Clapp v. Village of Marice City

Citations

• 111 F. 103
• 13 Ohio F. Dec. 704
• 1901 U.S. App. LEXIS 4363

Syllabus

<p>1. Municipal Bonds—Recitals—Requirement op Ohio Statute.</p> <p>Rev. St. Ohio, § 2703, relating to municipal bonds, requires that “all bonds issued under authority oí this chapter shall express upon their lace the purpose for which they are issued and under what ordinance.” Section 2701 authorizes the issuance of bonds for the purpose of extending the time for the payment of any indebtedness which, from its limits of taxation, the corporation is unahle to pay at maturity. Held, that bonds of a village containing a statement that they were issued to pay certain indebtedness of the village, Incurred in the improvement of said village, and were issued under and pursuant to the provisions of said section 2701, and referring to the ordinance authorizing their issuance by its date and general purport, which also stated that the bonds were issued under authority of said section, sufficiently expressed the purpose for which they were issued, within the requirement of section 2703; there being but one purpose for which they could be issued under section 2701.</p> <p>2. Same—Regularity op Issuance—Ohio Statute.</p> <p>Rev. St. Ohio, § 2702, which provides that no contract or other obligation involving the expenditure of money shall be entered into, nor any ordinance, resolution, or order for the appropriation or expenditure of money be passed, by the board or council of a municipal corporation, unless the auditor shall first certify that the money required for the contract or to pay the appropriation is in the treasury to the credit of the fund from which it is drawn, has no application to an issue of bonds under section 2701 to extend the time for payment of an outstanding indebtedness.</p> <p>3. Same—Estoppel by Recitals.</p> <p>Recitals in bonds of a village that they are issued pursuant to a statute cited, which authorizes the issuance of bonds, and to an ordinance properly referred to by its date and general purport, which conforms to such statute, and that “all the p