The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-09-08
JOLT FOR FORT SCOTT.
Found That Their Law Had Been
Tempered With.

The state board of school fund COM
missioners has refused to accept the
offer received from the Fort Scott board
of education to accept new 4 per cent 20
year bonds in exchange for the $4,000
worth of old 512 and per cent bonds
which the school fund now owns The
would not be an unusual staten ant but
for the fact that a couple of interesting
complications have ensued in the course
of the transaction.
The first was the result of q mistake
in the office of Superintendent Dayhoff
The school fund commissioners looked
over the Fort Scott proposition, and de-
cided that they didn't want 4 per. cent
bonds, but in making up the records,
it was enormously set forth that the
offer was rejected flor want of funds =
Capt. Hayes therefore sent out the
usual stereotyped letter to Fort Scott,
stating that the school fund didn't have
enough money to take up the PROPOSE
ton.
OF course this was an absurd mistake.
for the deal which Fort Scott wanted
involved no money, but simply an ex-
change of new bonds for old bonds all
ready owned by the board. 1t puzzled
the Fort Scott board of education great
~, and in the report of the meeting the
Fort Scott Republican says:
Clerk Mitchell presented a letter he
had received from State Superintendent
Dayhoff to the effect that for the want
of funds it would be impossible to re-
fund the school bonds which had been
requested by the board of this city The
letter was somewhat perplexing to the
members OF the board as no funds had
been asked for BY the provisions of a
new law enacted by the last legislature
any school board in the state can issue
refunding bonds, thereby making a
saving in the rate of interest The
local board has $4,000 bonds which are
drawing 519 per cent interest, and So
900 drawing s per cent. An application
was made some time ago to issue re-
funding bonds in the sum of S13 oOC
which will draw per cent. AS there
are no funds to be handled at either
end of the line the board is at a loss
to know just what superintendent Day
hoff means by the contents of his let
ter. further effort will be made to
issue the bonds at lower rate of in
terest."
However, this 'sjoIt'' from the office
of the state superintendent set the
Fort Scott people to studying. and ap-
parently it occurred to somebody down
there to read the law passed by the
last legislature, under which they ex-
pected to arrange their transfer of 4
per cent bonds for the old and 6 pel
cent bonds. They found to their In-
disguised establishment, that the Law
makes it optional with the commits
sioners to accept the new bonds or not
just as it pleases. OF course the com.
missioners prefer to keep the bond,
Wnlcn pear the higher rate.
This new law was fixed up at For
Scott for the especial purpose of help.
ing out the board of education and i
was prepared in such way that i
was mandatory upon the state schoo
fund commissioners to refund cit
board of education bonds. It provided
that refunding bonds issued for o.
10 years should pay 4 per cent, anC
issued to run Is to 20 years SHOULD
pay 4 per cent. Fort Scott took III
the per cent proposition
But the law as prepared at For
Scott was amended some time durin,
its experience on the firing line of tn
legislature, and all the mandator,
features were chopped out.
Now the Fort Scott board is talkin,
Of bringing a mandamus suit to com
eel the state school fund commission