Mosher v. Independent School District
Supreme Court of Iowa
Appeal from Hardin Circuit Cowrt. The petition alleges that the defendant is a corporation organized under the laws of this State for common school purposes, and that in 1869 the said corporation made and issued twenty bonds for the sum of five hundred dollars each, payable to, bearer, at the Hardin County Bank, to which bonds interest coupons were attached, maturing- semi-annually, at ten per cent per annum; that said defendant contracted with Foster & Brother to erect…
Read the full summary
Appeal from Hardin Circuit Cowrt. The petition alleges that the defendant is a corporation organized under the laws of this State for common school purposes, and that in 1869 the said corporation made and issued twenty bonds for the sum of five hundred dollars each, payable to, bearer, at the Hardin County Bank, to which bonds interest coupons were attached, maturing- semi-annually, at ten per cent per annum; that said defendant contracted with Foster & Brother to erect afiarge brick building in said district for school purposes, at the agreed price of $14,000, and for the labor done and…
1Opinion of the Court
Rothrock,- J.
1. municipal iwnPds:atlconi law. I. The petition alleges that the aggregate amount of the bonds in question exceeds five per centum on the value of the taxable property of the Independent School District of Ackley. This being conceded, the bonds and coupons attached are void without regard to the good faith with which they were purchased, and the want of notice of their invalidity by the holders. National State Bank of Mt. Pleasant v. The Ind. District of Marshall, 39 Iowa, 490; McPherson v. Foster Bros. et al., 43 Iowa, 48.
Article 11, Sec. 3, of the Constitution, provides that…
2Cases cited3 opinions
- McPherson v. Foster Bros.Supreme Court of Iowa · 1876
- Winspear v. District Township of HolmanSupreme Court of Iowa · 1873
- National State Bank v. The Ind. Dist. of MarshallSupreme Court of Iowa · 1874
3Cited by9 opinions
- Doon Township v. CumminsSupreme Court of the United States · 1892
- Windsor v. City of Des MoinesSupreme Court of Iowa · 1900
- City of Ottumwa v. City Water Supply Co.Court of Appeals for the Eighth Circuit · 1902
- Independent School Dist. of Sioux City v. RewCourt of Appeals for the Eighth Circuit · 1901
- Sackett v. City of New AlbanyIndiana Supreme Court · 1883
4 more not listed; retrieve them via the Exa API.