State, Ex Rel. Orrell v. Johnson

Chapter 12733, Acts of 1927, Special Laws of Florida, authorized the Trustees of Ocean Shore Improvement District * to issue interest bearing coupon certificates of indebtedness, which were ordained by the statute to have all the qualities of negotiable instruments under the law merchant, and which should be the unqualifiedly valid obligations' of the district issuing the same. The purpose of the certificates, as recited in Section 3 of the Act, was to secure funds for the purposes of the district, in anticipation of the later issuance of certain permanent improvement bonds that have been…