Rowland v. Deck

Citations

• 108 Kan. 440
• 195 P. 868
• 1921 Kan. LEXIS 192

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Municipal Bonds — Improvement of Highway — Rate of Interest— Price at Which Bonds May Be Sold. Where a statute authorizes the issuance of bonds bearing not more than a stated rate of interest, and provides for their sale without making an express requirement as to the amount they shall bring, bonds issued thereunder which bear the maximum interest named may be sold at a discount if the sale is made on the best terms obtainable.</p> <p>2. Same — Issuance of County Warrants in Excess of Amount Actually Due. The statute which forbids the issuance of county warrants in a larger amount than that actually due, in order to compensate creditors for the fact that they cannot be immediately paid and if sold would be subject to discount, does not prohibit the sale of bonds at less than par.</p> <p>3. Same — Road Improvements — Proportion of Costs Chargeable to County — To Be Paid by Taxation — Bonds Sold at Discount. The statute authorizing the issuance of bonds to provide for the payment of the proportion of the cost of road improvements chargeable against the county contemplates the raising by taxation of a sufficient fund to pay such bonds and the coupons thereof, even if by reason of the bonds being sold at a discount the taxes levied to meet the principal shall exceed the county’s share' of the cost of the improvement.</p> <p>4. Same — Bonds May Be Issued as Road Improvement Progresses. The provision of the statute that after estimates of the cost of a road improvement have been filed, and the cost to be assesséd against the county approximately determined therefrom, the commissioners may issue bonds from time to time as required, in the absence of any expression to the contrary, implies that after the steps referred to have been taken it rests with the board to determine when such issuance is required.</p> <p>5. Same — Form of Bid for Purchase of Bonds — Bonds Not Invalidated. The fact that in an offer to buy bonds from the body issuin