Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1894-04-05
RBRUNDlNG SCHOOL BONDS.
|rho Entire Issue Awarded to
Grand Forks Firm at a
Premium.
An Erroneous Impression Cor
} rected.-Debt Limit Not
Reached.

A. the adjourned special meeting of
.ha hoard OF education last Thursday
.alled to take action upon the refundiug
=, the school bonds falling due April
6nt. the bids received for the bonds
vere opened and that Of F. r. Fulton &
Co.. of Grand Forks, for the entire
amount, accepted. The bids of this com.
nany we're for the bonds. issued for the
antire amount. to run either 10, Is or 90
wears; if to run 10 years then they wonld
nay premium Of q OF per cent; if for
i years II per cent and if for 90 years
would then pay a premiom OF l. q per
cant. In view OF the fact that in five
wears $4,000 worth of other school bonds
will fall due 1t IVES deemed best to have
these refunding bonds rnn for q period
~ Is wears, and in the mean time to es-
tablish sinking fund to provide for the
paymeut of the other $4,000 worth OF
bonds, soon to fall due, and after the
extinculsbment of this debt to provide
for the retirement of the present refund
ing bonds as we'll. In view OF this the
bid of Fulton & Co., for The entire issue
OF bonds. to run Is years, was accepted
and the clerk instructed to so notify the
company by wire at once.
The only other bid received for the
bonds was from local party for 5000
worth, the loan evidently having been
considered, by local investors, unsafe
owing TO the false cry raised by either
ignorant or INSCRIPTIONS parties that
the bonds were illegal. There is not
member of the school board, and each
one during the past month or six
weeks has given the subject much
thought and dev ted considerable time
to research, but considers the Issue en-
inently proper and legal. Owing to the
fact that this school district, established
BY special act Of the Legislature and the
issuance of the bonds vas prior TO
The admission of North Dakota us state,
hA led many, who have gwen the matter
buts superficial inspection, to infer that
the issuance Of refunding bonds wonld be
illegal. Such, however, is not the case and
hose who are in position to know.
greatly deplore that the board have been
hampered in their efforts to advan-
tageously care for this debt. The ques
ton has arisen as to whether the debts nf
the city and school district-two dis.
tinct corporations to be included.
together. IN the per cent limit fixed by
the constitution, further than which the
bonded Indebtedness could not exceed;
or, are they distinct and conld each bond
to an amount equal to s per cent of the
assessed valuation of the taxable proper.
ty. 1t the former is the case then, say
some, the city, including the indebted
ness OF the schoo! district, has exceeded
the debt limit. The facts however. show
otherwise. The state was admitted into
the Union Aug. 18th, 1889, and the
assessed valuation OF the property in the
year 1890 was s917.226, per cent of
which would give s73,378.O6 while the
bonded indebtedness Of the city is but
$65,OOO over $1,000 less than the extreme
limit In the following year per cent
OF the assessed valuation OF all taxable
property was still greater, $74,22948O; in
1892 it fell to S67,941.2O and last year
amounted to s6S,1OO96 or S3,lOl above
the present combined indebtedness OF
the Cit and school district.