The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-05-27
SALE OF SCHOOL BONDS.

SALE OE SSdOOk 6ONDS.
The City Board of Education Explains why
the Bonds Were Sold at Home.
The following extracts from official
minutes of the City Board OF Educa-
ton, with the added note, is IN au-
swer to the questions which have
been raised on the subject of the sale
of bonds for the Kigh School build
ing:
The City Board OF Education met
at Z O'Clock p. M.
Present. Commissioners E. c.
Haynsworth, Chairman, n ell
O'Donnell, NJ. Noise, and A. B.
Ssuckey. Superintendent S. H. Ed
munds. .
Minutes of February 25th, March
7ti,, April 4th, and 2lst, were read
and confirmed.
Detailed drawings and specifca-
tions of new High School building
according to notifications ordered
by the Board were received from Mr..
| G. G. Wilson, Architect, and same
were adopted. The Secretary was
instructed to advertise for bids from
contractors. Time for receiving
same to expire June lst.
The Secretary presented proposals
for purchase OF school building
bonds, fifteen thousand dollars at
per cent.--20 years.
Ficken, Hughes &C.,, Charleston,
| S. c., SO per cent.
Seasongood s. Mayer, Cincinnati,
Ohio-Par- City Board Education,
paw $500 for Attorneys fees, bond
| blanks, and all other expenses.
s. A. Kean. 1872 LaSalle street,
Chicago lOI Ito. He furnish bonds
free.
Mr.. Kean's bid being so indistinct
that it could not be decided whether
he was bidding on per cent. or 5
per cent. bonds. the Secretary was
INSTRUCTED to wire him for definite
Information on that point.
Santer, S. c., May 20, 1908.
The City Board Of Education met
| at u o clock NJ. to dispose of bids on
School building bonds.
Present: Commissioners 3. G..
Haynsworth, Chairman, A. B..
Stuckey NJ. Noise.
The Secretary reported that in an
swer to his telegram to S. A. Kean,
Chicago. I'LL, he had received a let
ter stating that his (kean's) bid was
for five per cent. bonds and not four
per cent. Whereupon the following
preamble and resolutions were
adopted:
Whereas, the Board Of Education
Of the School District, City of sum
ter, has advertised sale Of (Sl5,00O)
fifteen. thousand dollars school
building bonds to. be issued under
authority of Act Of the General As
sembi of South Carolina, approved
March End, 1903, payable in twenty
years with interest at not more than
| I've Is; per cent. per annum. And
whereas, a majority Of the freehold
ers of the said School District had
petitioned for an election to deter
mine whether or not such bond issue
should be made. And whereas.
such election was duly ordered, and
held according to law on the 24rh
| day of March, 1905-resulting by a
large majority in favor of such issue
To wit: I59 votes for, and E votes
| against their issue. And whereas,
several bids were received IN answer
to the said advertisements. Among
them, one from the First National
Bank of Sumter, offering to take, at
| par, the entire issue Of fifteen thou
| sand dollars at AZ ~ per cent. interest,
payable semi-anuually fof twenty
| wears. Aud whereas, in the judg-
| ment of the said Board of Educa-
ton, the aforesaid bid of the First
National Bank of Sumter, is the
most advantageous to the said
lSchool District. Now. therefore, be
lit
L Resolved, that the City Board of
Education of Sumter, hereby ac-
cepts the bid of the said Bank.
Resolved further, tha 3. G..
IHayusworth, Chairman, and g. M.
Hurst, Secretary and Treasurer Of
the said Board are hereby authoriz-
Led and directed to properly execute
the said bonds in coupon form dated
July lst, 1903; the interest coupons
thereof being payable seml-annualty
Ion January ist, aud July lst, for
| twenty years at the rate of AZ per
cent. per annum. And when SO exc
Iscuted to deliver the said bonds to
the said Bank, upon payment Of fif-
teen thousand dollars therefor. All
necessary expenses incurred in exc
/ cution and delivery of said bonds to
be paid by the said School District
l3of the City ofSumter.
T.he following will explain the
reasons of the Boards acceptance OF
the Banks proposition:
I Pursuant to the advertisement for
| bids on the $4,000 of City School
Bonds, the Board of Education met
on the 18th to open and consider
fthese bids. There were two that the
Board seriously considered. One
| was from Cincinnati firm for 4 per
cent. at par; but with the stipula-
ton that the City should pay at once
the sum Of $500 for fees-a bid there
fore, not at par, but at 962a5 per cent.
! The other bid was at a premium OF
| l01 l-l0; but, where the figure repre-
senting the per cent. should have
Il