City of Bonham v. Taylor

STAYTON, Chief Justice.

The city of Bonham, for the purpose of raising money with which to construct waterworks, issued and sold bonds, on which it received over $38,000, which went into the custody of its treasurer J. C. Saunders, and this he had deposited in the First Rational Bank of Bonham. Subsequently the city council made an arrangement with the Fannin County Bank to lend to it $30,000 of the money for the period' of six months unless the city should sooner need the money for the purpose for which it was obtained, and to this end the treasurer had been directed to turn over to the…