Morton v. Dardanelle Special School Dist. No. 15

JOHNSEN, Circuit Judge.

The question for decision is whether, under the law of Arkansas, a pledge of the *424general tax revenues of an urban special school district, made by the school board in some bonds and a deed of trust issued in 1926 for building purposes, is valid and en-forcible. The trial court held that the pledge was void, and the trustee for the bondholders has appealed.1

We agree with the decision of the trial court. We have previously expressed ourselves upon the general proposition involved, in Women’s Catholic Order of Foresters v. Special School District of North Little Rock, 8…