the purposes, or for some one or more of the purposes, hereinbefore referred to as objects for which such bonds are authorized to be issued.

[H. 700. Approved March 10, 1913.]

Schools - Cities and Towns - School Buildings - School Trustees May Issue Evidences of Indebtedness.

SECTION 1. Be it enacted by the general assembly of the State of Indiana, That section one (1) of the above entitled act be amended to read as follows, to wit: Section 1. That section 1 of an act entitled "An act authorizing and empowering boards of trustees of school cities of all cities incorporated under the general laws of this state, and boards of trustees of school towns of incorporated towns, to borrow money and issue their notes or bonds therefor; providing conditions on which such debt may be incurred, and to levy a tax to pay the same, for the purpose of buying grounds and paying for necessary school buildings, or repairs on the same and declaring an emergency,' approved March 9, 1903, be and the same is hereby amended to read as follows: Section 1. That in all cities, except cities of the first and second class, of the State of Indiana, which are incorporated under the general laws of the state, and in incorporated towns of this state, the boards of school trustee in such city or incorporated towns are hereby authorized and empowered to borrow money and to issue their bonds or notes of such school city or school town, such bonds or notes to bear interest at a rate not exceeding five per centum per annum, and payable at such times within. twenty-five (25) years from date as such school board may determine. The money obtained as a loan on such bonds or notes shall be disbursed by order of such board in payment of expenses incurred in buying grounds, building school houses or in making repairs on school buildings heretofore erected for such school city or town, and for no other use or purpose whatsoever. Before any such debt is incurred, such school officers shall give notice by publication for three consecutive weeks in some newspaper published in such city or town, and if none be so published, then in some newspaper of general circulation in such city or town, or by posting

such notice in five public places in such city or town for three weeks, which notices shall state the aggregate debt proposed to be incurred, the location of real estate, if it be proposed to buy real estate; the character and size of the building to be erected, and the nature of the improvement proposed: Provided, That no board of trustees shall create any indebtedness including all outstanding indebtedness exceeding two per centum of the taxable property of such city or town, as ascertained by the last assessment for state and county taxes previous to the incurring of the said indebtedness and Provided, further, That said bonds or notes shall not be sold at a less rate than one hundred (100) cents on the dollar.

Emergency.

SEC. 2. Whereas an emergency exists for the immediate taking effect of this act, the same shall be in full force and effect from and after its passage.

[S. 180. Approved March 15, 1913.]

Schools-Cities and Towns-Refunding.

SECTION 1. Be it enacted by the general assembly of the State of Indiana, That in all cities of the State of Indiana, which are incorporated under the general laws of the state, and in all incorporated towns of this state, when the school city or school town of any such city or incorporated town is indebted at the time of the passage of this act, which indebtedness is evidenced by bonds, notes or other obligations heretofore issued or negotiated by any such school city or school town, for the purpose of funding or refunding such indebtedness or any part thereof, reducing the rate of interest thereon, extending the time of payment thereof, and cancelling so much thereof as may be due or which shall become due, the board of school trustees of any school city or school town, in such cities or incorporated towns, are hereby authorized to issue the bonds of such school city or school town, with interest coupons attached, for an amount not exceeding in the aggregate the whole amount of the indebtedness of such school city or school town, which bonds may be in any denomination not less than fifty

($50.00) dollars nor more than one thousand ($1,000.00) dollars and shall be payable at any place named therein and at a time not later than twenty-five years from the date thereof, bearing interest not exceeding four and twofifths per cent. per annum, payable annually or semi-annually, as such board of school trustees of any such school city or school town may negotiate such bonds at any market or place at not less than par. In the event any city or incorporated town in this state prior to the taking effect of this act, shall have issued its bonds, notes or other obligations for the purpose of procuring funds with which to buy school grounds or erecting school buildings, or repairing such school buildings, and the proceeds derived by reason of the sale of such bonds have been used by the school cities or school towns of any such city or incorporated town for the purpose of buying grounds for school purposes, or erecting buildings or making improvements to school buildings, then it shall be lawful for the board of school trustees of any such school city or school town in such cities or incorporated towns and they are hereby authorized to issue and negotiate the bonds of such school city or school town for the purpose of funding or refunding such indebtedness or any part thereof for the same purposes and in the same manner and on like terms and conditions as provided for in this section in other cases: Provided, That this act shall not be construed as authorizing and empowering trustees of such school cities or school towns to issue funding or refunding bonds for any indebtedness than [that] may be created after the taking effect of this act, except as herein provided.

Levy-Sinking Fund-Interest.

SEC. 2. For the purpose of paying bonds issued as provided in the foregoing section, the board of school trustees. of any such school city or school town shall add to the tax duplicates thereof annually, a levy sufficient to pay all yearly interest on said bonds and may provide a sinking fund for the liquidation of the principal thereof when it shall become due, which sinking fund, together with the interest, increase of profit thereon, shall be applied to the payment of said bonds and to no other purpose.

SEC. 3. All laws or parts of laws in conflict herewith are hereby repealed.

Emergency.

SEC. 4. Whereas, an emergency exists for the immediate taking effect of this act the same shall be in full force from and after its passage.

[S. 546. Approved March 14, 1913.]

County Auditors-School Funds-Loan on Mineral Land. SECTION 1. Be it enacted by the general assembly of the State of Indiana, That where coal or other minerals underlie the surface of real estate, that the auditor of the county where said real estate is situated is hereby authorized to loan the principal of all moneys belonging to the school fund to an amount not to exceed fifty per cent. of the surface value of said real estate, secured by a mortgage, and said loan to be made in all other respects as now provided by law.

Emergency.

SEC. 2. Whereas an emergency exists for the immediate taking effect of this act the same shall be in full force and effect from and after its passage.

[H. 675. Approved March 15, 1913.]

Schools Renewal of School Fund Mortgages-Duties of

Auditor.

SECTION 1. Be it enacted by the general assembly of the State of Indiana, That all mortgagors of the common school, congressional school and permanent endowment funds, held in trust by their respective counties wherein such mortgage exists, shall, at the expiration of five (5) years from the date of the original loan, be required to give notice to the said auditor of said county that they desire to continue such loan. That upon the receipt of such notice the auditor shall notify the appraisers of the district wherein such

mortgaged premises are located, who shall proceed to view and appraise such mortgaged premises, and shall upon oath fix the actual cash value thereon, without regard to the amount of the present existing loan. If the said mortgaged premises are reappraised at an amount equal to double the amount of the loan, it shall be so recorded by said auditor, which said procedure shall be sufficient for a further continuation of such mortgaged school loan for the period of five (5) years from the expiration of the said original loan: Provided, however, That if the second appraisement, made for the purpose of said continuation, be not sufficient, and is less than double the amount of the original loan, such mortgagor shall pay into the treasury a sufficient sum to reduce said loan to one-half of said appraisement. The cost for said renewal shall be fifty (50) cents each to the appraisers, and fifty (50) cents to said auditor for recording said continuation.

Repeal.

SEC. 2. All laws or parts of laws in conflict with this act are hereby repealed.

Emergency.

SEC. 3. Whereas, an emergency exists for the immediate taking effect of this act, the same shall be in full force and effect from and after its passage.

[S. 489. Approved March 13, 1913.]

County Coroners-Funds Not Called For-Disposition. SECTION 1. Be it enacted by the general assembly of the State of Indiana, That section twelve of said act be and the same is hereby amended to read as follows: Section 12. It shall be the duty of the treasurer if the money aforesaid shall not be called for within one year from the time of receiving the same, to place said sum of money to the credit of the common school fund principal, and where there is any money now heretofore loaned by the county treasurer on account of the provisions of this act, then said money, principal and interest shall become a part of the common school fund of the state as soon as practicable.