The Newport miner. [volume] (Newport, Wash.) 1899-current, 1911-12-14
CALL SCHOOL BOND ELECTION
For Purpose of Retiring Out
standing Warrants.
Election Date Saturday, Dec. %.

The School Board of District No. l of
Pend Oreille county, the Newport dis
trict, publishes in this issue of THE
MINER a call for special bonding
election, to be held at the school house
between the hours of 1 o'clock and s
o'clock p. m. on Saturday, Dec. %, 1911.
The election is for the purpose of au-
thorizing the issue of bonds in the sum
of $1,000, to take up outstanding war
rant indebtedness of the district. The
bonds are to be twenty-year term, with
the district reserving the right to retire
them after the expiration of ten years.
Interest rate not to exceed 6 per cent
per annum, but the probabilities are
thew could be sold with a 5 per cent
rate.
This action of the board was taken
after ascertaining the financial condi-
ton of the district from the books of
the county treasurer. 1t was found
that the district is now bonded in the
sum of SIS, 900, and that there are out
standing warrants of $13,817,29 now
bearing per cent interest. To offset
this indebtedness the district has on
hand in the treasury the sum of 1894. s.
cash, most of which, however, will
shortly be given out in payment of war
rants, call for which was made recently
by the county treasurer. Deducting
the amount of cash On hand from the
total amount of bonds and outstanding
warrants shows the debt of the district
at this time to be $27, 1921.
1t is for the purpose of getting the
interest reduced on the outstanding
warrants that the bonding election is
called. Of the total warrant indebted
ness only $1,000 will be voted on at the
election on Dec. %, and after these
bonds have been authorized and sold
another election will be called to au-
thorize the issuance of bonds for the
remainder of the Indebtedness. It is
not possible to vote bonds for the total
amount of the Indebtedness at the first
election, as there would be technical
violation of the law involved. Presum-
ing that the district voted bonds for the
total debt there would be an interval of
time before the bonds could be ex-
changed for warrants, wherein the debt
of the district would exceed the limit
imposed by law, as both warrants and
bonds would be considered as an indebt-
edness during this interval. Therefore
it is necessary to hold two elections to
clean up and refund the warrant in
debtedness.
The total valuation of District No. l
is 1851, 10 and the limit of indebtedness
is $34, 055. so, per cent of the assessed
valuation.
While the large debt of the district
may be surprise to the later residents
of the town, those who have lived here
for some time are familiar with the
difficulties encountered in providing
sufficient funds for school purposes in a
community whose growth has been SO
rapid that it has been hard to keeppace
with the demand for school facilities.
Five years ago the district was in debt
in the sum of $4,000, and the assessed
valuation of the district at that time
was only $685., 900. At one time the
public spirited citizens of the town
found it necessary to go on notes to
provide money for necessary improve
ments.
When your feet are wet and cold,
and your body chilled through and
! through from exnosllre. take a BIG dose