Bagby v. Bateman

Citations

• 50 Tex. 446

Syllabus

<p>1. Sinking fund—County bonds—Constitutional law.—Section 23 of article 12 of the Constitution, of 1869 provides : “It shall be the duty of the Legislature to provide by law, in all cases where a State or county debt is created, adequate means for payment of current interest, and two per cent, as a sinking-fund for the redemption of the principal; and all sucli laws shall be unrepealable until such principal and interest are fully paid : ” Held, Hot to prohibit the issuance of bonds and a tax to pay interest thereon and the principal within ten years from their date, the provision being designed to compel payment of all such bonded indebtedness within fifty years; said bonds being authorized by a special act authorizing a county to fund its indebtedness.</p> <p>2. Same.—Sections 5 and 6 of “ An act to authorize the county of Marion to audit and fund the debt of said county, (Special Laws, 13th Leg., p. 178,) authorizing the issuance of county bonds payable in ten years and to levy a tax to pay the principal and interest as they should become due : Held, Hot in conflict with the Constitution.</p>