Polk v. Corning School Dist. No. 8 of Clay County

Appellant, who is a resident taxpayer of the Corning School District No. 8 of Clay county, seeks, by this suit, to restrain the district from issuing $78,000 in bonds, of which $34,500 will be new bonds issued under .act 369 of the Acts of 1941. The remainder are bonds to refund outstanding bonds.

The total assessed valuatipn of all taxable property in the district, which has an outstanding valid bonded indebtedness of $43,500, bearing 4% per cent, interest, which it proposes to refund with bonds bearing interest at the rate of 4 per cent., is $780,045.

On February 17, 1941, the district…