Board of Com'rs of Bayou Terre Aux Bœufs Drainage Dist. v. McClellan

Nearly 16 years ago, the board of commissioners of the Bayou Terre aux Bceufs drainage district adopted a resolution providing for a bond issue of $165,000, secured by a tax levied under authority of a vote of the property taxpayers. Accord: ingly, 165 bonds, of the denomination of $1,000 each, bearing the serial numbers 1 to 165, were printed and signed by the president and secretary of the board and sealed with the corporate seal, and were delivered to the attorney for the board, under a resolution authorizing him to negotiate the bonds, and particularly to exchange them for certain…