People ex rel. Mayo v. Lippincott

Citations

• 81 Ill. 193

Syllabus

<p>1. Municipal bonds—registration under act of I860. The first section of the act of February 13, 1865, relating to municipal bonds, limits the operation of that act to debts created previous to its passage, so that the provision for the registration, etc., of bonds which it contains has no application to bonds issued on indebtedness created after the passage of the act.</p> <p>2. Same—acts of 1872 and 1875 construed. The acts of 1872 and 1875 relating to municipal indebtedness, and re-funding the same, are not simply amendatory of the act of 1865, but were enacted for different purposes, to be accomplished by different means, and each, for its own purpose, is still in force.</p> <p>3. Municipal bonds issued to fund prior indebtedness created since February 13, I860, are not subject to registration in the Auditor’s office under the act of 1865.</p> <p>4. Same—remedy for collection not lost by refunding. Where municipal corporations, already having the power to contract debts, and levy and collect taxes for their payment, are authorized to fund such indebtedness and issue new bonds therefor, the same remedy will exist to enforce their payment, as of the old ones, where no provision is made in the law by which the funding is made as to the means by which collection may be had.</p>