Town of Winamac v. Huddleston

— The board of trustees of the town of Winamac adopted an ordinance directing bonds of the town to be issued to procure funds with which to rebuild a schoolhouse that had been destroyed by fire. The ordinance directs the proper officers to execute the bonds of the corporation, and the officers propose to execute the bonds as directed. The bonds, if issued, will create a debt in excess of two per centum of the taxable value of the property within the corporate limits of the town.

There can be no doubt that if the bonds are executed as proposed, and are of any validity, they will create a debt…