Evening journal., 1921-04-18

elections shall be paid by said Board
Of Public Education in Wilmington
in a similar manner as is provided
by law In the case Of other city elec-
tions.
Section Z. That Section OF tho
said Act be. and the same is hereby
amended by striking out said sec
tion and inserting In lieu thereof a
new section to be known as Section
3. as follows:
Section g. Four members shall
form a quorum for the transaction
OF business. The officers OF the
Board shall be a President. who
must be a member; a Secretary, and
such other officers and agents as
may be found necessary. The Board
may appoint a person not a mem
Der OF the same. Secretary thereof,
prescribe his duties. require from
him bonds with surety for his faith
ful performance Of said duties, II
deemed expedicnt. and allow him
compensation for services by stated
salary or otherwise. as may be con-
sidered proper.
The Board shall during the month
Of April I'm each year, cause 10 be
prepared and laid before them esti-
mates OF their probable revenue and
expenses for the ensuing fiscal year,
which estimates they shall lay before
the Council on or before the first
stated meeting OF Council In May
following. Al the time OF present
| ing 10 Council said estimates OF reve-
nue. and expenses the Board shall. In
addition thereto. include the amount
necessary TO be paid for interest on
bonds in the following fiscal year.
and also. when necessary, tho
, amount required In that year for the
/ retirement OF bonds. provided that
| the total estimate OF expenditures for
the Board OF Public Education In
/ Wilmington. exclusive OF the amount
of bonds that may be issued as IN
/ this Act hereinafter provided, shall
not exceed seven mills on each dollar
/ OF the value OF real and personal
property as assessed and taxable for
current city revenue. The said
Board. early in June in each year
after the Council shall have made
appropriation for the use OF the pub.
] IIr NInUMIH NWN ANAE AWNAWMAAA AAAN'N
year as herein provided, shall make
the apportionment and appropria'
tions for their expenditures for thai
year. based as nearly as may be
unon the estimates made by them ir
April previous. and such apportion
ment and appropriations shall h'
epecified and arranged under th'
heads or items designated In said es
Inmates. The said Board shall have
no power or authority except whei
specially authorized by act OF tn
General Assembly 20 borrow monel
or contract or create any debt or liza
buity except ordinary debts and liza
bnities incurred IN executing the du
ties imposed on them by law, TO b
paid out OF the said appropriation
made by Council and the receipts o
the year for the time then current
No money shall be paid from tn
treasury OF the Board unless tn
same shall have been appropriate
as aforesaid.
section 7. A The Council O
THE Mayor and Council OF Wi
mington." shall have power and au
lthority TO borrow money from tim
, loo time TO be used for the erectio
fIand equipment OF new school build
ines or additions to or enlargemeI
Of old school buildings. or for the r.
equipment Of old school building
, including the purchase and imprrf
ment OF grounds, and playground
and the refunding OF existing bond
TO an amount. inclusive Of It's preser
u IHaHaH HHH
aggregate two per centum OF IN
then assessed value OF the real estat
of said city; provided, that the IN
dobtedness herein authorized TO b
incurred shall be exclusive OF and j
addition TO any indebtedness author
lied TO be incurred by THE Mayo
and Council OF wilmington In IA
charter Of said city as now existing
or as il shall hereafter be amende
{ from time to time. The amount here
bv authorized to be borrowed In an
{ one year shall not exceed one-half q
one per centum OF the assessed valu
/ of the real estate Of said city herei
specified
I The sum or sums determined upo
3 by said Council 20 be borrowed un
J ! der the provisions OF this Act sha
( be secured by the issue of bonds b
/ the said Council OF "The Mayor an
E | Council OF Wilmington" OF the do
. | nomination OF one thousand dollar
e each. and bearing such rate Of inter
( est. not to exceed six percentum pS
- annum. as said Council may deer
i. eNpediont. the interest upon whic
- shall be payable semi-annuhly
Z said bonds shall be sinking fur
( bonds and shall be divided into Z
- many classes as may be necessary
- mature and retire them, and shall /
- paid at their face value on maturit
( ! provided. however. that not less tina
s two and one-half percentum OF n
] total face value OF said bonds, coun
- ing to the nearest thousand dollar
{ shall mature and be paid and retire
n in each fiscal year. beginning Wi
e the next fiscal year succeeding u
fiscal year in which they are issue
q Said bonds shall be prepared und
4 the supervision Of The Mayor al
u Council of Wilmington" and shi
p be signed by the Mayor OF "Tl
G Mayor and Council of Wilmington
% and countersigned by the City Trea
d urer and City Auditor OF Wilmin
/, ton. and shall be sealed with q
n corporate seal of "The Mayor al
Il Council of wilmington" II sh'
II be the duty OF such officers TO eN
- cute said bonds when so directed
THE Council" and IL shall be q
l. duty Of the City Treasurer Of W
p mington and the City Clerk 20 kei
" a record Of said bonds.
Al said bonds, or any part thereC