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Show SCHOOL TAXES AND THE GYM Hyrum Iingree. president of the board of education, has issued the following statement in regard to the proposed bond issue and the school taxes : "The tax levy we ask for the next fiscal vear is as low as it has been for the past four years, " replied Mr. Pingree "A comparison of the tax levies asked by the board for the school fund during the past four years may prove illuminating at this time. They were as follows 1910 9 mills 1911 8.7 mills 1912 8 3 mills 1913 8 3 mills "Should thr bonds for the gymnasium gymna-sium be voted upon favorably they would not fall due until 1933. Meanwhile Mean-while the school fund draws 4 per cent interest on Its dally balances In I the bank The school fund is the I ; only one in the city or county which does this This I per C nt interest on daily balances is more than saf- j l it lent to meet the interest on the bonds for the gymnasium and help o provide funds for the sinking fund , which the school board Is commanded command-ed by law to keep up " 'Where does the funds for the sinking fund come froui"" he was asked. Therp are three separate fundi under the law for the school board" replied Mr. Pingree. "The tcachTj' Mind is first and most important. Then there is the maintenance fund for the care or th buildings and ibe payment 01' janitor salaries, light, heat. etc. The board must maintain its sinking fund for the payment of interest on bonds or the principal when it falls due Into this slnkin? iund is diverted the surplus from the other two lunds. Furthermore, the board is in a po- ' sition to rotund bonds when theyma- ! ture by resale. This has been re-1 cently done on school bonds of 1892 issue, of which $15,000 were redeemed redeem-ed from the funds of the sinking fund and the remainder sold at an advance, "The argument of the high school students that the burdens of the taxes will be graduated over the succeed I lng years of the next generation which is now enjoying or will enjoy the ( benefits of a gymnasium if carried. I B sound one." r.r |