First National Bank v. City of Jackson

Opinion of the Court by

Judge Clay

— Affirming.

The city of Jackson sold to the First National Bank of Jackson an issue of waterworks bond's of the par value of $25,000.00, and thereafter brought this suit against the bank to enforce specific performance of the contract. From a judgment in favor of the city the bank appeals.

It is conceded that the election was regularly called, properly advertised and regularly held, and that the bond issue was carried by the overwhelming vote of 274 to 5.

The only ground on which the validity of the bonds is assailed is that the indebtedness, together- with…