City & County of Dallas Levee Imp. Dist. ex rel. Guyton v. Griffith

LOONEY, Justice.

The principal facts leading to this controversy are these: In 1928, the City and County of Dallas Levee Improvement District was organized, issued, and sold to the investing public about $6,000,000 of its bonds. These bonds were refunded in 1937, the unpaid interest on the originals remitted, and a lower rate of interest prescribed. Taxes were regularly levied and assessed upon all lands within the District, to service the refunding bonds, but due to the delinquency of taxpayers and failure of the Supervisors to make collection, and their refusal to institute proper suits or…