Municipal Investors Ass'n v. City of Birmingham

Plaintiff is the holder of six $1,000 bonds numbered 12 to 17 inclusive, which were issued by the village of Birmingham on October 1, 1928, as part of a series of 14 bonds of like denomination in anticipation of the collection of special assessments to be assessed against special assessment district No. 146, composed of 106 lots to be improved by a street-paving project. The village of Birmingham reincorporated as the city of Birmingham in 1933, and the city assumed all of the debts and liabilities of the village including these bonds which bore interest at the rate of 5% per cent, per annum,…