State Education Assistance Authority v. Bank of Statesville

Whether defendant is legally obligated to accept and pay for the three $1,000.00 Series B Bonds is the ultimate question for decision. The answer depends upon whether the validity of the Series B Bonds *582is subject to successful challenge by defendant on any of the grounds asserted by it.

Defendant’s offer to purchase was made with full knowledge of the provisions of the Bond Resolutions of August 29, 1968, and of August 21, 1969, and of the tripartite contracts referred to therein. Hence, we pass without discussion whether “the operating procedures followed by the Authority” are “in violation…