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in the limit of a city of the first class, it shall be the duty of the county superintendent of public instruction, the president of the board of education, and the director of the school district, to appraise and adjust all claims or assets in such a manner that each district shall bear its proportion of the indebtedness, as heretofore provided, and have its proportion of the assets of said district.
SEC. 23. [Estimate of expenses-Taxes.]-That the board of education shall annually during the month of June, report to the county commissioners an estimate of the amount of funds required for the support of the schools during the fiscal year next ensuing, the amount of funds required for the purchase of school sites, the erection of school buildings, the payment of interest upon all bonds issued for school purposes, and the creation of a sinking fund for the payment of such indebtedness; and the county commissioners are hereby authorized and required to levy and collect the necessary amounts the same as other taxes; a duplicate of said certificate shall be filed by the board with the city council: Provided, That in cities of the first class said estimate shall be made to the city council, and the city council is hereby authorized, and if approved by city council, required to levy and collect the necessary amount the same as other taxes; Provided, further, That in cities of the first class, in case the purchase of school sites and erection of buildings shall require an expenditure exceeding five thousand dollars for any one calendar year, the question shall be submitted to a vote of the electors of the district at the time and place of any city, county, or state election. The board of education shall, previous to such election, designate in at least one daily paper published in the district where such election shall be held, the locality of the site or sites required, and the cost of the building to be erected thereon. [Amended 1885, chap. 80.]
SEC. 24. [Limit of taxation.]—That the aggregate school tax shall in no one year exceed two per cent. upon all the taxable property of the district. [Amended 1883, chap. LXXII.]
SEC. 25. [Taxes paid in money.]-That all taxes collected for the benefit of the public schools shall be paid in money, and shall be subject to the order of the board of education.
SEC. 26. [Interest-Sinking fund.]—That the board of education is hereby authorized and required to provide before the same shall become due, for the interest on all bonds issued by the district; they shall also, immediately after the expiration of one-half of the time for which said bonds are issued, proceed to set apart, each year, for a sinking fund, a requisite amount or proportion sufficient pay the principal of said bonds when they shall become due. All moneys set apart for said sinking fund shall be invested: First. In the purchase and redemption of bonds of the school district, which bonds shall be purchased in open market, in such manner as the board of education shall prescribe. Second. In bonds of the county in which the city is situated. Third. In bonds of the state of Nebraska. Fourth. In U. S. bonds. Fifth. In bonds of the city. [Amended 1883, chap. LXXII.]
SEC. 27. [Sale of bonds.]-That if it shall be deemed advisable by the board of education to purchase bonds issued under the provisions of this chapter, before maturity, the treasurer shall sell to the highest bidder, in open market, and in a manner prescribed by the board, such bonds or securities as shall belong to the school funds, and the proceeds thereof shall apply to the purchase of bonds herein provided for.
SEC. 28. [Control of funds.]-That all moneys arising from any source whatever, which under any prior act or acts of the legislature of this state, are payable to any school fund of any city of the state, or any moneys which are
SEC. 28. Cited 15 Neb. 4.
required to be set apart by the treasurer of any such city for the support and maintenance of any school heretofore organized therein, under any general or special law, shall, on and after the passage of this subdivision, be payable to the treasurer of the board of education, and shall be used only for the purpose specified in this subdivision.
SEC. 29. [Repealed act of 1869, 115, G. S. 961, and all acts amendatory thereof; act of 1873, G. S. 982; act of 1875, 208; act of 1867, 80, G. S. 484, and all acts amendatory thereto; act of 1871, 96, G. S. 488, and all acts amendatory thereof.]
SUBDIVISIONS XV.-SCHOOL DISTRICT BONDS.
SECTION 1. [School districts may issue bonds, when.]-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. [1879 § 1, 170.]
SEC. 2. [Submission of question to vote.]-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.
SEC. 3. [Petition for submission.]-No vote shall be ordered upon the issuance 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.
SEC. 4. [Amount of bonds..]-That no such bonds shall be issued in aggregate amount to exceed five per cent of the taxable valuation of the district for county and state purpose 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. [1883, chap. LXXIII.],
SEC. 5. [Same.]-The amount of bonds shall in no case exceed 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 amouut as may be agreed upon, not to exceed five per cent. of the assessed valuation. [Id.]
SEC. 6. Rate of interest.]-The bonds issued under this subdivision shall draw such interest as shall be agreed upon, but not to exceed seven per cent per annum.
SEC. 7. [Description of bonds.]-The bonds shall specify on their face the date, amount, for what purpose issued, the time they run, and the rate of interest; shall be printed on good paper, with coupons attached for each year 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
SUBD. XV. See 8 Neb. 95. 10 Id. 552. 12 Id. 259. 13 Id. 81, 89, 470. 14 Id. 381. 15. Id. 3. 16. Id. 187.
attached shall be severally signed by the director, moderator and treasurer of the district board.
SEC. 8. [Statements by school district officers.]-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 submission, 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 such bonds. Such statement shall be certified to under 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.
SEC. 9. [Registration by auditor.]-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. [Certificate of registry-Payment.]-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 thereof shall be levied in the manner provided by section 13 of this act.
SEC. 11. [Non-registry.]-If the auditor of public accounts is not satisfied that such bonds have issued according to law, he shall return the same to the proper officers with a certificate to that effect.
SEC. 12. [Effect of act on bonds heretofore issued.]-Bonds heretofore issued under any of the provisions of any law of this state may be registered in 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.
SEC. 13. [Taxation for payment Sinking fund.]—It shall be the duty of the board of county 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 bond issued by such school district, and to provide a sinking fund for the final redemption of the same, such 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.
SEC. 14. [School district defined.]-That the phrase and expression "school 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 all lands and property and inhabitants comprised and contained in said school district at the time of the issuance of any bonds including all and any portions of said district subsequently separated from said district, whether by formation of a new district. or by any change of boundaries of said original district.
SEC. 15. [Excess of tax over payment due-Investment.]-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 circulatlon 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. [Payment, where and how made,]-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 made at the place so designated in such bond or coupon, or at the commercial 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 bond or bonds the funds shall be applied; or, at the request of the party holding or owning said bonds, payment may be made at the office of said treasurer. SEC. 17. [County treasurer liable.]-The tax and funds so collected shall be deemed pledged and appropriated to the payment of the interest and principal of the registered bonds herein provided for, until fully satisfied, and the treasurer shall be liable on his official bond for the faithful disbursements of all moneys so collected or received by him. After the principal and interest of such bonds shall have been fully paid, and all obligations for which such fund and taxes were raised have been discharged, the county clerk, upon the order of the county commissioners shall notify the county treasurer to transfer all such funds remaining in his hands to the credit of the district to which they belong. [Amended 1885, chap. 82.]
SEC. 18. [Cancellation of bonds-Fees of county treasurer.]—When any registered bonds shall mature the same shall be paid off by the treasurer, at the place where the same shall be payable, out of any money in his hands or under his control for that purpose, and when so paid the same shall be endorsed by the treasurer on the face thereof, "Cancelled," together with the date of such payment; and thereupon be filed with the clerk, who shall enter satisfaction of such bonds upon the records of such school district. In case such bonds are payable out of the state, an allowance of one-fourth of one per cent. shall be made to the treasurer for the expense attendant in making such payment, to be deducted from any money in his hands remaining after payment of such matured bonds.
SEC. 19. [Acts repealed.]-That the act entitled "An act to amend an act entitled 'An act to establish a system of public instruction for the state of Nebraska,"" approved February 25, 1875; and, also, those portions of the act entitled "An act to provide for the registration of precinct, or township, and school district bonds," in conflict with this act, and all other acts and parts of acts inconsistent with this act be and the same is hereby repealed; Provided, That nothing in this act shall effect in any manner the validity of bonds heretofore issued.
SEC. 20. [Refunding.]—That any school district in the state of Nebraska, which has heretofore voted and issued bonds to build or furnish a school house, or for any other purpose, and which bonds or any part thereof still remain unpaid, and remain and on [are] a legal liability against such district, and bearing interest at ten per centum per annum, is hereby authorized to issue coupon bonds at a rate of interest not exceeding seven per centum per annum, to be substituted in place of, and exchanged for such bonds heretofore issued, whenever such school
district can effect such substitution and exchange, at a rate not to exceed dollar for dollar. [1879 § 1, 176.]
SEC. 21. [New bonds.]-The new bond so issued shall have recited therein the object of its issue, the title of the act under which the issue was made, stating the issue to be in pursuance thereof, and shall also state the number, date and amount of the bond or bonds for which it is substituted, and such new bond shall not be delivered until the surrender of the bond or bonds so designated. [Id. § 2.]
SEC. 22. [How issued and paid.]-The new bonds as issued shall not require a vote of the people to authorize such issue, and they shall be paid, and the levy be made and tax collected for their payment in accordance with laws now governing the said bonds heretofore issued. [Id. § 3.]
SEC. 23. [High school redemption bonds.]-That any school district in any city of the first class in this state be and is hereby authorized and empowered to issue its coupon bonds of such denominations as the board of education of such school district may deem best, and in an amount equal to the amount outstanding and unpaid of bonds bearing interest at the rate of ten per cent per annum, heretofore issued for the purpose of erecting a high school building, by such school district, or by any school organization or board of regents which shall have been superseded by such school district. [1879 § 1, 167.]
SEC. 24. [Condition-Description.]—Any bonds issued under the provisions of this act shall be for the payment, by the school district issuing the same, of the sum specified therein, made payable in the city of New York, in not more than twenty years, nor less than five years from the time they are issued, with interest at a rate not exceeding seven per cent. per annum, payable semi-annually; said bonds and coupons shall be required [signed] by the president of the board of education and countersigned by its secretary; Provided, That such bonds may be made redeemable at any time after five years, at the option of the board of education. [Id. § 2.]
SEC. 25. [Disposition-Avails.]-It shall be the duty of the board of education of any school district issuing bonds under the provisions of this act, to negotiate such bonds, but for not less than the par value thereof, and all the proceeds arising from the sale thereof shall be paid to the treasurer of the board of education, and shall be applied solely to the redemption and purchase of the bonds heretofore issued by such school district, or school organization superseded by it, for the purpose of erecting a high school building, and bearing interest at the rate of ten per cent. per annum; Provided, That none of the said bonds heretofore issued shall be redeemed or purchased for more than the face value thereof. [Id. § 3.]
SEC. 26. [Issuance-Payment.]-The bonds issued under the provisions of this act shall not require a vote of the people to authorize their issue, and they shall be paid, and taxes shall be levied and collected for their payment in the same manner as is now provided by law for the payment of bonds heretofore, issued by such school districts. [Id. § 4.]
CHAPTER 80.-SCHOOL LANDS AND FUNDS.
ARTICLE I.-GENERAL PROVISIONS.
SECTION 1. [Board of educational lands and funds.]-That the board of commissioners provided for in section one of article VIII of the constitution, consisting of the governor, secretary of state, treasurer, attorney general, and the commissioner of public lands and buildings, shall cause all school, university and agricultural college lands now owned by, or the title to which may hereafter vest in the state, to be registered, sold and leased, and the funds arising
SECS. 23-26. "An act to authorize any school district in any city of the first class to issue bonds in certain cases." Laws 1879 167. Took effect February 26 1879
*ART. I. "An act to provide for the registry, sale, leasing and general management of all lands and funds set apart for educational purposes, and for the investment of funds arising from the sale of such lands." act also repeals the act of 1883, chap. LXXIV. Chap. LXXV, laws of 1883 which transfers land to school fund and chap. LXXVI, being local and temporary in its nature, are omitted.