BONDED INDEBTEDNESS.
Any school district may, by a two-thirds vote of the qualified electors present at any annual meeting or a special meeting called for that purpose, borrow money, and may issue bonds of the district to pay for a school-house site or sites, and to erect and furnish school buildings.
AMOUNT. Districts having less than thirty children may have an indebtedness not to exceed three hundred dollars; districts having thirty children, five hundred dollars; districts having fifty children, one thousand dollars; districts having seventy-five children, two thousand dollars (Act 4, 1893); districts having one hundred children, three thousand dollars; districts having one hundred and twenty-five children and an assessed valuation of not less than one hundred and fifty thousand dollars, five thousand dollars; districts having two hundred children, eight thousand dollars; districts having three hundred children, fifteen thousand dollars; districts having four hundred children, twenty thousand dollars; districts having five hundred children, twenty-five thousand dollars; and districts having eight hundred children or more, thirty thousand dollars.
TIME LIMIT.
All children mentioned in this section must be of legal school age, and the indebtedness of a district shall in no case extend beyond ten years for money borrowed.
VOTE BY BALLOT. In all proceedings under this section, the director, assessor, and one person appointed by the district board constitutes a board of inspection, who shall cause a poll-list to be kept and a suitable ballot-box to be used, which shall be kept open two hours. The vote must be by ballot and canvassed in the same manner as votes at township elections (5103).
TAXATION.
