Louisiana v. Wood
| Citation | 102 U.S. 294,26 L.Ed. 153 |
| Parties | LOUISIANA v. WOOD |
| Decision Date | 01 October 1880 |
| Court | United States Supreme Court |
ERROR to the Circuit Court of the United States for the Eastern District of Missouri.
Upon the facts found by the court below this case is as follows:——
The city of Louisiana, Missouri, had authority in law to borrow money, at any rate of interest not exceeding ten per cent per annum, and to provide for the payment of its debts. On the 8th of January, 1867, an ordinance was passed by the city council creating the office of 'city fund commissioner.' It was made the duty of this officer to sell the bonds of the city for the purpose of funding or paying the indebtedness of the city, and apply the proceeds to the purchase of outstanding warrants and bonds past due, or not having more than three years to run. By this ordinance he was limited in his sales to a price not less than ninety-five cents on the dollar of the par value of five-year bonds, and ninety cents for those running ten years. On the 1st of March, 1871, the fund commissioner reported to the city council that the bonded indebtedness of the city was about $150,000, bearing interest mostly at the rate of ten per cent per annum, and that about $100,000 would mature that year, and in the years 1872, 1873, 1874, and 1875. Upon this report an ordinance was passed authorizing the commissioner 'to negotiate the bonds of the city for purpose of raising money to liquidate the city debt, for a period not exceeding fifteen years, and at a rate of discount not exceeding fifteen per cent.'
On the 28th of March, 1872, the General Assembly of that State passed 'An Act to provide for the registration of bonds issued by counties, cities, and incorporated towns,' sects. 4 and 11 of which are as follows:——
'.
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Other sections make special provision for the assessment and collection of taxes to pay the principal and interest of all bonds registered in accordance with the act.
On the 16th of July, 1872, after this act went into effect, the city, for the purpose of raising money to pay its interest-bearing debts and the expenses of its government, caused to be executed by its proper officers, and sealed with its corporate seal, twenty-one bonds, payable to bearer on the 1st of January, 1887, for $1,000 each, with coupons attached for semi-annual interest at the rate of ten per cent per annum. These bonds contained recitals that they were issued under the authority of the charter and the ordinance of Jan. 8, 1867. Although not actually executed until July 16, 1872, the city, 'for the purpose of evading the provisions of said registration law, and with the intent to make it falsely appear that said bonds were not subject to the requirements of said law, caused said bonds to be antedated as of the first day of January, 1872, and caused it to be falsely stated in them that they were signed, countersigned, and sealed on the day last named.' The bonds thus executed were, without being registered, placed by the fund commissioner in the hands of a respectable stock and bond broker in St. Louis, to sell for the account of the city. On...
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State v. Greer
...received by it, with interest. See Brill v. Washington Railway & Electric Co., 215 U.S. 527, 30 S.Ct. 177, 54 L.Ed. 311; Louisiana v. Wood, 102 U.S. 294, 26 L.Ed. 153. City of Henderson v. Redman, 185 Ky. 146, 214 S.W. 809, 7 A. L. R. 346, and notes. In Morton v. City of Nevada (C. C.) 41 F......
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Henning v. City of Casper
...4 L.R.A. (L.R.A.) 746; Pimental v. City, (Cal.) 7 P. 361; Read v. City, 27 L.Ed. 414; Henderson v. Redman, (Ky.) 7 A. L. R. 346; City v. Wood, 26 L.Ed. 153; Bluthenthal v. Town of Headland, 90 A. S. R. Hoag v. Town of Greenwich, (N. Y.) 30 N.E. 842. Recovery may be had as for money had and ......
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...paid for all the intervening years, with interest. This we understand would be the result of the principle sanctioned in Louisiana v. Wood, 102 U.S. 294, 26 L.Ed. 153; Parkersburg v. Brown, 106 U.S. 487, 503, 1 442, 27 L.Ed. 238; Chapman v. Douglas County, 107 U.S. 348, 360, 2 Sup.Ct. 62, 2......
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Village of Heyburn v. Security Savings & Trust Co.
... ... suit, between the same parties. ( City of New Orleans v ... Citizens Bank of Louisiana, 167 U.S. 372, 17 S.Ct. 905, ... 42 L.Ed. 202; Southern P. R. Co. v. United States, ... 168 U.S. 1, 18 S.Ct. 18, 42 L.Ed. 355; Forsyth v ... doctrine, numerous cases having so determined. ( ... Parkersburg v. Brown, 106 U.S. 487, 1 S.Ct. 442, 27 ... L.Ed. 238; Louisiana v. Wood, 102 U.S. 294, 26 L.Ed ... 153; Marsh v. Board of Supervisors, 77 U.S. (10 ... Wall.) 676, 19 L.Ed. 1040; Pimental v. City of San ... ...
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The Municipal Bond Cases Revisited.
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