City of Garden City v. Holland

This is an appeal from a decree in which defendant Robert C. Holland, former mayor of plaintiff city of Garden City, was held guilty of a breach of trust, and adjudging him to be indebted to the city in the sum of $127,000. In 1936, Garden City refunded $529,000 water bonds under an agreement with the State of Michigan. These refunded bonds came into the custody of the State treasurer as a.part of the soldiers’ bonus sinking fund.

The State treasurer’s office accorded municipalities, whose bonds were in the sinking fund, the privilege of buying other acceptable securities on the ■..market and…