Cowan Inv. Corp. v. City of Florence

GRUBB, District Judge.

Heretofore, at a time not relevant to this intervention, the city of Florence issued its public improvement bonds for the purpose of raising funds with which to pay for certain public improvements constructed in the said city. Assessments were levied against the properties specially benefited by the improvements constructed with the proceeds of such bonds, which assessments were secured by liens on such properties. As security for the bonds, the city transferred and assigned to the holders thereof the said assessments and liens. The bonds being in default, Cowan…