City of Paris v. Street Improvement District No. 2

Appellants are the city of Paris, Arkansas, its mayor, councilmen and recorder. On February 27,1927, the city council adopted ordinance No. 228,. which provides that the city shall pay annually out of its street fund aid to each street improvement district thereafter to be formed a sum of money “amounting to one-fifth of maturing bonds and interest for any such year.” Appellee district was formed in the early part of 1928 and its commissioners issued and sold serial bonds in the sum of $143,000, maturing annually in an amount of approximately $9,000, with which they constructed four or five…