Reynolds v. Lyon County
Supreme Court of Iowa
Appeal from Lyon District Court. — Hon. F. R. Gaynor, Judge. On April o, 1880, the board of supervisors of Lyon county ordered the bonding of the floating indebtedness of the county, and on June 1st, following, the five bonds in amount of $500 each, bearing seven per cent, interest, payable semi-annually, were issued to Chase & Taylor to take up outstanding warrants.
Read the full summary
Appeal from Lyon District Court. — Hon. F. R. Gaynor, Judge. On April o, 1880, the board of supervisors of Lyon county ordered the bonding of the floating indebtedness of the county, and on June 1st, following, the five bonds in amount of $500 each, bearing seven per cent, interest, payable semi-annually, were issued to Chase & Taylor to take up outstanding warrants. These were transferred to the Equitable Life Insurance Company of Des Moines, and later by it to the plaintiff. Several defenses were interposed,, but on hearing, judgment was entered for plaintiff, and the county appeals.
1Opinion of the CourtLadd, J.
Lyon county was organized in January, 1872, and immediately proceeded to create an indebtedness, in utter disregard of section 3, article 11, of the state Constitution, which reads:' “JSfo county, Dr other political or municipal corporation, shall be allowed to become indebted in any manner, or for any purpose, to an amount in the aggregate exceeding five per centum on the value of the taxable property within such county or corporation —to be ascertained by the last state and county tax lists, previous to the incurring of such indebtedness.” By July 23, 1873, it had issued judgment bonds to…
2Cases cited20 opinions
- New Orleans v. Citizens' BankSupreme Court of the United States · 1897
- Litchfield v. BallouSupreme Court of the United States · 1885
- Doon Township v. CumminsSupreme Court of the United States · 1892
- McPherson v. Foster Bros.Supreme Court of Iowa · 1876
- Haight v. City of KeokukSupreme Court of Iowa · 1856
15 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- King City Ex Rel. United States Cast Iron Pipe & Foundry Co. v. Southern Surety Co.Supreme Court of Iowa · 1931
- Dobler v. BawdenSupreme Court of Iowa · 1947
- Lynch v. SchemmelSupreme Court of Iowa · 1916
- Black v. MillerSupreme Court of Iowa · 1912
- Banta v. Clarke CountySupreme Court of Iowa · 1935
7 more not listed; retrieve them via the Exa API.