The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-01-02

IHklLtlG tAa4Alu " Astt
kInaependeht schpgl nc 81 Marion
comfy. West yitgInIa b 1efeby make
and publish Sthe following propllalmIiaE
tiohs !
\, Whereas: II a meeting Of the
Board Of Education Of said Fairmont
independent school district duly held
on the 18th day of'Deceuiber, 1871, a
resolution was d6animQusls adopted
by said Board, which resolution is as
follows:
..Whereas: Un account of the con
slant and rapid increase 81 the school
population in the district and the IN.
safe and inadequate condition Of the
Second ward grammeT school build.
ing, as well as the crowded condition
OF. the grammer school buildings in
the district, 1t has become necessary
and e&pedlent to borrow money to pro-
vide a suitable, modern Z grammar
school building and fixtures to ade.
,quately accommodate the school spopu.
lation of the Second ward of the City
OF Fairmont, u said district, and to
Iprovide suitable additions to the gram
mar school buiidlng3ifjf the Fourth
ward of said city. and the Virginia ave-
pue school building In said district,
and for. such purposes to acquire ad.
ditional real estate and finish paying
for that already acquired by the
Board, and to provide a suitable addi-
tlop and Improvepehts to the Barns;
vile school property; and also to con.
struct and install lin the High school
building of the district proper heat.
ing and yentllating3 plant; the amount
from the current levtes upons proper
ties assessed in tteSdistrict for State
and county taxes being insufficient for
said purposes
And, Whereas, it is estimated that
for the purposes aforesaid, it will re.
qulre $14O,0O0.0Q, and that many citi.
zens OF the district have petitioned
and 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,
vestigation and information furnished
by its educational committee, has
adopted a resolution requesting this
Board to issue bonds for the purposes
aforesaid, ,ts the amount Of not less
than one hundred thousand dollars,
nor more. than one hundred and fifty
thousand dollars; Ne st
And It Appeals that the total yalua.
ton of the taxable property in this
district is $f4,873.221,7G, as shown by
the last assessment. Of property for
State and county purposes, and that
two and a half Nper centum OF said
sum, which is 1851 ,S3O.54, represents
the amount of the total bonded in
debtedness which under the law the
district might issue;
And 1t further appearing tliat7the
bonded indebtedness low outstanding
is only $1AB,O6O.OC!'ie 5gg ths amount
of bonded indebtedness thorized. BY
law to be ipcurredsby ID district far
in excess ef5the aggf gate bonded in.
debtedness and the proposed issue OF
$14O, 10000. !.
Upon consideration whereof 1t is
ordered that, subject to the vote of the
people of the district, this Board issue
and sell bonds to the. amount In the
aggregate of $14O.000QO for the pur'
poses aforesaid.
Said bonds shall be issued IN the
amount OF one hundred dollars, or,
multiple thereof, for "a sum in the iag'
gregate. of s14O,OOO09, bearing date
the first dayaof June, 1912, and epaya'
Bile to bearer thirty years after the,
date thereof with interest; from date
at the rate OF five per centum per an
nun, payable annually on the first day
of June. Each of said bonds shall be
numbered and have attached as a part
thereof interest coupons for the
amount OF each interest payment, The.
bonds and coupons shall be signed by
the Board of Education OF ttalrmont
independent School district, by tts
president and secretary, with the pro,
yiso in, the bonds that said Board Of
Education shall have. the right At any
time after 10 years from the date o.
said bonds, TO call in and pagloff and
redeem them, or any ipartof them, and
10 discharge itself from any further
liability, arising from said bonds, 50.
paid off and redeemed =
The plan to meet the accruing In
terest on said bonds, and to pay them
at maturity is, that it shall be the!duty
Of the Board of Education of said dis,
trict in the annual levy for the build
ing fund in said district, to provide
for the interest on said bonds, togeth',
er with an additional sum to be set
apart at interest annually, as a sink
ing fund, sufficient on or before the ex'
piration of the term of thirty years
to nay of and discharge the said bonds
at that time. Or, at the option OF the
said Board, after fifteen years from
tile date OF said bonds, it may select
BY lot or by the consent of the holder.
4 I. =