Chapter 1135. To amend an Act to prohibit the passage of special or local laws in the Territories, to limit the Territorial indebtedness, and for other purposes
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CHAP. 1135.— An Act To amend an Act to prohibit the passage of special or local laws in the Territories, to limit the Territorial indebtedness, and for other purposes. June 19, 1902.[[Public, No. 165](/us/pl/57/165).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Oklahoma Territory.Issuance of school bonds authorized.Vol. 24, p. 171, amended. That the Act of Congress approved July thirtieth, eighteen hundred and eighty-six, entitled “An Act to prohibit the passage of local or special laws in the Territories of the United States, to limit Territorial indebtedness and for other purposes,” is hereby amended so as to authorize the issuance of bonds by school districts in Oklahoma Territory having a bona fide population of not less than five thousand persons for erecting necessary school buildings and purchasing the ground for the same.
The limitations of said Act of July thirtieth, eighteen hundred and eighty-393six, shall not apply to such school districts: *Provided*, That before *Provisos*.Election. any bonds shall be issued the mayor and common council of the municipal corporation, composing in whole or in part such school district, shall cause an election to be held in such district, and said mayor and common council shall cause to be published in a newspaper of general circulation, published in said district, a notice of the time and Notification. place or places of holding such election.
Such notice shall be given at least thirty days before such election. On the question of the issuance Qualified voters. of said bonds no person shall be qualified to vote except he be in all respects a qualified elector and owner of real or personal property subject to taxation within the school district. In case two-thirds of Two-thirds vote required. the qualified voters, as above described, shall vote affirmatively for the issuance of said bonds, then the mayor and common council shall certify the result to the board of education, and said board shall issue the same, and not otherwise.
Said bonds shall contain all necessary Sinking fund. provisions as to form, and such school district shall provide a proper sinking fund for the redemption of said bonds. Said bonds shall not Maximum rate of interest. bear a rate of interest exceeding four per centum, and the interest shall be paid semiannually, and none of said bonds shall be sold at less than their par value: *Provided further*, That no school district under Excess issue forbidden. this Act shall issue bonds in excess of six per centum of the valuation according to the last preceding assessment of the school district issuing the same.
Approved, June 19, 1902.