Blancett v. Leet

Opinion op the Court by

Judge Tilford

Affirming.

The purpose of this declaratory judgment proceeding is to test the validity of a proposed bond issue by the McLean County Board of Education to fund a floating indebtedness of approximately $56,000, including interest, accumulated during the last thirteen years. The bonds are to bear interest at the rate of 3%% per annum covering a period of twenty years and are to be sold at par. There is at present no outstanding bonded indebtedness, and the amount of the proposed issue, $56,000, is less than the minimum permitted by Section 158 of the…