Laws for the Regulation And Support of Common Schools
Laws for the Regulation And Support of Common Schools
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Second: If for any reason such bonds cannot be purchased as herein- before specified, such sinking fund shall be invested by the treasurer, under the direction of the board of education, at such times as the board shall direct, in the interest-bearing bonds of the United States or the state of Kansas, which shall be purchased at the lowest market price. Interest accruing upon such bonds shall be invested in the same manner and for the same purpose as sinking fund. Such bonds shall be held by th...e treasurer until the principal of the bonds issued by the board of education shall become due, and shall then be sold at the highest market price and the proceeds applied to the payment of the bonds: Provided, That if at any time the board shall deem it best, it shall be lawful for such board to sell such bonds for the purpose of purchasing of the bonds issued by such board ; but all such sales shall Be at the highest market price, and the bonds of the board purchased with the proceeds of such sale shall be purchased at the lowest price they can be obtained for, and not above the par value of such bonds: Provided, That no bond issued by the board of education shall be purchased by said board that has not been outstanding five years : And provided further, That the bonds first maturing shall be first purchased, if they can be purchased on terms as favorable to the board as any others offered for sale to the said board.
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To quickly assess the difficulty of the text, read a short excerpt:
Second: If for any reason such bonds cannot be purchased as herein- before specified, such sinking fund shall be invested by the treasurer, under the direction of the board of education, at such times as the board shall direct, in the interest-bearing bonds of the United States or the state of Kansas, which shall be purchased at the lowest market price. Interest accruing upon such bonds shall be invested in the same manner and for the same purpose as sinking fund. Such bonds shall be held by th...e treasurer until the principal of the bonds issued by the board of education shall become due, and shall then be sold at the highest market price and the proceeds applied to the payment of the bonds: Provided, That if at any time the board shall deem it best, it shall be lawful for such board to sell such bonds for the purpose of purchasing of the bonds issued by such board ; but all such sales shall Be at the highest market price, and the bonds of the board purchased with the proceeds of such sale shall be purchased at the lowest price they can be obtained for, and not above the par value of such bonds: Provided, That no bond issued by the board of education shall be purchased by said board that has not been outstanding five years : And provided further, That the bonds first maturing shall be first purchased, if they can be purchased on terms as favorable to the board as any others offered for sale to the said board.
What to read after Laws for the Regulation And Support of Common Schools?
You can find similar books in the "Read Also" column, or choose other free books by Statutes Kansas Laws to read onlineMoreLess
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