City of Winston v. Wachovia Bank & Trust Co.
Supreme Court of North Carolina
Appeal from Daniels, J., at February Term, 1912, of FOR-SYTH. Civil action beard on demurrer to tbe complaint. Tbe action was to collect tbe purchase price, wbicb defendant bad agreed to pay for certain municipal bonds of tbe city of Winston, to tbe amount of $160,000, wbicb defendants bad contracted to take at par and interest.
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Appeal from Daniels, J., at February Term, 1912, of FOR-SYTH. Civil action beard on demurrer to tbe complaint. Tbe action was to collect tbe purchase price, wbicb defendant bad agreed to pay for certain municipal bonds of tbe city of Winston, to tbe amount of $160,000, wbicb defendants bad contracted to take at par and interest. Tbe bonds having been tendered and all tbe facts relevant to their validity and issuance having been fully stated in tbe complaint, defendant demurred, assigning for cause that tbe bonds tendered were not binding on tbe city for tbe reason that, in submitting tbe…
1Opinion of the Court
HoKE, J.,
after stating tbe ease: Tbe charter of tbe city of Winston, chapter 12, sec. 46, Private Laws 1909, conferred upon its government, on approval of tbe popular vote, tbe power to incur indebtedness and to issue bonds therefor, in terms as follows:
“That for tbe purpose of improving streets and sidewalks, purchasing, establishing, equipping, extending, or maintaining waterworks, sewerage, gas plant, electric light or power plant, public schools, or for any public improvement, or to fund or pay any bonded debt now existing, on or before tbe date wben same shall fall due, tbe board of…
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