Supreme Forest Woodmen Circle v. City of Belton

BAUGH, Justice.

This case arose as follows: In 1916 the city of Belton duly issued $40,000 in waterworks bonds, now owned by appellant, and levied a tax of 6.87 cents on the $100 valuation to provide interest and sinking fund for payment of same. At that time the total assessed valuation of property in said city was fixed at $4,763,000. Issuance of additional bonds and warrants increased said city’s indebtedness until at the time of trial hereof it aggregated $750,000. Meantime property valuations, as shown by the tax rolls of said city, had decreased to $2,237,835 in 1931, and to $1,959,637…