State Ex Rel. National Bank of Commerce v. Stacy

This action involves the order or priority of payment between the holders of refunding bonds of commercial waterway district No. 1, in Kang county. Bonds were issued December 1, 1923, in the amount of $720,000. The proceeds of the sale of these bonds were to be used to retire bonds previously issued. As security for the refunding bonds, the waterway district levied an assessment on property within the district of 53.83 per cent of the total maximum benefits. 49.17 per cent of the total maximum benefits had been levied upon the issuance of the original bonds. It thus appears that the entire…