School District No. 4 v. First Wisconsin Co.

Sec. 3, art. XI, of the constitution provides: “No county, city, town, village, school district, or other municipal corporation shall be allowed to become indebted in any manner or for any purpose to any amount, including existing indebtedness, in the aggregate exceeding five per centum on the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the incurring of such indebtedness.” Sub. (4), sec. 67.01, provides that “Every reference [chapter 67] to the value of the taxable property in a municipality, other than a county,…