City of Glendale v. Chapman

The City of Glendale, petitioner herein, by ordinance No. 2485 of its city council authorized the issuance of 210 revenue bonds of the par value of $100,000 each and provided for them to be payable in consecutive, numerical order to bear interest at 8 per cent per annum, payable semiannually. The purpose of the issue is to provide moneys for the construction of a reservoir and the acquisition and construction “of additions to and extensions and improvements” of the city’s waterworks system. All formal requirements to make the bonds negotiable have been executed except the signing of the bonds…