Doon Township v. Cummins

Citations

• 142 U.S. 366
• 12 S. Ct. 220
• 35 L. Ed. 1044
• 1892 U.S. LEXIS 1978

Syllabus

<p>By virtue of Art. 11, sec. 3 of the.constitution of Iowa of 1867, which ' ordains that “ no county, or other political or municipal corporation, shall be allowed to become indebted in any manner, or for any purpose, to an amount in the aggregate exceeding five per centum on the value of the taxable property within such county or corporation — to be ascertained by the last state and county tax lists, previous to the incurring of such indebtedness,” negotiable bonds, in excess of the constitutional limit, issued by a school district, and sold by its treasurer, for the purpose of applying the proceeds of the- sale to the payment of the outstanding bonded indebtedness-of the district, pursuant to the statute of Iowa of 1880, c. 132, are void as against one who purchases them from the district with knowledge that the constitutional limit is thereby exceeded.</p>