Joint School District No. 1 v. City of Chilton

In 1952, the schools in the City of Chilton were operated as part of a city school district. The city issued general obligation bonds in the amount of $375,000 to improve existing school buildings. An annual irrepealable tax was levied to retire the bonds and pay interest. Pursuant to sec. 67.11, Stats. 1951,1 *55the city created a sinking fund to segregate the premium, accrued interest, and moneys raised by taxation to retire the bonds.

*56At the time of the bond issue the boundaries of the city were coterminous with those of the city school district and certain outlying municipalities utilized the…