Hyde v. Ewert

Citations

• 16 S.D. 133
• 91 N.W. 474
• 1902 S.D. LEXIS 89

Syllabus

<p>1. In determining the indebtedness of a city, that of a school corporation having the same boundaries is not to be considered.</p> <p>2. There is no increase of the indebtedness of a city, within constitutional prohibitions, by the issue of bonds, where they are exchanged at par for an equal or greater amount of pre-existing legal bonds bearing greater interest.</p> <p>3. In the issuing of bonds upder Laws 1899, c. 51, $ 1, authorizing a city, by and through its city council, when, in the judgment of such council, it is best, to issue bonds to refund its bonded indebtedness, Laws 1890, c. 37, art. 5, \\ 1, providing that the issuing of bonds under that act shall be only on authority of vote of the electors, does not apply.</p> <p>4. A city, having created a valid bonded debt, has power, without any special legislative authority, to, with the consent of the bondholders, reduce the same by issue of a smaller amount of bonds therefor.</p>