Town of Clarksdale v. Broaddus

Citations

• 77 Miss. 667

Syllabus

<p>1. Municipalities. Bonds. Notice. Code 1892, $$ 3014, 3015, 3016.</p> <p>Before a municipality can rightfully issue municipal bonds, in any amount, under code 1892, §§ 3014, 3015, 3016, authorizing and regulating such issuance, it must first publish notice of the proposed issuance, as provided by § 3016, so that the taxpayers may petition against the same.</p> <p>2. Same. Seven per centrum. Election unnecessary.</p> <p>After notice of a proposed issuance of municipal bonds, if twenty per centum of the taxpayers do not petition against the sajne, the municipal authorities may issue bonds in an amount, including all outstanding bonds, not exceeding seven per centum of the assessed valuation of the taxable property in the municipality, without an election.</p> <p>3. Same. Taxpayers protest. Election necessary.</p> <p>After notice of a proposed issuance of municipal bonds, if twenty per centum of the taxpayers, whether electors or not, petition against the same, the municipal authorities cannot rightfully issue the bonds in any amount until authorized by the affirmative vote of two-thirds of the electors.</p> <p>4. Same. Ten per centum.</p> <p>After notice of a proposed issuance of municipal bonds even if there be no petition by the taxpayers againát the same, where the issuance, including all outstanding bonds, will exceed in amount seven per centum, but not ten per centum, of the assessed valuation of the taxable property in the municipality, the bonds cannot rightfully he issued until authorized by the affirmative vote of two-thirds of the electors.</p> <p>5. Same. Exceeding ten per centum. Illegal.</p> <p>Municipalities are without power, under the code. §§ 3014, 3015, 3016, to issue municipal bonds, including all outstanding bonds, in excess of ten per centum of the assessed valuation of the taxable property in the municipality.</p> <p>6. Same. Injunction. Taxpayer.</p> <p>A resident taxpayer of a municipality may enjoin the wrongful issuance of municipal bonds.