Price v. Scranton

Opinion by

Mr. Justice Drew,

The City of Scranton, in contracting for the construction of a sewer system, issued its 6% bonds, 64 in number, each of the face value of $100, to the contractor. It was stipulated in the bonds that they rested alone for their security upon assessments made and levied upon the land abutting the improvement. The bonds were issued on December 10,1928, and were payable within five years, to be called by the city treasurer as often as there were sufficient funds in his hands from the assessments. The city’s liability was expressly limited to the amount collected on the…