The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1911-12-26

reasolution was unanlmously adopted
by said Board. which resolution Is as
follows:
Whereas: On account OF the con.
slant and rapid increase OF the school
population in the district, and the un.
safe and inadequate condition of the
Second ward srammer school build.
ing, as we'll as the crowded condition
of the grammer school buildings in
the district, It has become necessary
and e%pedient to borrow money to pro.
vide q suitable. modern grammar
school building aud fixtures to ade.
quately accommodate the school popu.
lntIon OF the Second ward of the City
ofhFairmont. ain4sald district, and to
provide suitable additions to the gram.
mar school building in the Fourth
ward Of said city, and the Virginia ave.
nue. school building In said district.
and for such purposes to acquire nd.
ditlonal real estate and finish paying
for that already acquired by the
Board. and to provide a suitable add.
ton and Improvements to the Barns
vile school properly; and also to con.
struct and install in the High school
building of the district a PROPER heat
Ing and venti!ating plant: the amount.
from the current levies upon proper.
ties assessed in the district for State
and county taxes being insufficient for
said purposes
And. Whereas, 1t is estimated that
70. the purposes aforesaid, 1t will re.
quire $4,000. 90. and that many ell.
zens OF the district have petitioned
land urged the Board to borrow said
sum, issuing bonds therefor, and that
the Chamber OF Commerce OF said
City of Fairmont. acting upon the in.
vestiEation and information furnished
by its educational committee, has
adopted n resolution requesting this
Beard to issue bonds for the purposes
aforesaid. to the amount Of not less
than one hundred thousand dollars,
nor more than one hundred and fifty
thousand dollars;
>And 1t appears that the total yalnn'
ton OF the taxable property in this
district is s14.O7S,22l.7O as shown by
the last assessment Of property fol
State and county purposes, and that
two and q half per centum OF said
sum. which Is $351, S3O.54. represents
the amount OF the total bonded in
%debtedness which under the law the
district might issue;
And 1t further appearing that The
bonded Indebtedness nov outstanding
is only $4,000 90, leaving the amount
of bonded Indebtedness authorized by
law to be incurred by said district iaI
in excess OF the aggregate bonded in
debtedness and the proposed issue o.
$14O.: 10000.
Upon consideration whereof 1t II
ordered that, subject to the vote of the
people OF the district, this Board issue
and sell bonds to the amount ip tht
aggregate OF $14O,OOO.00 for the pur
poses aforesaid.
Said bonds shall be Issued in til,
amount of one hundred dollars. @
multiple thereof, for a sum in the as
gregate OF $140. 900. 90. bearing dat
the first day OF June, 1912. and paya
bic to bearer thirty years after tn,
date thereof. with interest from dat
at the rate Of five per centum per an
5 num, payable annually ON the first do,
OF June. Each OF said bonds shall b
numbered and have attached as a par
thereof interest coupons for tn
i amount OF each interest payment. TIL
bonds and coupons shall be signed b,
the Board OF Education OF rairmon
Independent School district, by 1t
president and secretary. with the pre-
viso In the bonds that / Board Q
, Education shall have the right at an
= time after Is years from the date Q
: said bonds, to call in and pay off an
V redeem them, or any part OF them, an
!. 10 discharge itself from any turtle
= liability arising from said bonds s
paid off and redeemed.
i The plan to meet the %accruing II
y Iterest on said bonds and to pay thel
IS at maturity is, that 1t shall be the dut
e. OF the Board OF Education OF said di
r, trict in the annual levy for the built
ing fund in said district, to proyid
o for the interest on said bonds, togetl
: er with mn additional sum to be 81
IN apart at interest annually. as q sin
n. ing fund, sufficient on or before the G;
n. piration of the term OF thirty yea
IN TO pay off and discharge the said bono
ID al that time. Or, at the option OF ii
in said Board, after fifteen years fro
the date OF said bonds. It may sele'
by lot or by the consent OF the holde
such bonds by number in the aggr
gate as amounts TO the sum alread
accumulated or set apart, or that ms
hereafter be set apart, as a sinkir
fund ds aforesaid. and apply said su'
SO set apart annually to the paymel
ut OF the said bonds SO selected; M
1t when paid, the same shall be du
N cancelled.
re For this purpose the Board OF Ed
n cation, II necessary, may levy an a