School District No. 3 v. School District of Pontiac

This bill was filed for an accounting as to what amount of plaintiff’s existing indebtedness the defendant should assume on the annexation of a portion of its territory.

The plaintiff district lies south of the defendant district, which embraces the entire city of Pontiac. On September 15, 1928, a portion of the plaintiff district was annexed by the defendant. There were no school buildings on the territory annexed. But the plaintiff district had an existing indebtedness of $65,000 represented by outstanding bonds due in 1935 and 1936, no part of which except for current interest has been paid.