Delaplaine Consolidated School District No. 7 v. State Board of Education

Donham J.

The Delaplaine Consolidated School District, after securing the approval of the Commissioner of Education, advertised and sold bonds of the face value of $10,500 for the purpose of securing money for the construction of -a new school building for the district. The bonds in question were to bear six per cent, interest per annum; and the State Board of Education refused to approve them on the ground that the rate of interest was too high. Notwithstanding the Commissioner had previously given his approval, when the Board refused to give its consent to a bond issue bearing a rate of…