A $15,000 Bond Issue to Keep Newport's Schools Ahead of Its Growth

The directors of the school district called a special election to be held at the school house on Saturday, April 17. The polls will open at 1 o'clock p.m. and close at 8 o'clock p.m.

The election is for the purpose of authorizing the directors to issue $15,000 in bonds, which shall run for a term of [—] years, with the option of retiring the same at the end of 10 years. The bonds, if authorized, will bear interest at the rate of [—] per cent per annum.

The bonds are to be issued for the purpose of taking up the issue of general fund warrants that have been issued from time to time during the past few years. The warrants draw interest at the rate of 8 per cent, so that the issuing of bonds would prove a saving to the district and the taxpayers.

At the present time the amount of general fund warrants registered and outstanding amounts to $14,905.04. There is cash on hand in the fund amounting to $770.82, leaving the actual indebtedness against this fund $14,134.22. The issuance of $15,000 in bonds will take up these warrants and leave some money in the treasury that may be used for general purposes. This sum will shortly be augmented by the distribution of the money collected by taxation, and will place this fund in a very fair condition.

In addition to the general fund warrants outstanding there is a little over [amount illegible] outstanding in special fund warrants. There are also two issues of bonds standing against the district that total $7,000. Of these bonds one issue for $1,000 matures in June, 1912, and the other for $5,500 matures in 1915. It is not proposed to take these bonds up until they are due. The total amount of bonds that the district can issue, based on the present valuation of property in the district, as fixed by the assessor, is $31,644.70. This would allow the board to issue over $9,000 towards paying for a new school building in case it is decided to construct one this season.

In addition to this sum it is stated that the board could issue warrants for a sufficient amount to cover the cost of a building sufficient for the needs of the district at present.

The enrollment of the schools is much greater than a year ago, and the prospects for a much larger attendance consequent upon the growth of the city makes the question of a new building a live issue. Some means will have to be provided before the beginning of the next school year for the accommodation of the additional number of pupils, either by renting a room for temporary use until the finances of the district are improved, so that a fine building may be erected, or by constructing an ordinary building. It is expected that the taxable value of property in the district will be greatly increased by the next assessment, as the valuation of property therein has been greatly enhanced by the growth of Newport itself.

The bond issue should carry, as it means a saving to the district, and the question of a new building should receive the careful consideration of the directors of the district.

The present enrollment of the district is in excess of 300 and the average daily attendance about 250. It is anticipated that the enrollment at the beginning of the next school year will reach about 400.