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Show o o Audit Shows Cut In District's Bond Indebtedness Fred E. Ring, accountant in a recent re-cent audit done for Independent School Dist. No. 1 at Preston says that in the last fourteen years the district has paid off $124,679.76 of indebtedness. A comparison of the indebtedness of the district as of July 1, 1926, with that of July 1, 1840, is shown below. In 1926 the indebtedness was as follows: bonds $SO,000.00, building warrants on old Academy ?50,-000.00, ?50,-000.00, and operating warrants $58,-704.82. $58,-704.82. This made a total indebtedness indebt-edness of $18S,704.82 against which there was $10,806.41 in cash, avail able. Last July the indebtedness stood as follows: bonds $158,000.00, building warrants, none, operating -warrants $5,025.06. This totals $163,620.24 against which $13,620.24 was available in cash. Total indebtedness less cash available in 1926 amounted to $177,-898.41, $177,-898.41, whereas last July it was $149,404.82. Thus the district was $28,493.69 less in debt in 1940 than it was in 1926. This is all the more pertinent when it is realized that just two years ago a bond issue of $99,000.00 was voted for the erection erec-tion of the new senior high school building. When this factor is taken into consideration it will be found that in the last fourteen year peri od $124,679.76 of indebtedness has been paid. This is an average of approximately $9,000.00 per year in principal plus whatever interest liad accrued. It has been necessary neces-sary for the board of education to maintain a levy of about eight i mills during that period for debt service alone. |