State v. State Board of Administration

TERRELL, J.:

This appeal is from a final decree validating $3,150,000.00 of refunding bonds authorized by the State Board of Administration for the purpose of refunding a like amount of original bonds of the Overseas Road and Toll Bridge district in Monroe County dated September 1, 1936. It is admitted that the refund is highly desirable and will result in a material saving to the district.

The first question with which we are confronted is whether or not the State Board of Administration is authorized to issue said refunding bonds, in view of the limitations in Sections 6 and 16, Article IX of…