Resolution To Issue School Bonds
( Originally Published 1918 )
Where it becomes necessary to borrow money by bond issue for school purposes, the following form will be found useful, because it indicates the procedure necessary to the issue, is clear concerning purposes and terms, and states the security and the necessary dates :
In the matter of the issuance of bonds of the Trenton School District, Wabash County.
Whereas, It appears to this Board (Board of Supervisors) that the Board of Trustees of Trenton School District, Wabash County, did, as authorized by law, call an election and submit to the electors of said district, whether bonds of said district should be issued and sold for the purpose of raising money to purchase school lots, and for building or purchasing one or more school houses in said district and furnishing same ; and,
Whereas, It appears that such an election was called by notice thereof (here tell when and where notice was posted and published and what notice contained relative to voting, and denomination of bonds) ; and,
Whereas, It has been proved by competent evidence to the satisfaction of this Board that such election was duly held and this Board hereby finds and declares that such election was duly held and conducted in all respects as required by law; and,
Whereas, It appears to this Board and this Board hereby finds and declares that more than two-thirds of the votes cast at said election were in favor of issuing such bonds, and that said Board of Trustees met and canvassed said returns and caused an enery of that fact and the votes cast to be made upon its minutes; and,
Whereas, It further appears that the whole amount of bonds so voted does not exceed five (5%) per cent of the taxable property of said District as shown by the last equalized assessment book of the County;
Now, therefore, on motion of Supervisor Brown, seconded by Supervisor Jones, it is by this Board hereby ordered that the Board of Trustees of Trenton School District, of Wabash County, Ohio, do issue to the number of six (6) of the denomination and amount of Five Hundred Dollars ($500) each, aggregating the sum of Three Thousand Dollars ($3,000).
Said bonds to be numbered consecutively one to five, inclusive (here follows description and pay date of bonds).
To each of said bonds shall be attached interest coupons, and said coupons shall be in the following form, to-wit :
[Here insert a form of coupon, giving serial number of the bond to which it is attached, together with the amount of interest it calls for, the interest date, and the place of payment.]
Said bonds shall be sold by the Board of Super-visors of Wabash County to the highest bidder for cash, gold coin of the United States, provided that the price paid in no case shall be less than par, and the proceeds of the sale thereof must be deposited in the County Treasury of said Wabash County to the credit of the Building Fund of said Trenton School District and be drawn on it for purpose aforesaid.
And it is further ordered that the clerk be directed to advertise the sale of said bonds in accordance with law.