Cahoon v. . Comrs. of Hyde

This action was brought by the plaintiffs to restrain the defendants from borrowing the sum of $15,000 from the State Literary Fund for the purpose of enlarging a school building. The plaintiffs asserted that the public debt of Hyde County for school purposes exceeded eight per cent of the total valuation of property in the county, and as a result the defendants were without power to borrow money.

The trial judge found certain pertinent facts, which are as follows:(a) "The assessed value of all property in Hyde County, the last assessment, was $3,709,348. Its indebtedness for school purposes…