Davis v. Moon

SMITH, Justice.

September 15, 1950, the state board of education acting as the board of trustees of Northern Idaho College of Education determined that such college needed an additional dormitory. The board thereupon, pursuant to its resolution adopted, and authority of Idaho Code, Title 33, C. 38, known as the Educational Institutions Act of 1935, issued and sold $375,000 interest bearing “Dormitory Revenue Bonds of 1950”, in *149■denominations of $1,000 each and, with the proceeds therefrom, caused the dormitory to be constructed. The building is the property of the State of Idaho. Net incomes…