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Show HAD TO PAY TO !' BLRROW ITS MONEY Orange. N. J . Sept. 9. School boards of ,'ew Jersey frequently have to pav three or four per cent a year for the use of their own money, according ac-cording to the testimony given here iu Ihe investigation by the senate committee Into the affairs of -the Orange bejard of education. Under the school law, the boards have been advised that money for one J purpose could not be borrowed for use temporarily for anything else. Therefore, in Orange, for instance. with $110..ioo on deposit iu the Orange National bank as a fund for the erection erec-tion of the schools, the board of education edu-cation has been compelled to borrow oO.nOi) from the sa ne Institution for current expenses. On the deposit of $110,000. the l.oard drew interest at the rate of 2 per cent a year and on the loan It paid four and a half to five per cent. There appears no remedy for this state of affairs, except for the muni clpal boards to strive to catch up with their revenue aud reduce their loans to a minimum. |