Rothchild v. Shelbyville Board of Education

Opinion of the Court by

Chief Justice Rees

Affirming.

The board of education of the city of Shelbyville, a city of the fourth class, owns a large tract of land on which is located a high school building. , It has $7,500 in its treasury in excess of current needs and it desires an additional building to be used for school purposes. It proposes to procure th'e use of such building in the following manner: A nonprofit corporation, known as the Shelbyville Public Service Corporation, is to be organized for the purpose of holding title to the property after issuing bonds aggregating the sum of…