Board of Liquidators v. Municipality Number One

The judgment of the court was pronounced by

Edstis, C. J.

This case is before us on an appeal from the Third District Court of New Orleans.

On the 4th of May, 1847, an act was passed by the Legislature to provide for the payment of the debts of the municipalities of New Orleans. By this act the municipalities were prohibited from emitting bills of credit, promissory notes, or creating any debt or obligation of any kind beyond their respective revenues; their whole debt.was to be funded, as is explained in the following sections. They contain the only portions of the act which it is material to…