Franklin Ave. German Sav. Inst. v. Bd. of Educ. of Roscoe

• Citation: 75 Mo. 408
• Parties: THE FRANKLIN AVENUE GERMAN SAVINGS INSTITUTION, Appellant, v. THE BOARD OF EDUCATION OF THE TOWN OF ROSCOE.
• Decision Date: 30 April 1882
• Court: United States State Supreme Court of Missouri

75 Mo. 408

THE FRANKLIN AVENUE GERMAN SAVINGS INSTITUTION, Appellant,

v.THE BOARD OF EDUCATION OF THE TOWN OF ROSCOE.

Supreme Court of Missouri.

April Term, 1882.

Appeal from St. Clair Circuit Court.--HON. J. D. PARKINSON, Judge.

REVERSED.

The plaintiff was a corporation organized under chapter 68, General Statutes 1865, “Of Savings Banks and Fund Companies.” This action was brought against the Board of Education of the Town of Roscoe on several bonds and coupons. The bonds were in the following form:

It is hereby certified that the Special School District of the Town of Roscoe, county of St. Clair and State of Missouri, is indebted to ______ or bearer, in the sum of $500, payable * * . This bond is issued under and by virtue of an act of the legislature of Missouri, entitled “An act to authorize cities, towns and villages to organize for schools, with special privileges,” and approved March 21st, 1870.

[SEAL.]

JAS. ISAMINGER, President.

HENRY S. SWAN, Secretary.

At the trial it appeared in evidence that no election was ever held in the district for the adoption of the school law; but that in 1870, prior to the issue of the bonds, a board of directors was elected and qualified, and their successors had been regularly elected and had acted as directors of the special district of the town of Roscoe, by filing estimates, receiving and paying money from taxes assessed and apportionment of public funds and estimates annually returned by defendant, and had been generally recognized as the board of education of the independent school district of Roscoe; that the county officers had recognized defendant as a special school district from the election of the board of education to the institution of this suit; that one Gardner sold the bonds in question to plaintiff, and defendant received for said bonds eighty-nine cents on the dollar; that plaintiff agreed to pay ninety cents on the dollar, but deducted a commission of one cent on the dollar for buying the same; that the school in the district was generally patronized by the residents of the district, and that levies were regularly made for the payment of interest accruing on the bonds; that said interest was collected by defendant and paid over to plaintiff up to the time the last interest coupons fell due on said bonds, and that said coupons, representing the interest so levied, collected and paid, were received by defendant in settlement with the treasurer.

The plaintiff also offered in evidence copies of orders drawn by defendant in the usual way, by the proper officer of an independent district, on the proper officer, directing the payment of money for teachers' wages; also of estimates of money needed for all proper purposes of such district, including the payment of interest on these bonds, and enumerations of tax-payers in the district, showing that in those matters defendant acted as an independent district ever since before the issue of the bonds; also reports and returns of elections, showing that during all that time said defendant district had held regular elections for directors as an independent district, and made returns of the same, which were duly recognized and canvassed by the county clerk and two justices of the peace, and certified, and the organization thus kept up; that the existence of defendant as such independent district was all that time recognized by the county clerk, collector, treasurer and all county officers; that their estimates for taxes were duly entered on the tax-books, and taxes duly collected by the collector and paid over to the treasurer of defendant, on his receipt; that the public money from interest on State and county fund, was duly apportioned to defendant all that time, as an independent district, and paid to it on the receipt of its treasurer; that in all things, defendant, ever since 1870, had acted as an independent district under the act aforesaid, and called itself such, and was so recognized by all officers and parties, and was, when suit was brought and tried, acting under...