City of Galena v. Corwith

Citations

• 48 Ill. 423

Syllabus

<p>1. Municipal corporations—of the power to fund their debts and issue the necessary evidences thereof. Where the power In the charter of a city to borrow money, required the money so borrowed to be expended and applied in liquidation of its debts, and in the permanent and useful improvement of the city, the corporation is not thereby prohibited from funding the existing debt, and issuing the necessary evidences thereof, in such mode and form as the parties may agree upon.</p> <p>2. Same—this power exists independently of any express authority in the charter. And the power to pay debts, or provide for their payment, to fund them and issue the necessary evidence thereof, exists in every corporation, to the same extent as in natural persons, and this without any express authority in its charter.</p> <p>3. Same—have all the powers of natural persons as regards their contracts— unless restricted. The doctrine is well settled, that corporations have all the powers of ordinary persons as respects their contracts, except when they are expressly, or by necessary implication, restricted.</p>