SECTION. ARTICLE XIV.-SCHOOL DISTRICT BONDS. [As amended, 1895.] SECTION. 1. Purpose for which district bonds may 5. Interest and sinking fund; invest. be used. 2. Bond election, how conducted; who 6. may vote. ment. 7. Penalty for fraudulent issue. 3. Denominations; time payable; regis-8. tration; disposal. 4. Registration by county clerk. AN ACT Amending Article 6, Chapter 73, Statutes of Oklahoma, 1893, Relating to School District bonds. * SECTION 1. [Laws of 1895.] That for the purpose of purchasing one or more school sites, erecting, purchasing or paying for and furnishing one or more school houses in and for any school district in the Territory of Oklahoma, the board of directors of the same shall have the power to issue the bonds of the district in an amount not exceeding, with all outstanding indebtedness, four per cent. of its taxable property, as shown by the last assessment thereof, and for the purpose of extending the time of payment of the school district indebtedness, or of the bonded indebtedness of any school district, the board of directors shall have the power to issue the bonds of the district, in a sum not to exceed in amount its outstanding indebtedness, including bonded indebtedness: PROVIDED, That no bonds shall be issued until, at an election called for that purpose, the question shall have been submitted to the qualified electors of the district, and two-thirds of of all the qualified electors voting at such election declared by their ballots in favor of issuing the same. Qualified electors for the purposes of this act, are hereby declared to be all persons, male or female, over the age of twenty-one years, who are citizens of the United States and have been BONA FIDE residents for more than three months next preceding such school district bond election, within the limits of such school district: PROVIDED, further, That no such election shall be ordered unless a petition, stating the purpose for which the bonds are to be issued, and signed by at least one-third of the qualified electors, as herein defined, of such school district, as shown by the last preceding enumeration, by the township trustee of the township in which such school district is located, shall have been presented to the district board, praying that a vote be taken for the issuing of such amount of bonds as may be asked for therein: AND PROVIDED FURTHER, That it shall be unlawful for any school district to create any bonded indebtedness unless there are at least eight persons between the age of six and twenty-one years actually residing within the limits thereof, as shown by a census taken by the clerk of such district, not more than three months previous to such bond election, and by such clerk verified upon oath. conducted by the school district board, or in their absence by three persons chosen by the bystanders, and shall be by ballot, and the polls shall be opened at 2 o'clock p. m. and closed at 6 o'clock p. m. The ballots used at such election shall be either written or printed and shall contain the words, if the voter wishes to vote for the issuance of the bonds, "For the Bonds,” and is [if] he wishes to vote against the bonds, it shall contain the words, "Against the Bonds." SEC. 3. The bonds herein provided for shall be issued in denominations of not less than one hundred dollars nor more than five hundred dollars each; they shall bear interest at a rate not to exceed seven per cent. per annum, payable semi-annually on the first days of January and July of each year, at such place as shall be designated in the bonds, the principal of the bonds being made payable within twenty years from their date. These bonds shall specify on their face the date of issue, amount, for what purpose and to whom issued, the time they run, the rate and times of payment of interest, and shall have coupons attached for the interest as it becomes due, said coupons being so arranged that the last one shall fall due at the maturity of the bonds. said bond [s] and coupons thereto attached, shall be signed by the director and countersigned by the clerk of the district; shall be registered in the office of the Territorial Auditor, and a transcript of all the proceedings in the voting of such bonds shall be filed therewith. Upon finding that all of the proceedings have been regular, the Territorial Auditor shall so certify upon each and every one of such bonds, and shall also certify the same to the county clerk of the county in which such school district is located, who shall thereupon register the said bonds in his office, whereupon such bonds shall be negotiable and transferable by delivery, and may be disposed of by the district board at not less than ninety-five cents on the dollar, and the proceeds of the same applied as provided in the petition upon which the issuance of the bonds was authorized. SEC. 4. Before delivering any school district bonds the board of directors of the district issuing the same shall cause them to be regis. bonds for registration, to register the same in a book prepared for that purpose; if the said bonds contain the certificate of the Territorial Auditor that the proceedings have been regular which register contain. First, the number of the dirtrict. Second, the number of the bond Third, date of bond. Fourth, to whom payable. Fifth, when and where payable. Sixth, when due. Seventh, when interest due. Eighth, amount of bond. The county clerk shall furnish one copy of his register to the county treasurer, and forward one copy to the Territorial Superintendent, together with a statement showing: First, the number of sections of land in the district issuing such bonds. Second, the number of acres of land assessed and subject to taxation in such district. Third, the assessed valuation of taxable land. Fourth, the assessed valuation of all personal property in such district which statement shall be signed by each member of the school board issuing the bond [s], and the county clerk shall certify under the official seal of his office to the correctness of the statement and the genuineness of the signatures attached thereto. SEC. 5, It shall be the duty of the board of county commissioners of each county to levy, annually, upon all the taxable property in each district in such county, a tax sufficient to pay the interest accruing upon the bonds issued by such district, and to provide a sinking fund for the fund for the final redemption of the bonds; 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 their final payment at maturity: PROVIDED, That moneys in the hands of the county treasurer, belonging to the sinking funds of the several school districts in such county, shall be invested by the county treasurer: First, in the bonds of the district to which said sinking fund belongs: PROVIDED, such bonds can be purchased at a price not exceeding their market or par value. Second, in the bonds of the other school districts of the Territory, maturing before the bonds for which such fund is raised: PROVIDED, That the same can be purchased at a price not exceeding their market or par value. Third, in the bonds of the Territory of Oklahoma, or of the United States. SEC. 6. If any school district whose officer, whose duty it is under the provisions of this act to issue or assist in any manner the issuance of the bonds of any school district, shall prepare, sign or deliver, or aid, counsel, or assist in preparing, signing or delivering, or shall cause to be prepared, signed or delivered, any bond or bonds of any school district, at any time before such bonds are authorized by this act to be prepared, signed or delivered, such officer shall be guilty of tered with the clerk of the county in which said district is located. And it shall be the duty of the county clerk, in presentation of any school [a] felony, and upon conviction shall be fined in any sum not less than five hundred dollars nor more than five thousand dollars, or by imprisonment in the penitentiary for not less than two years nor longer than seven years, or by both fine and imprisonment. And if the board of directors of any school district, or any member thereof, shall use or dispose of any school district bonds, or the money accruing from the sale of such bonds, in any other manner or for any other purpose than that for which the same was created or intended, he, or they, shall be liable to be punished by a fine of not less than five hundred dollars nor more than two thousand dollars, by indictment in any court of compėtent jurisdiction, or by imprisonment in the penitentiary not more than two years, or both such fine and imprisonment. SEC. 7. On the payment of the bonds or coupons of any school district, the county treasurer shall immediately cancel the same and endorse thereon the date of payment, and shall thereupon present the same to the county clerk, who shall cancel said bonds or coupons on his register by indorsing thereon the date of payment of each, and immediately return the same to the county treasurer; and at the time of the settlement with the several school district treasurers of his county, the county treasurer shall deliver to each the canceled bonds and coupons of his dirtrict, and take a receipt therefor, and such canceled bonds and coupons shall be destroyed by the district treasurer in the presence of all the officers of the district, a complete record of their destruction being made by the district clerk. On the last Saturday of July of each year, each and every county treasurer shall make the county clerk of his county a detailed report of all the bonds and coupons canceled during the year, and the date of payment of the same, accompanied by the receipts given by district treasurers thereof. AN ACT to authorize the Territory of Oklahoma, counties, cities, municipal corporations, the Board of Education of any city, and school districts, to issue bonds in payment of outstanding warrant indebtedness. SEC. 1. That the Territory of Oklahoma, every county, every municipal corporation, the board of education of every city and every school district, is hereby authorized and empowered to fund its outstanding legal warrant indebtedness in the order of their registration, and to issue bonds for that purpose in a sum not exceeding the amount of such indebtedness, and in no case to issue bonds in excess of four per cent. of the assessed valuation according to the last preceding assessment of the municipality issuing the same. In the case of Territorial bonds, all legal warrants issued under authority of said Territory, may be funded: PROVIDED, That the whole amount of such Territorial bonds so issued shall not exceed one per cent. of the assessment of said Territory at the last preceding annual assessment : PROVIDED, furTHER, That no bonds heretofore issued and sold or signed and sealed by proper officers and unsold by any county, city, or other municipal corporation or board of education of any city, or any school district under this act to fund outstanding legal warrant indebtedness, shall be declared or held to be illegal by reason of the fact that some or all the warrants so funded or to be redeemed with the proceeds of the sale of such bonds, were issued subsequent to the date of the approval of said Act, to-wit, March 8, 1895, but all such bonds are hereby declared to be legal and binding obligations upon said counties, cities, municipal corporations, boards of education and school districts, notwithstanding supposed invalidity thereof by reason of this fact that they were issued or signed and sealed by proper officers and unsold in whole or in part to fund warrants so issued subsequent to March 8th, 1895, and the issuance, sale and delivery of all bonds heretofore made is hereby legalized. Sec. 2. Bonds issued under this act by the Territory shall be signed by the governor, the secretary of the Territory and the treasurer, under the seal of the Territory. Bonds issued by the county shall be signed by the chairman of the board of county commissioners and attested by the county clerk under the seal of the county. Bonds issued by any city, town or village shall be signed by the mayor or president of the board of trustees, and attested by the city town or village clerk |