Houston School District No. 39 v. Commercial National Bank

The question as stated by counsel for appellants is, Does act 326, approved March 19, 1939, authorize Houston School District No. 39 of Perry county to use for any purpose other than the retirement of bonds moneys arising- from a nine-mill tax levy?

Tbe applicable part of act 326 is printed in tbe margin.

We think there is this additional question: Was there a surplus in the bond account?

The school district (hereinafter referred to as the district) and the county treasurer were defendants below.

In 1928 the district issued $16,000 of 5 per cent, bonds. December 28, 1938, principal and interest…