The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1900-10-05
A SINKING FUND.
School Board Provides One For
Its Bonds.
The Sum of $1,000 to be Levied Annual
ly For This Wise Purpose.-.RecOm-
mendatiOns by Supt. Uline.

ly TUT HIS VIoC IuPOoS'zsNSSOh
mendatiOns by Supt. Uline.
The school board last night decided
to levy annually So, 900 to be used as a
sinking fund to meet a portion of the
$50, 600 of high school bonds that fall
due five years from now. This will
provide So, 900, and the balance of the
, bonds will probably be replaced by
short time bonds, So, 600 to So, 600 fall
ing due each year until all have been
paid The sinking fund was not es-
tablished without protest by Mr..
Fletcher, who succeeded in defeating
similar proposition year ago.
This year the plan SO commended it
self to the other members of the board
that Mr.. Fletcher was the only one
to cast his vote against it.
The matter came up when S. B..
Wilson presented report from the
finance committee. He said that there
is So, 600 more in the current fund now
than there was year ago. The
expenditures for the next year would
be the same as this year, and without
increasing the levy the sum of s., 600
could be raised to start a sinking fund.
The committee recommended that
$15, 900 be levied for the current fund
for the general school purposes and
So, 500 for the special fund. This is
81, 600 less for each item than last
year. The balance of the report was
as follows:
1.-THE bonded indebtedness of the
district, amounting to $50, 600, will
fall due Sept. Sd, 1905, and no part of
this sum has been raised, and we
again Suggest and recommend that
there be levied an annual sinking fund
of--S2, OOO.-..per..ssannum to..ssmeet..--these
bonds when they..become..due
"S..B. WILSON,
"T. R COUGHLAN,
owl. COMsTOCK. +"
Mr.. Fletcher. opposed the sinking
fund, Saying that.the.city is trying to
pay,,ssoff it's, floating Indebtedness and
that the.school. board should wal. un-
til this has been. done. Two years-be-
fore the bonds become dues.nnthe board
ca levy a larger sum for the purpose
of paying off some of the bonds. He
would pay off. SO, O0O.in this way and
would negotiate.the remainder in such
a.way.-that a...portion of them would
fallssdu from year. to year and be paid
off. ss.-He.---did not like to have money
accumulate and-lie..idle. Thesreduced
valuation...will make the tax rate
higher, s-.although..the same amount of
money is raised.
Mr.. Wilson favored the sinking
fund, saying that it is just as economi-
cal and eaiser on the tax payers.
Mr.. ComstocK said that there is no
increase in..the--levy over last year, -as
81, OOO----of..thess..amount levied last year
WILDE placed - il. "a sinkingssfund and
each of..sfhes .ofher. two funds reduced
81, 600. ..--The....advantage--of short time
bonds..iss Offset by he. Iii ghest. rate of
interest. charged. There. was no.differ-
ence between So, O00s. lying idle in The
bank..for four..years and..$4, OOO.- lying
idle. for..two..years, ----The....people would
acknowledgement levys-extending
several.. years than.a single large one,
The. discussion, CLOSED. here-~and..s.a
motion to adopt the report was carried,
Mr.. Fletcher casting the only opposing
vote
Standing Committees.
President Davis announced the
standing committees for the year as
follows:
Finance and accounts-S. B. Wilson,
T. R. Coughlan, W. L. Comstock.
Property..and expense-Capt. Clark
Keysor, DR.. 1. D. Webster, T. R.
Coughlan.
Schools and text books-Mrs. Alice
A. Smith, L. G. NJ Fletcher, Rev.
Geo. 81. Davis.
A comm unication was received from
Miss Lucy Schildknecht, the new
teacher in the West Mankato building,
stating that sheaa would like larger
salary than $50 month, !, as other
teachers had been started at more
than that sum
+. A motion by Mrs. Smith that the
salary of this teacher be raised to SAC
a month on account of her long ex-
perience in teaching was lost by a vote
of four to three.
The bond of Capt. Keysor as treas
urer, for $50, 600, with John r. Ray,
John R. Thomas, L. A. Linder, s..
Lamm, W. G. Hoerr and John G. Wise
as sureties, was accepted.
superintendent Report.
Supt Uline reported the attendance
for September as follows:
En- No. Be- Az
roll long erage