Collar v. Crowley

The Greene & Lawrence Counties Drainage District No. 1 was organized under the provisions of act 318 of the Special Acts of the General Assembly of 1911. The district borrowed $260,000 from the State National Bank of Little Bock, and issued its bonds to the bank for that amount. Betterments were assessed amounting to $567,990.25, and assessments against the benefits of 3 per cent, were levied for each of the years 1912, 1913, 1914, and 1915. Only interest was to be paid during these four years. For the next sixteen years, or until and including 1931, portions of the principal were payable. An…