Buchanan v. Woodland Consolidated School District

Paragraph 1 of section 7 of article 7 of the constitution of this State provides that no county, municipal corporation, or political division of this State “shall incur any new debt, except fox a temporary loan ox loans to supply casual deficiencies of revenue, not exceeding one fifth of one per centum of the assessed value of the taxable property therein, without the assent of two thirds of the qualified voters thereof voting at an election for that purpose to be held as prescribed by law, provided said two thirds so voting shall be a majority of the registered voters.” 10 Park’s Code Supp.…