State ex rel. Morse v. Cornwell

Citations

• 40 S.C. 26
• 18 S.E. 184
• 1893 S.C. LEXIS 6

Syllabus

<p>1. Township Debt — Assessed Value. — under the constitutional limitation, that “any bonded debt hereafter incurred by any * * * political division of this State shall never exceed eight per centum of the assessed value of all the taxable property therein,” the “assessed value” means the tax assessment made by the proper authorities, completed and of record at the time that the debt is created, and does not refer to an assessment made within the same fiscal year, but not ascertained until after the debt was created. A debt imposed by statute upon a township in excess of the existing tax assessment, but within the limit of the assessment for that fiscal year afterwards ascertained, held to be unconstitutional and void.</p>