NATIONAL BANK 'OF COMMBRCE V. TOWN' OF GRE.NADA.
nicipal property upon execution cannot be had, but; nevertheless, the clause is not without force in the bond, in case relief.should be sought against an indorser. Besides, by the same statutes which give corporate existence and powers to the town, and authorize the incurring of liabilities like those in judgment, .provision isp}ade for stated valuations of erty, upon which the tax levies are required to be ·and upon any other basis there is no authority for any levy whatever. It follows that the relators are not entled to relief in this action.
NATIONAL BANK OF CoMMERCE V.TOWN OF GRENADA.
January 16,189Q:) ,
. lJDder. Gen. St. ColO. § 25, statute on town ordinances, providing thatMlion ordinalicessball, as soon as may be after their passage. be recorded in a book kept for that. ,pu.i'pose..an.d b.6. authe.nticated. bY the sig na.t,ure.Qfth.6> P reSidmg to.moor ... . an ao;tioll 01). bonds. that, * * * and the. olerk, it is no defense in pursuance of, whiCh they. reclte that they were Issued was not,so recorded and authenticated,'. such acts are not required to give effeot to'the ordinance. . . ,:.;,. ..' ,,' . ' i .· , · '
. ,It is not necessary··to the v"Udity of such (lrdinance, thaqt'lIh(luld
in with tlle,lU',0V1siol).. of said 25, tbat bl-law!! of a ,genetai or permanent hature, and those impOSIng any fiile,'" * *. shall. be pUblished in Bome newepapel', , * . * * and it shall be deemed alluffioient'def'e11se to any' suit or, prosecution. for·sucbfine . It ... i * to D;1ade; aud s)1l'bb',lawsand *<Ull. e:J;plratlOnof fl,ve after they have been published, ,j as that provisio.n relates to penal enactments. . , ,,' . . '.' . .. .
'3. ElA.:n-BONA FroE ·lIOt,1JER .L:.REOITALB m BONDs.
,Where bonds recite'that they were issued for.the pUtpDs.e of funding the eltillty ing deb.t o.f, the C.it. ", . a nd t.he city is. auth.omed to is.,tWe alloh bondll1 it is. estoppEli1, . . bO'ltq. fide the antecedentlndebtedness . Under Gen. St. Colo. 84,19 et seq., the issueof.bonds to fund the.fioat-
'-. SAMll":'FuNriiNG DEBT-NOTICE TO WARiANT HOLDERS·
.inK' debt, of lJ!lunicipaliti.ea,and requiring ppbhoation of notice, to. warrant ho14ers,
ftJollure to the
the, prescribed notice not rend!lr the bonds warrants presented and aoceptedfOl"the- bonds.
. . .
Objection that the petition to fund the debt was not presented by 50 tax-payers, lIlI required by said aot,ie untenable :against a bO'ita fl,de holder, where the're.QQrds stI1-te tllat tJ;1e. .of qUali1led citizens hard petiti(med, and the (lrdi. the election the presentation of the petition '1)1 qulillfted .Where the ordinance for the election aho,ws tbat the questionto be l\ubmitWdwas wbethElr.the floating indebtedness should be funded, alldthe record of the canvassing' board states that ainil.jof.ity of theeleetors voted il). favor of funding debt, and there Is nothing of record to show that the notice of .election was defelltive,tbe bonds are not invalid, though the notioe published wSsifor,election on the propositiOI). to iilsU8water-worksbollde.. .
6. SAME-CURING DE11'ECTS.
S. L. Oarpenter, ,for plaintiff. Alvin Ma,rsh, for defendant.
Action of debt.
, PHIUPS, J. This is an action of debt to recover on interest coupons attach,ed to' fqnding bonds issued by the defendant in 1887. The bonds are p'ayable at the National Park Bank, New York,·fifteen years after date, or after five years, at the pleasure of the city; interest, 8 percent. The bonds and coupons were duly signed.by the mayor and clerk, and duly registered and recorded with the state auditor and the town treasurer. , A jury being waived, the cause was submitted for hearing before the court on thefollowing agreeci statement of facts, in their abbreviated sub. stance, .', , ' ,' ".
The town of Grenada was, incorporated as, a municipal.corporation in the month of July, 18H7. On the 1st day of October, 1887, Ii 'petition of 50 citizens and electors of the town was to the board of. trustees,praying . ffi>I: Jbe 3\PPJ"Qpriation of, a sum; not to exceed'$36,000, for pro6uhng water fol"' domestlC;purposes. ,At of the board on the 8th dayqf.Qctober, 1887, oomation it was ordered that an appropriation of the sum of $36,000 be made for of supplying the town with waterfor domestic purposes. On the .6,ql;l.Jay of, October, 1887, an waspltssed by the Mard numbered 10, concerning water-works, which prOVided, in substance. that, for the pur. pose of supplying the city with water suitable for'i!'l'igation, domestic, and , olhetpurpo'!Jes, a reservoir of not less than,l,Ooo barrels' capacity shall be built, \vatet supplied, therefrom from' the Arkansl;ls river, and that scrip. be issued to pay therefor. not to exceed $36,000, passed November 12, 1887, signed by the mayor,and attosted by the recorder, and duly published in the Grenadl':Exponent. At said meeting of one Thomas Doak submitted apl'opositiOll to construct water-works for the town for tpe sum of $36,000, upon condition that the board would first issue wa,rrants of the town, and> deliver the same to him, to said amount, to enable him to raise funds. upon sale of the same" for the purpose of constructing said works. . The proposition was accepted by the town, and warrants the amount of $36,000were issued and delivered to Doak. On the 1000h day of October, 1887, a petitionof 50'qualified electors, alleging that they had paid taxes the precedingyear;waspresl1nted to the board, requesting that a notice be published for ao days to holders' of wurrants to present and e'llChange the same for bonds. of said town, under the provisions of the act of the legislature entitled" An act to enable the several.towns and cities of the state to .fund their floating indebtedhess. .. In the recorded proceedings of the board the proper notice oeen given, duly certifle'dby Ed. Wal'!Jh,',the:cityclerk. It ill admitted that this record entry is false, as no such notice was in fact pubHshed. Ontbe'4th day of November. A. D.1887, saidDoak entered into a written a,greeJli!:lnt' with said board of trustees for the construction of said water-works, in follows: 'The said,DOak agreed to build a reservoir with the capacity Qf.J1.000barrels of water, from which water might be used for domestic. purposE's; said reservoir to be supplied with water through a,ditch to extend froll} ,the Arkansas river at some sllitable,point wE'sterly of said city to said "That saidc'ltt of Grenada shall 'pay and deliver to said Doak, his. ,heirs or, assigns, its legally. illsued scrip, to the full amount of$36,OOO. *, * III Said city shall also secure and grant to said Doak, his heirs or assigns, the: