The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-04-13
ELECTION PROQA AVIATION,
,toF THE gPREsIDENT OF THE
5Ro.ARD8ooE EDUCATION FOR
SCHOOL BONDS.

BOARD&OE5sE
SCHOOL BONDS.
Whereas, at q meeting oftthe Board
Of Education Of the Independent Dis.
trict Of Fairmont, all the members
having due notice and being present,
on the 18th day 81 aMarch, 1906:
On motion 1t was unanimously or.
dered, that
Whereas, on account Of the con.
slant and rapid increase Of the school
population in the district, and the
WORKOUT and inadequate character OF
the school building, known as the
High School Building nov used
for the High School and the Graded
School for the Second and Third
wards, and the lack of room in the
Locust avenue building and the Elem.
Ing school building, with the immedi.
ate prospect Of necessary additions
to the Evansville and Uztown
school buildings and, for fur.
nlture and equipment; 1t has be.
come necessary and ~expedlent to Dor.
row money to provide, suitable build,
lngs and fixtures to adequately ac.
commodate the children Of the dis.
trict the amount from current levies
upon property assessed in the dis.
trict for State and county taxes being.
insufficient; and,
Whereas, 1t is estimated for the
purposes aforesaid that it will require
at least $780, 900. OF, to purchase site
and construct and equip a new High
School building for the district, and
a Grammar Graded School building
for the Fifth ward, and other school
buildings and additions In the dis.
trlct; and refund the bonds now past
due amounting TO s11,5Oo, issued the
LIST day of July, 1891; and,
Whereas, the said sum Of $780,
10000 excluding the existing bonded
Indebtedness of said district, which Is
to be paid off out OF the proceeds Of
the sale Of new bonds, would not ex.
coed five per centum Of the valuation
OF all the property assessed for taxa.
ton in said district, rs ascertained by
the last assessment of the property
for Safe and county taxes;
Upon consideration whereof, it is
ordered by the Board OF Education Of
the Independent District Of Fairmont,
subject to the vote Of the people Of the
district, that the said Board Issue and
sell bonds to the amount in the aggre.
gate of $15O,oOo.o0 for the purposes
aforesaid.
The said bonds shall be issued in
amounts of 100000, or multiples
thereof, for a sum in the aggregate Of
S1bO,O0O.O0, bearing date the first day
of June, 1905, and payable to bearer
twenty years after date thereof, with
interest from date at the rate Of s
per cent. per annum, payable annual.
ly, OH the 1st day Of June; each of
said bonds shall be numbered, and
have attached as part thereof, inter.
est coupons, for the amount Of each
interest payment, the bonds and cor.
pons to be signed by the Board Of Ed
~ucation of the Independent District
} Of Fairmont, by its president and sec.
: rotary, with the new proyiso in The
! bonds that said Board of Education
shall have the right at any time after
three years from date OF said bonds
10 call in and pay of. and redeem
! them, o any part of them; and, tc
discharge itself from any turtle,
; liability arising from said bonds SC
paid off and redeemed.
The plan adopted by the Board tc
meet the accruing interest on sale
bonds and to pay them at maturlt,
Is that 1t shall be the duty of tht
Board of Education Of said district
: In the annual levy for the Building
Fund in said district, to provide fo'
the interest ON said bonds, togethe
c with an additional sum to be SET apar
at interest annually, sufficient, witt
the accrued interest at or before tn
expiration OF the term Of twenty years
to pay off and discharge the sal
o bonds at that time; or, at the optio'
Of the said Board, after three year
from date Of said bonds, 1t may selec
l. by lot or by the consent Of the holt
o er, such bonds by number, in the as
d gregate as amounts to the sum a
e ready accumulated or set apart an
a that may hereafter be set apart as
sinking fund as aforesaid and appl
the said sum SO set apart annually t
u the payment of said bonds so selecr
ed, and when paid shall be duly car
d celled; and, for this purpose tn