less than FIVE hundred
dollars nor more than five thousand
dollars, or by imprisonm In the
penltentiary for not less than one
year or not longer than five years. or
by both such fine and imnri ON ment