Memphis Trust Co. v. Board of Directors
Supreme Court of Arkansas
Appeal from Pulaski Circuit Court. Joseph AY. MaRtin, Judge. STATEMENT BY THE COURT. The legislature of Arkansas in 1897 passed an act authorizing the Board of Directors of the St. Francis Levee District to issue bonds for the purpose of building and maintaining certain levees in said district.
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Appeal from Pulaski Circuit Court. Joseph AY. MaRtin, Judge. STATEMENT BY THE COURT. The legislature of Arkansas in 1897 passed an act authorizing the Board of Directors of the St. Francis Levee District to issue bonds for the purpose of building and maintaining certain levees in said district. Afterwards the board of directors made a contract with the Memphis Trust Company, a corporation organized under the laws of Tennessee, whereby the Trust Company agreed to purchase of the board bonds to the amount of $10,000, and pay therefor par value with accrued interest. The contract to purchase was…
1Opinion of the Court
Riddick, J'.,
(after stating the facts). The only question presented by this appeal is whether the “St. Francis Levee District,” or “the Board of Directors” thereof, is a “municipality,” within the meaning of the provision of our constitution which prohibits a municipality from issuing interest-bearing bonds. The provision referred to declares that “neither the state nor any city, county, town or other municipality in this state shall ever loan its credit for any purpose whatever; nor shall any county, city, town or municipality ever issue any interest-bearing evidences of indebtedness,”…
2Cases cited5 opinions
- Carson v. St. Francis Levee DistrictSupreme Court of Arkansas · 1894
- Morrison v. MoreySupreme Court of Missouri · 1898
- Fitzgerald v. WalkerSupreme Court of Arkansas · 1891
- Heller v. StremmelSupreme Court of Missouri · 1873
- State ex rel. Chouteau v. LeffingwellSupreme Court of Missouri · 1873
3Cited by13 opinions
- Hersey v. NeilsonMontana Supreme Court · 1913
- Hanson v. City of CrescoSupreme Court of Iowa · 1906
- Lee Wilson & Co. v. William R. Compton Bond & Mortgage Co.Supreme Court of Arkansas · 1912
- Schmutz v. Special School DistrictSupreme Court of Arkansas · 1906
- Opinion No., Arkansas Attorney General Reports2009
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