A Treatise of the Law of Municipal Bonds of the Municipal Corporations of the United States; Including Bonds Issued to Aid Railroads. to Which Are Added Excerpts from the State Constitutions Relating to the Incurring of Debt for Public

A Treatise of the Law of Municipal Bonds of the Municipal Corporations of the United States; Including Bonds Issued to Aid Railroads. to Which Are Added Excerpts from the State Constitutions Relating to the Incurring of Debt for Public

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ... 202. Last case criticised.--This case, it would seem, is in direct conflict with the decisions of the Federal courts so far as the question as to--whether the trustees or their agents, the president and clerk of the village, were authorized to pass on the question of performance of prior conditions. The trustees were to issue the bonds after an aflirmative vote. That was their authority to make the issue, and certainly they were to pass upon the question whether or not a vote was taken, and whether it was in the affirmative or not, after which, if aflfiirmative, they were to make the issue, and as the bonds contained a recital of the enabling act the writer is of the opinion that the trustees or their agents had authority to make the recital. If, however, the case had been decided upon the want of power in the trustees to make the issue, because of the want of an election, the judgment of the court would have been put upon grounds easily understood, because no recitals will estop a corporation from showing that it had not the power to issue the paper. We are of the opinion that when a vote is a necessary prior condition to the issuing of bonds, or the incurring of a debt, that if no vote is taken, no election in fact held, that the municipal authorities have no power to make the issue or incur the debt, and that in such a case the corporation should not be estopped to set up the omission as a defence. The acts of the corporation in issuing the bonds should be held to be ultra vires. 203. Effect of recitals--Cases.--Olifford. J., in St. Joseph Township v. Rogers, 16 Wall. 644, rendered a very able and concise opinion on the general effect of recitals contained in municipal paper, a part of which is as follows: " Bonds payable...show more

Product details

  • Paperback | 212 pages
  • 189 x 246 x 11mm | 386g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236787803
  • 9781236787804