Page:1889 North Dakota Session Laws.pdf/213

and purchasing grounds on which to locate the same, or to fund any outstanding indebtedness, the district school board may law fully issue such bonds in accordance with the provisions of this act.

§ 160. NOTICE OF ELECTION To VOTE BONDS.] Before the question of issuing bonds shall be submitted to a vote of the school district, notices shall be posted in at least three public and conspicious places in said district stating the time and place of meeting, the amount of bonds proposed to be issued, and the time in which they shall be made payable; said notices shall be posted not less than twenty days before the meeting, and the voting shall be done by means of written or printed ballots, and all ballots deposited in favor of issuing bonds, shall have thereon the words, “for issuing bonds;” and those opposed thereto shall have thereon the words, “against issuing bonds,” and if a majority of all the votes cast shall be in favor of issuing bonds, the school board, through its proper officer, shall forthwith proceed to issue bonds in accordance with the vote; but if a majority of all votes cast are against issuing bonds, then no further action can be had, and the question shall not be again submitted to a vote for one year thereafter, except for a different amount; Provided, however, That the question of issuing bonds shall not be submitted to a vote of the district, and no meeting shall be called for that purpose until the district school board shall have been petitioned in writing by one-third of the voters resident in said school district.

§ 161. DENOMINATION or BONDS—RATE OF INTEREST—LIMIT OF ISSUE.] The denominations of the bonds which may be issued under the provisions of this act shall be fifty (50) dollars, or some multiple of fifty, not exceeding five hundred (500) dollars, and shall bear interest at the rate of not exceeding 7 per cent. per annum, payable semi-annually in accordance with interest coupons which shall be attached to said bond; and no greater amount than $1,000 can be issued for any one school house, except in towns and villages of more than 300 inhabitants, and in such districts the amount shall not exceed 4 per cent. of its assessed valuation, and may be made payable in not less than ten nor more than twenty years from their date.

§ 162. BONDS, RECORD OF TO BE KEPT.] Whenever any bonds are issued under the provisions of this act, they shall be lithographed or printed on good bond paper, and shall state upon their face the date of their issue, the amount of the bond, to whom and for what purpose issued. also the time and place of payment and the rate of interest to be paid. They shall have printed upon the margin the words “Authorized by act Of the Legislative Assembly of the State of North Dakota, A. D. 1890,” and upon the back of the bonds a certificate signed by the county auditor in substantially the following form: “I certify that the within bond is issued in accordance with law, and is within the debt limits permitted by the Constitution of the State of North Dakota, and in