State v. Special Tax School District No. 7-B

On June 8, 1937, the Board of Public Instruction of Santa Rosa County adopted a resolution to refund $20,000.00 of bonds of Special Tax School District Number 7-B dated May 1, 1915, and $44,000.00 of bond5 of said district dated July 1, 1925, all said bonds to be exchanged for a like amount of refunding bonds dated July 1, 1937, maturing July 1, 1957, bearing interest at the rate of four per cent, per annum until July 1, 1940, and five per cent, thereafter until paid.

Subsequent to the adoption of this resolution, Special Tax School District Number 7-B filed its petition in the Circuit Court…