Report fo city council. School tax. Tax, how paid. Issuance of bonds. the part taken therefrom shall bear to the assessed valuaof the part remaining. In case of a division of one or more school districts for the purpose of forming one school district within the limits 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. 26. That the board of education shall annually, during the month of June, report to the city council an estimate of the amount of funds required for the support of the schools for the fiscal year next ensuing, the amount of funds required for the purchase of school-sites, the erection and furnishing 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 city council is hereby authorized and, if approved by the city council, required to levy and collect the necessary amount, the same as other taxes. SEC. 27. That the aggregate school tax shall, in no one year, all the taxable proexceed one per cent. upon perty of the district. SEC. 28. 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. 29. That the board of education may borrow money upon bonds which they are hereby authorized and empowered to issue, bearing a rate of interest not exceeding ten per centum per annum, payable annually or semi-annually, at such place as may be mentioned upon the face of such bonds, which loan shall be paid and reimbursed in a period not exceeding twenty years from the date of such bonds: Provided, That no bonds shall be issued unless the said board of education shall first submit the proposition for issuing the same, at an election called for such purpose, or at any regular election, notice whereof shall be given for a least ten days in one or more daily papers published within the district, to the qualified voters of said district, and if two-thirds of the ballots polled at such election shall be "for issuing bonds," said board of education may issue bonds in such an amount as shall be named in their election notice. Said election shall be held under the proclamation of the board of education, and in the form and manner as prescribed by law for elections in cities of the second class: Provided, No bonds shall be issued, nor questions be submitted, to the electors without the consent of two-thirds of all the members of the board of education: And provided further, That such bonds shall not be sold for less than ninety cents on each dollar. SEC. 30. That in case the electors shall sanction the Same. issuing of said bonds in manner aforesaid, then the said board of education may cause to be prepared and issue the same under the provisions of this act, and the said bonds shall express on their face that they are issued in pursuance of this act, and shall be signed by the president and secretary of the board of education, shall specify the rate of interest, the time when the principal and interest shall be paid, the place of such payment, and each bond when so issued shall not be for a less sum than fifty dollars. SEC. 31. That the board of education is hereby autho- sinking fund. rized 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 onehalf of the time for which said bonds are issued, proceed to set apart each year, for a sinking fund, a requisite Purchase of bonds. Moneys heretofore received, ble. amount or proportion sufficient to 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 State of Nebraska; third, in the United States bonds. SEC. 32. That if it shall be deemed advisable by the board of education to purchase bonds issued under the provisions of this act, 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 purchase of bonds herein provided for. SEC. 33. That all moneys arising from any service to whom paya- [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 first class, or any moneys which are 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 or after the passage of this act, be payable to the treasurer of the board of education, and shall be used only for the purposes specified in this act: Provided, That any city of the second class may suspend the operation of this law, by a majority vote of said city in favor of suspension, and the city authorities are hereby empowered to submit such question of suspension at any municipal election of said town whenever a petition, signed by a majority of the citizens of said town, shall be presented, asking the same: And provided also, That Falls City, Blair, Fremont, Seward, and Brownville, shall be excepted out of the operations of this act. SEC. 34. All acts and parts of acts inconsistent with this act are hereby repealed. SEC. 35. This act shall take effect and be in force from To take effect. and after its passage. Making appropriations for the current expenses of the years 1875 and 1876. Be it enacted by the Legislature of the State of Nebraska : SECTION 1. That the following sums of money, or so Miscellaneous appropriations. much thereof as may be necessary, be, and the same are hereby appropriated for the payment of the claims for the current expenses for the years one thousand eight hundred and seventy-five and one thousand eight hundred and seventy-six, and for other expenses. |