Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1924-02-01
STATE DEFAULTS ONSCHOOL
BONDS in II DISTRICTS
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CONTINUED from first page)
by the State of Delaware has default
= ed.
When this subject was brought to
the attention of Representative Col
Inns, father" of the Budget Law, at
the time of its passage, he callously
remarked Let them pay their own
debts" despite the fact that the dis
trlcts could not do so if they wished.
Apparently it is Mr.. Collins impress
sion that in some mysterious way
these bonds and the interest on them
shall be paid by the taxpayers of the
district, and thus assist in cutting
down the 'era of extravaganza" Up
to the present time there has been no
evidence of any school district at
tempting to lay a special tax to pay off
either the bonds or interest.
AS an example, the Oak Grove
| School District in this county owes
100000 in bonds, and has defaulted on
interest due October 20, 1923. Town
send has defaulted on bonds totaling
$4,000, and Mt. Pleasant on bonds to-
falling $4,000.
Greenwood, in Sussex county has de-
faulted on $4,000; Bridgeville on 3d.
900; Rehoboth on $4,000.
In all twenty-seven school districts
have already defaulted on their bonds.
Confirmation that school bonds have
been defaulted on has been received
from Charles B. Evans, attorney, who
is looking after the interests of sever |
al clients who have failed to receive |
their interest at the time set and |
from the State School Board, through |
John Shilling, assistant to State SUI
pervisor Of Schools H. V. Holloway.
Mr.. Evans stated that he holds some
bonds which have been purchased by
people who can i'll afford to lose the
income. They had purchased them in
to real estate mortgages.
Mr.. Shilling said it was true that II
the school districts had defaulted. He
said the subject had been taken up !
before the General Assembly, but no
provision for payment of interest or ,
bonds was made other than that the I
school district could lay special tax
or their payment.
The Budget Law is published in |
Chapter % of Volume SO, Laws of Del t
ware, 1928. a
The bonds outstanding at the pres q
mt time, and the interest unpaid in
chOol districts under the State Board '
# Education exclusive of Whining e
on and the special districts) is as fol- r
Ows, the interest being calculated up il
D January 1, 1925, because there is no L
ray to pay off the Indebtedness until a
he Assembly meets: d
NEW CASTLE COUNTY
Int. to Jan. n
Bonds 1, 1925 e'
It. Pleasant Dist. ---------S3, 10000 III
1t. from May 1, 1928 to Jan. @
1t. at SO from May 1, 1928 to 81
Jan. ------------------.- $4,000 W
larpley Dist. - 100000 H
It. at SO from May 1, 1923 to sc
Jan. 1 $4,000 wi
chardson Park Dist. --- 100000 m
t. at SO from Feb. 1, 1928 to te
Jan. 1888
export Dist. -------------.---- 100000 I'd
t. at SO from Feb. 1, 1923 to ed
Jan. --------.-.------. 1888 ne
'andywine SpringsDist. 10000 Hi
t. at SO from July 1, 1923 to sh
IAN 62.bO w
eSSa DlSC ------.------------ 10000 ID
!. at SO from July l, 1923 to no
fan. 1 ----------..---.-.---.------.-.-- 5000 MI
-rshallton Dist. -----------. 100000 ag
!. at SO from July 12 1922 to oc'
Ian. 1 -------.-----..--.--.--.-.-.-.- 1877 be;
wnsend Dist. --.-------.---. 100000 tw
at so from April 1, 1928 to wa
an. -.------------------. $500 Mi
K Grove Dist. .---.--.----.2O, 100000 req
at SO from April 20, 1928 to pal
an. -------------.--..---- Sg7 % L
phi
Total --.- s9A Inn m 90 o1h sE ton
KENT COUNTY ant
derica Dist .--------S 10000 Gay
at 40 from Oct. 1, 1922 to wee
an -------------.-- 1900 "
sWold Dist. ------.----.---- 10000 no
at so from July 1, 1928 to PM
IN. -.---....--..--..-- o. IN Nit
"a Dist -.-..--.--- 10000 bro
at so from Sept. 2s, 1922 to pne
m ---------------------- S9.43 M
ton Dist, about - 485.OO phli
ding & Loan quarterly pay Mr..
ents Of $4,000 or monthly wee
ZOO. Amount due Jan. from M
ly 1 -.----.--.-------..-....-. 21eOO tive!
'wold Dist. (colored) 1890 M
has been paid Old building and
d and purchaser assumed to P
ot. ton
MI
tai .--.-...--. So, 10000 S474. 90 al d.
Ri
SUSSEX COUNTY the {
n Dist. --.-.-.S2, 10000 Tues
at 40 from Sept. 1, 1922 to Mr.
l. 1 ---. .-..-..--.--.-...-.-s 252.OO list
ooro Dist. -.---.--..-.--... 1000. 90 Mrs
l. =