The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-10
S25O,OOO SCHOOL
BONDS WILL CO
ON SALE JULY |
Teachers viii Be Elected and
Salaries Finally Fixed on
June 23-More Rights for
Married Teachers.

July /, 1919, was set as the date for
the sale of the first half of the 100000
bond issue for buildings, grounds and
improvements for Memphis schools at
the regular meeting or the city ooslo
Of education Monday night. An amenu-
ed resolution superseding all previous
ones on the subject was presented oy
Marion Evans, legal counsellor FOR the
board. 1t was passed unanimously oS
out of the city. The second $zoV'OOo
issue of bonds will be put on the mar
ket on Jan. /, 1920. ~
bonds incontestable when IN the hanuS
of a registered holder and VIII pear IN
terest at from Az per cent 10 . per
cent at the discretion Of the poaro,
decision 10 be made at the time OF
sale. The securities are not to De sou
al less than par ana will bear interesS
PAYABLE ~semiannually on July l anu
jan. l of each year. IN
Retiring OF the bonds will begin on
July /, 1925, when SIS, 600 VIII pc re-
tired and thereafter on eacn ucTm So
ing July / of each year S15,0O0 VIII pe
refired until the entire $500 600 shall
have been paid. The bonds are 70 De
delivered to the purchaser at any Mem
phis institution or the United SIdtes
Mortgage and Trust company, ne"
York city.
Mortgages Required.
The resolution further provides thai
a tax shall be levied to cover the DOM
issue as provided by the statute au,
| thorizing il to pay the principal any
interest, Tran~fer or sale OF n mus
be registered on the books OF the SCI.
rotary of the board, but THIS ieatute
will not interfere with the hesoli"Oh''
of the interest coupons 4, a
A mortgage or deed of trust IS re-
ouired on the buildings and propert!
of the board Of education. Ihe presi,
dent and secretary or the boaru WeIe
| authorized to draw up this
The BONDS will be sold at pubic sat
on July / and the secretary was au.n na
ized Ia advertise in daily Memphis pa
ners notice of the Gate Of sale n also
in New York papers should he ,deeln
II advisable. After the sale OF the issue,
wavs and means of the expenditure ol
the proceeds on construction OF new
buildings and grounds and other III.
proyements will be determined oy inc
board.
Coal Contract Let.
The contract was let at Monday
,ieht's meeting for 1000 o OF Goa
TO- be delivered during the months q
lime, July and August. The Davis
SGuonaI' comnanv was awarded the con,
tract. its bid being s5.45 per ton q
1000 pounds for No. 3 lump; II WI
he required to give bond if it is deemed
necessary. ~ ha,.
: ance of $1,000 due on the contract 10,
construction of the RozeIl school wa
ordered paid as was also $1,162 due ioi
the building Of the janitor's house FOL
Mr., walsh, chairman of the financt
committee announced that the COMMIT
tee had about decided on the scale o.
salaries for the eacners for the com
Ing wear, Increases have been decided
upon in all cases except three. Thes'
will be acted upon before the mex
meeting Of the hoard, at which time I'M
election Of teachers will be In order;
When the teachers are selected lneS
will be required to sign a oontracs
Marion Evans, attorney for the ooaro
was authorized to draw up a new con
tract. 1t was also decided that teach