The San Angelo press. (San Angelo, Tex.) 1897-1907, 1905-07-13
To the Voters of San Angelo.

To the Voters of San Angelo.
The San Angelo Public School
trustees desire to inform the
voters of the reasons that have
lead them to ask the City Council
to order another election for the
issuance of $50, 900 of bonds for
the purpose of building additions
and making repairs on the school
houses in San Angelo.
AS you all know, the people of
this town voted upon themselves
an issue of $4,000 in school
bonds These bonds have been
duly approved by the Attorney
General, and the school board has
for the last three or four months
used all efforts in their power to
dispose of the bonds, but have
found no person willing to buy
them. Mr.. Il A Hall has writ
ten to all of the money centers of
the North and East trying to get
purchaser for these bonds,
but without avail. There was n
time when the State Board of
Education took 4 per cent. bonds
at sufficient discount to make
the interest net them 5 per cent.
on the bonds, but in an opinion
rendered by Attorney General
Davidson recently to the State
Board of Education, he holds
that neither the State Board Of
Education, nor anyone else, can
purchase bonds at anything below
their par value. In his opinion
Mr.. Davidson says that there are
now at least three Independent
School Districts who have issued
4 per cent. bonds and can find 10
market for them, and that said
Independent School Districts will
have TO have their bonds can
celled and vote upon an issue at
> per cent.
In plain language, there is not
in the market any money nor de-
mand for i per cent. bonds, and
they cannot be sold, for the rea-
son that men investing in bonds
can get their money out on D per
cent. bonds and the Issue of 4 per
cent. bonds in Texas has practi-
calIy ceased for at least two years.
Before the Attorney General q
opinion, however, and believing
that we could dispose of the bonds
at least TO the Board of Educa-
ton at discount, your Board of
School Trustees entered INTO a
contract in the sum of practi-
cally 500 200 for the purpose of
adding to the high school BALD
ing on Magdalen street, and the
contractor has given bond and is
going ahead with the work. Since
we have discovered that the 4 per
cent. bonds cannot he sold we
have still told the contractor to
90 ahead with the work, for two
reasons:
Tho first is because the school
needs of San Angelo create an
absolute necessity for the cree.
ton of this building. With the
school facilities that we now have
it is absolutely impossible to
house the school children that at
tend the public schools, and we
need every foot Of the room, and
more, for which this contract
calls, at the beginning of the SEES
sion this fall. This absolute ne
cessity existing, the School
Board has confidence in the tax
paying voters of San Angelo that
they will come to their rescue and
vote this issue of 5 per cent.
bonds so that it will be possible
to go ahead and complete the
building
You will observe that we have
asked for $1,000 worth of school
bonds. We have done this be-
cause of the following reason
That in our judgment, when the
new building is completed it will
cost in the neighborhood of S22,-
500. We now have no negro
school house, or any land upon
which to place one; nor
have we any Mexican school
house, nor any lot upon
which to place one. These PEG,