City of Buffalo v. Strong & Co.

This action was for a declaratory judgment. The question presented was whether the City of Buffalo had the right to recall for payment a $500,000 issue of water bonds, bearing interest at the rate of 4% per annum, at any time, in the sole discretion of the city council, on and after October 10, 1928. The bonds were issued as of October 10, 1908, under the legislative authority embodied in chapter 203 of the Laws of 1906, chapter 84 of the Laws of 1907 and chapter 724 of the Laws of 1907. The original act of 1906 authorized the city to issue $2,500,000 of its bonds at 3y2% interest. The bonds…