Outman v. Cone

Citation192 So. 611,141 Fla. 196
PartiesOUTMAN v. CONE et al.
Decision Date22 December 1939
CourtUnited States State Supreme Court of Florida

Suit in equity by W. D. Outman against Fred P. Cone and others to enjoin the Board of County Commissioners of Pinellas County and the State Board of Administration from paying par, plus accrued interest and additional sum, in settlement and redemption of an outstanding issue of bonds of St. Petersburg Special Road and Bridge District No. 13. From a judgment dismissing the bill of complaint, plaintiff appeals.

Reversed.

BUFORD J., dissenting. Appeal from Circuit Court, Leon County; J. B Johnson, Judge.

COUNSEL

John C Polhill, of Clearwater, Raney H. Martin, of St. Petersburg, and W. B. Dickenson and W. B. Dickenson, Jr., both of Tampa, for appellant.

George Couper Gibbs, Atty. Gen., and J. Compton French, Asst. Atty. Gen., for Fred P. Cone.

Lincoln C. Bogue and John C. Blocker, both of St. Petersburg, for Board of Public Instruction of Pinellas County.

Baynard & Baynard, of St. Petersburg, for intervenor and appellee M. E. Smith.

OPINION

TERRELL Chief Justice.

Appellant filed his bill of complaint in the Circuit Court of Leon County praying that the Board of County Commissioners of Pinellas County and the Board of Administration of the State of Florida be enjoined from paying par plus accrued interest and the additional sum of $42.50 in settlement and redemption of an outstanding issue of bonds of St. Petersburg Special Road and Bridge District No. 13, each of said bonds being in the sum of $1,000, with interest at six per cent per annum and bearing a deferred interest coupon in the sum of $45.00.

At final hearing on bill and answer and evidence taken, the bill of complaint was dismissed and this appeal was prosecuted. Three questions are urged for reversal but all turn on the force and effect to be given to the following portion of the resolution by the Board of County Commissioners authorizing the issuance of the bonds with which it is proposed to take up the outstanding bonds:

'All of said Refunding Bonds shall be callable upon any interest payment date, except for a two year period prior to their respective maturity dates, according to the following schedule: at par, plus accrued interest at the rate then prevailing, without payment of any portion of the deferred interest, on or prior to July 1, 1946; at par, plus accrued interest at the rate then prevailing, plus one-half of the deferred interest, from and after January 1, 1947, to and including July 1, 1956; at par, plus accrued interest at the rate then prevailing, plus three-fourths of the deferred interest, from and after January 1, 1957, to and including July 1, 1961; at par, plus accrued interest at the rate then prevailing, plus the full amount of the deferred interest, from and after January 1, 1962, to and including July 1, 1964; and at maturity said bonds shall be payable at par, plus the full amount of the deferred interest; Provided, however, that if any of said refunding bonds herein authorized are called for payment to absorb funds available from the sale of new refunding bonds of said District which may be authorized subsequent to the date hereof, then said refunding bonds authorized to be issued hereunder shall be called and redeemed at par, plus accrued interest at the rate then prevailing and plus the full amount of the deferred interest which has accrued and been earned to the date of such redemption.

* * *

'Deferred Interest Coupon

'No.-----

$45.00

'On the first day of -----, 19--, St. Petersburg Special Road and Bridge District No. 13 of Pinellas County, Florida, will pay to bearer at Guaranty Trust Company of New York, in the City of New York, New York, the sum of $45.00, being the then enforceable, collectible and deferred interest on its Refunding Bonds, Series -----, dated July 1, 1936, No. -----, unless said bond shall have been theretofore called for redemption.'

That part of the resolution so quoted was also written into the face of each bond proposed to be issued, they being refunding bonds to be used for the purpose of funding an equal number and value of valid outstanding bonds of St....

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8 cases
  • Meredith v. City of Winter Haven
    • United States
    • U.S. Supreme Court
    • 8 Noviembre 1943
    ...coupons, refunding bonds containing such coupons would impose 'new and additional or more burdensome terms' (Outman v. Cone, 141 Fla. 196, 199, 192 So. 611, 613) which may not be included in refunding bonds unless they are approved by referendum in accordance with Article IX, § 6. Outman v.......
  • Meredith v. City of Winter Haven
    • United States
    • U.S. Court of Appeals — Fifth Circuit
    • 24 Mayo 1943
    ...motion to dismiss for failure of the complaint as amended1 to state a claim for relief was granted on the authority of Outman v. Cone, 141 Fla. 196, 192 So. 611; Taylor v. Williams, 142 Fla. 402, 195 So. 175; State v. Special Tax School District No. 3 of Pinellas County, 143 Fla. 557, 197 S......
  • Mutual Loan & Savings Co. v. Commissioner of Int. Rev.
    • United States
    • U.S. Court of Appeals — Fifth Circuit
    • 5 Agosto 1950
    ...Citrus County, supra; City of Fort Myers v. State, 129 Fla. 166, 176 So. 483; Fahs v. Kilgore, 136 Fla. 701, 187 So. 170; Outman v. Cone, 141 Fla. 196, 192 So. 611; Taylor v. Williams, 142 Fla. 402, 195 So. 175; City of Sebring v. Harder Hall, Inc., 150 Fla. 824, 9 So.2d 350; Ashton v. Town......
  • Taylor v. Williams
    • United States
    • Florida Supreme Court
    • 23 Febrero 1940
    ... ... provision of the constitution. The provision for ... 'deferred interest' coupons is not authorized by law ... and should be eliminated. Outman v. Cone, Fla., 192 ... So. 611, filed December 22, 1939 ... Referring ... to the form of road and bridge district refunding bond copies ... ...
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