The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-22
SCHOOL DEBT $872,63O.43
FIGURES EXHIBITED AT THE BOARD
MEETING LAST NIGHT.
Proposed to Take $4,000 from Com
puIsOry Fund for New Build
ings and Rooms.

Pursuant to request from the committee
on buildings and grounds of the Indian
apolis School Board, the committee on
finance and auditing last night submitted
a report showing the general finances of
the city schools. The board had discussed
the question Of new buildings and desired
to know just what expenditures could be
made during the present Year. The finance
committees report follows:
1--WE now beg to report that in our
opinion, the disbursements of the board
during the fiscal year, July l. 1897, to June
30, 1898, will probably not much exceed the
total of your appropriations, viz: 1854, 404. 80.
We now estimate that there will be, ex-
elusive of the proceeds of the scent levy
for compulsory education tax, a small bal
ance, probably not more than $780, 900, in the
treasury July /, 1898, and if so, it will be
necessary to make the new temporary loan
during the year 1898, in an amount equal
to the present temporary loan, due June
30, 1885, viz: 100000.
'"The proceeds of the compulsory educa-
ton law tax, if there We're no delinquency,
would be at cents on the 500 upon the
present total taxables of $117, 100000 in round
numbers, $4,000. OF this SUM so per cent,
we think we may safely assume, will be
received in May and June, 1885, or $46,5O0,
and we think it would be safe to assume
that 43 per cent. more, or S39,9yO, Will be
received from this tax in November and
December, 1898, allowing per cent. for
delinquencies.
attorney, furnished when this compulsory
education statute was considered by the
board, enough. of this fund can be used for
buildings land equipping them) to house
the children brought under our charge by
operation of the law. The superintendent
estimated in September and October, 1897,
from counts then made, that the number of
children brought in by the operation of the
law was about 1l5O or 1900, and he then
thought the number would be increased
later in the school year More recent counts,
as we understand, indicate that the num-
Der brought in is about 1000 and we think
hat ffcr1Tr fni nr7l "a N
hand. To properly house 1000 pupils re-
quireS twenty SchOolro0ms, and we think
you would be entirely justified in expend-
ing from this tax. enough money to build
new buildings and add to old ones, COM
prising in all twenty rooms. We estimate
the expense of building and equipping
twenty rooms at $4,000 1t could be ar
ranged with the contractors that one-half
of this sum, say $S1, $50, should be paid dur
into this fund in May and June, and the
other half could be paid Dec. l. 1885, out
of the $4,000 then to come into this fund.
Under the opinion of Mr.. Smith referred
to, we are authorized to pay from this fund
rent of school rooms made necessary by
the accessions referred to and the cost
of teachers, janitors and incidental ex-
penses added to these accessions. The
board has during this year advanced, and
will, until the tax is received, advance the
money, to pay these rents, salaries and ex-
penses, and it would therefore be proper
that you order the balance of this $9S, 900
left after the $65, 900 for buildings is deduct
ed, turned into the special fund to reim-
burse, so far as it will go, such advances.
Your Indebtedness. as shown in detail i
including the temporary loan of $3.50, 600. In
our opinion, it will not be possible for you
to reduce this except by paying the matur-
ing building and equipment notes for
Manual Training School, $26 164.63 this year.
but we respectfully submit that you should
not make any new debt nor increase the
temporary loan.
1--WE therefore recommend that you direct
the committee upon buildings and grounds
IN, fnrf 10 70 cob IA no
additions and for the equipment of both,
which will involve the expenditure of not
be so arranged that one-half of the cost
can be paid from time to time between June
30 and Sept. l. and the other half at the
boards convenience on or before Dec. /,
-'' THE DEBT CLASSIFIED.
The schedule showing the liabilities OF the
board was as follows:
cent interest ...................... $40, 10000
per cent, except $4,000, which
bears 41s per cent. INTEREST,". 100000
Bonds Q4brary) of 1891, due 1902 to
ISL: $1,000 a year, 5 per cent int. 100000
1sii, at per cent. interest -. 100000
Bonds manual Training School
site) of 1892 due in ten payments,
beginning 1904, $1,000 a year; Az
per cent. interest ........s....'..... 100000
Notes manual Training School
equipmenD of 1895, due 1895 to 1901,
6 per cent. interest. 20,376,38
Notes manual Training School
building) of 1895, payable 1893 to
1901 per cent. interest. .......... S5,244.05
Notes (Ste for School No. 45), due
per per cent. interest. ..............,.... $4,000
Notes purchase of ricketts, proper
ty) of 1884, due 1910 to 1924, at Az
per cent. interest. 100000
Note (To Merritt, trustee of Gregg
fund.-, due 1914 at per cent int. 100000
Notes Temporary loan of 1S97-189S,
due June 30, 1899 Observation-Disclosures. 100000
Total principal. 1872, $780, S
ART FOR THE SCHOOLS.
A number of fine paintings and sketches
graced the walls of the assembly room last
night. They were the contributions of In
dianapolis artists and become the property
of the board on conditions. The artists de-