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School districts
may issue
bonds, when.

Question to be
submitted to

vote.

AN ACT

To provide for the issuing and payment of school district bonds.

Be it enacted by the Legislature of the state of Nebraska:

SECTION 1. The district officers of any school district in Nebraska shall have power to issue the bonds of the district for the purpose of purchasing a site for, and erecting thereon a school house or school houses, and furnishing the same in such district, on the terms and conditions set forth in the succeeding sections of this act.

SEC. 2. No bonds shall be issued until the question has been submitted to the qualified electors of the district, and two-thirds of all the qualified electors present and voting on the question shall have declared by their votes in favor of issuing the same at an election called for the purpose, upon a notice given by the officers of the district at least twenty days prior to such election.

submission.

SEC. 3. No vote shall be ordered upon the issuance Petition for of such bonds unless a petition shall be presented to the district board suggesting that a vote be taken for or against the issuing of such amount of bonds as may therein be asked for, to purchase a site for, or build a school house or houses, or for furnishing the necessary furniture and apparatus for the same, or for all of these purposes, which said petition shall be signed by at least one-third of the qualified voters of such district.

bonds.

SEC. 4. That no such bonds shall be issued in aggregate Amount of amount to exceed three per cent of the taxable valua tion of the district for county and state purposes for the year next preceding such issue; nor shall any district issue bonds unless there are at least twelve children of school age residing within the district.

SEC. 5. The amount of bonds shall in no case exceed same. five hundred dollars in those districts having less than twenty-five scholars, and not less than twelve, of school age; and the amount of bonds shall not exceed one thousand dollars when the number of children of school age are twenty-five, or more, and less than fifty; and the amount of bonds shall not exceed two thousand dollars when the number of children of school age in the district are fifty or more, but less than one hundred; and the amount of bonds shall not exceed five thousand dollars when the number of children of school age in the district are one hundred or more, but less than three hundred; and in districts having three hundred or more children of school age, such amount as may be agreed upon, not to exceed three per cent of the assessed valuation.

SEC. 6. The bonds issued under this sub-division shall Rate of interest draw such interest as shall be agreed upon, but not to

exceed seven per cent per annum.

bonds.

SEC. 7. The bonds shall specify on their face the date, Description of amount, for what purpose issued, the time they run, and

Statements by school district

officers.

the rate of interest; shall be printed on good paper, with coupons attached for each year's or half year's interest, and the amount of each year's interest shall be placed in corresponding coupons until such bonds shall become due, in a manner so as to have the last coupon fall due at the same time as the bond; said bonds and coupons thereto attached shall be severally signed by the director, moderator, and treasurer of the district board.

SEC. 8. It shall be the duty of the proper officers of any school district in which any bonds may be voted under the authority of any law of this state, before the issuance of such bonds to make a written statement of all proceedings relative to the vote upon the issuance of such bonds, and the notice of the election, manner and time of giving notice, questions of submissions, results of a canvass of the vote on the proposition on account of which it is proposed to issue such bonds, together with a full statement of the assessed valuation, the number of children of school age residing in the district, and total bonded indebtedness of the school district voting Transmitted to such bonds. Such statement shall be certified to under

auditor of pub

lic accounts. oath by the proper school board of the district, and be transmitted with the bonds proposed to be issued to the auditor of public accounts.

Registration by auditor.

Certificate of registry.

SEC. 9. The auditor shall examine the statements and bonds so submitted to him, and if he be satisfied that such bonds have been voted in conformity to law, and are in all respects in due form, he shall record the statement and register the bonds in his office, and no such bonds shall be issued or be valid unless they shall be so registered and have endorsed thereon a certificate of said auditor and the secretary of state, showing that such bonds are issued pursuant to law, the data filed in the office of said auditor being the basis of such certificate.

SEC. 10. Upon the registration of such bonds aforesaid, the auditor of public accounts shall certify the fact

to the county clerk of the county in which the district
is situated, and also to the proper officers of such school
district, and whose duty it shall be to enter the same
upon the proper records of such school district, and
taxes for the payment of such bonds and the interest Payment.
thereof shall be levied in the manner provided by section.

13 of this act.

SEC. 11. If the auditor of public accounts is not Non registry. satisfied that such bonds have [been] issued according to law, he shall return the same to the proper officers with a certificate to that effect.

bonds hereto

SEC. 12. Bonds heretofore issued under any of the Effect of act on provisions of any law of this state may be registered in fore issued. the office of the auditor of public accounts upon compliance with the provisions of this chapter, but nothing herein contained shall affect the validity of bonds heretofore issued, and not registered under any law of this state.

payment.

SEC. 13. It shall be the duty of the board of county Taxation for commissioners in each county to levy, annually, upon all the taxable property in each school district in such county, a tax sufficient to pay the interest accruing upon any bonds issued by such school district, and to provide a sinking fund for the final redemption of the same, such sinking fund. levy to be made with the annual levy of the county, and the taxes collected with other taxes, and when collected shall be and remain in the hands of the county treasurer a specific fund for the payment of the interest upon such bonds, and for the final payment of the same at maturity. It shall be the duty of the county clerk to furnish a copy of his register to the county treasurer. SEO. 14. That the phrase and expression "school School district district," as used in the preceding section, is hereby declared to mean, intend, and refer to the school district as it existed immediately prior to and at the time of the issuance of any bonds by said school district, including

defined.

Excess of tax over payment due, how invested.

Payment, where and how made.

all lands and property and inhabitants comprised and contained in said school district at the time of the issuance of any bonds, and including all and any portions of said district subsequently separated from said district, whether by the formation of a new district or by any change of boundaries of said original district.

SEC. 15. Any money remaining in the hands of any treasurer, after the payment of interest due on any bonds which are a valid and legal obligation against the school district to which such money belongs, and the retention of a sufficient amount to pay the accruing interest upon such bonds for the current year, shall be retained as a sinking fund for the final redemption of such bonds, and shall be by the treasurer, when so ordered by the school board, invested as follows, to-wit: First, in redeeming bonds of the school district issuing the same; second, in registered bonds of the county in which the district is situated; third, in the bonds of the state of Nebraska; fourth, in the bonds of the United States; Provided, that the bonds thus purchased shall in all cases be purchased at the lowest market price, after twenty days' notice by publication in at least one newspaper published and in general circulation at the capital, city or town of the state; the cost of which advertising, at legal rates, shall be paid out of the sinking fund for the redemption of such bonds.

SEC. 16. When the interest and principal, or interest only, of such registered bonds are payable in New York City, or elsewhere out of the state, payment shall be therein [then] made at the place so designated in such bond or coupon, or at the commercial [financial] agency of the state for such purposes, and in order that the funds may not be misapplied, the treasurer shall procure a draft for the amount, to be transmitted by drawing his check on some bank in this state, and both check and draft shall be so endorsed as to show upon what

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