Walker v. Joint School District No. 5

It appears from the finding of the trial court that on May 26, 1924, the defendant procured a loan of $23,000 from the state trust fund, payable in fourteen years, the funds to be used in building a new schoolhouse. At that time the assessment of real and personal property for state and county taxes was $503,770. There was other indebtedness stated not to exceed $1,500.

“That at the annual meeting of the electors of the district on July 7, 1924, the loan of $23,000 was revealed as insufficient to erect the new building and a resolution was adopted to borrow in addition to said amount ‘the sum…