Wells Fargo Bank & Union Trust Co. v. Imperial Irr. Dist.

WILBUR, Circuit Judge.

This is an appeal by certain bondholders from a decree of the District Court approving a plan for composition of indebtedness of the appellee District under Chapter 9 of the Bankruptcy Act, 11 U.S.C.A. §§ 401-404.

Appellee is a local taxing agency organized in 1911 under the California Irrigation District Act of 1897, Stats. 1897, p. 254, as amended, Deering’s Gen.Laws, Act 3854. As authorized by that act it issued four issues of bonds, as follows:

First issue, January 1, 1915, $3,500,000 bearing 5% interest and maturing serially from 1936 to 1955.

Second issue, July 1,…