Schmutz v. Special School District
Supreme Court of Arkansas
Appeal from Pulaski Chancery Court; Jesse C. Hart, Chancellor STATRMRNT BY THR COURT. In 1905 the Legislature of this State passed an act to authorize the Special School District of Little Rock to borrow money to erect, complete and equip a new high school building.
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Appeal from Pulaski Chancery Court; Jesse C. Hart, Chancellor STATRMRNT BY THR COURT. In 1905 the Legislature of this State passed an act to authorize the Special School District of Little Rock to borrow money to erect, complete and equip a new high school building. After-wards the board of directors of the district passed a resolution and undertook to issue 160 bonds of the district, of the denomination of $500 each, bearing intérest at 6 per cent, each as set forth in the bonds. These bonds were to be secured by a mortgage upon block 20 of the City of Little Rock owned by the district, that…
1Opinion of the Court
Riddick, J.,
(after stating the facts.) This is an appeal from a judgment of the chancery court of Pulaski County refusing to enjoin the Special School District of Little Rock from issuing certain bonds of the district. The question involves the validity of the act of the Legislature authorizing the district to borrow money for the purpose of erecting a-high school building, and the further question whether the act, if valid, authorized the issuance of the bonds.
Now, the act expressly authorizes the district to borrow money for the purposes named in the act, to issue evidences of debt…
2Cases cited2 opinions
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