The Norfolk weekly news-journal., 1907-03-29
BANK ACCOUNT OF SCHOOL
NoRFoLK's SCHOOL TAX WILL BE
LESS FROM NOW ON.
EVEN WITH NEW BOND ISSUE
After July Norfolk viii, Even With
New Bond Issue Of $4,000, Have
$1,000 Less Burden Than Novelty
Needs School-May Not Use All.
[Frvm " tuesdays Daily.l

Needs School-May Not Use All.
TFrvm ', tuesdays Dailyl
Voters of the Norfolk school dis
trict who will be called to pass on the
proposed $4,000 bond issue at the
April election are naturally and right
ly interested in knowing the financial
condition of the school district. Mem
bers of the board of education are also
anxious that the financial condition of
the district should be placed before the
voters to show that the district stands
we'll in money matters at this time.
Acting under instructions from the
secretary of the school board the coun-
ty treasurer will call in $25 1000 of the
outstanding school bonds during the
next few months. This will leave the
bonded debt of the school district at
$1,000.
Exact Standing Today.
The exact standing of the districts
finances are set out in the following
statement received yesterday from
County Treasurer Christopher Schav-
land at Madison:
"In reply to yours of the 22nd in
stance, shall say that the $4,000 bond
issue is dated August /, 1889, and ma
lures August /, 1909 and may be paid
after fifteen years from date of issue
at the option of the officers of the
school district.
1.-THE 81 900 issue is dated May 1,
1898, and natures May 1, 1918. There
is no option noted on my bond regis
ter.
"The bond sinking fund, including
interest fund, now amounts to $25,234
and with real estate taxes soon to
come in will be amply sufficient to
take up the $4,000 issue at the next
interest payment in July, possibly be-
fore. The sinking fund now on hand
has been provided for that issue only,
and is therefore applicable in it's en-
tirety. 1t has been made up in the
short time of about seven or eight
years. Arrangements will be made to
take up the $4,000 on or before July
l, 1907"
Less Taxes From Now On.
Provided the new bond issue of 1884,
600 passes, before it will have been
carried into effect the old bond issue
of $4,000 will have been entirely
wiped off the records. The bonded in
debtedness under the new issue will
be at least 81 900 less than at present
The period of Indebtedness will of
course be extended over a longer pc
riod.
While in the end the taxpayers have
to pay for every cent put into school
building members of the board show
that the taxpayers of Norfolk will not
be called on to meet an increase in
the tax rate for school purposes. The
s25,0G0 retiring bonds carry six per
cent. interest while the new issue
calls for five per cent. bonds. Under
the law ten years may elapse before
the board will have to levy taxes to
provide for a sinking fund against the
proposed bond issue. In the mean
while the $1,000 issue can be cared
for. Where the district will lose will
not be in an increase of taxes but
through the fact that had the fire not
occurred the sinking fund levy would
have been practically wiped out of
existence in few years
City Must Have School.
Norfolk must have a new high school
building and she must have money to
build it, If the $4,000 bond issue car
ries, added to the $4,000 insurance,
it will place $4,000 at the disposal of
the board for the rebuilding of the
high school. Added to this Is the sal
wage represented in the old building.
May Not Use All.
Members of the board declare that
their aim will be to serve the inter
ests of the district as economically as
possible in securing q suitable high
school building for the district and
that if the cost of their building can
< be brought below the above amount
the amount of bonds will fall that
much below the $4,000 limit fixed in
the boards request to the voters of
the school district