City of Joliet v. Alexander

The city of Joliet owns and operates a system of water-works for the purpose of supplying the city and its inhabitants with water, and derives therefrom a net annual income of about $10,000. The city is indebted largely in excess of five per centum of the value of the taxable property therein. On January 7, 1901, an ordinance of said city was passed providing for the extension and enlargement of the existing 'system of water-works, for which water fund certificates were to be issued to an amount not exceeding $240,000, bearing interest at a rate not exceeding six per cent per annum, to be…