State v. Special Tax School Dist. No. 5, of Hardee County

• Decision Date: 19 September 1939
• Citation: 140 Fla. 65,191 So. 843
• Court: Florida Supreme Court
• Parties: STATE v. SPECIAL TAX SCHOOL DIST. NO. 5 OF HARDEE COUNTY et al.

191 So. 843

140 Fla. 65

STATE v. SPECIAL TAX SCHOOL DIST. NO. 5 OF HARDEE COUNTY et al.

Florida Supreme Court, Division B.

September 19, 1939

Action to validate refunding bonds by the Special Tax School District No. 5 of Hardee County, Florida, and the Board of Public Instruction of the County of Hardee, State of Florida and I. G. Royall, Olen C. English, and J. S. Cordell, as and constituting the Board of Public Instruction of the County of Hardee, State of Florida, against the State of Florida. From an order validating proposed refunding bonds, the State of Florida appeals.

Affirmed. Appeal from Circuit Court, Hardee County; S. J Barker, Judge.

COUNSEL

L Grady Burton, of Wauchula, for the State.

W. W. Whitehurst, of Wauchula, for appellees.

OPINION

CHAPMAN Justice.

On May 11, 1939, the Board of Public Instruction of Hardee County, Florida, in behalf of Special Tax School District No. 5 of Hardee County, Florida, adopted a resolution as provided by Chapter 15772, Acts of 1931, Ex.Sess., Laws of Florida, to refund bonded indebtedness of said school district in the sum of $141,500. The indebtedness consists of outstanding bonds issued prior to the year 1928 by Special Tax School District No. 5, and accrued interest thereon. The refunding bonds are described in the pleadings as Special Tax School District No. 5 of Hardee County Refunding Bonds, 1939, Series A, B and C.

The bonded indebtedness sought to be refunded under the terms of the resolution so adopted by the Board of Public Instruction of Hardee County, Florida, for the use and benefit of Special Tax School District No. 5 of said County is, viz.:

'(A) Five Per Cent. School Bonds, dated January 1, 1914, in the denomination of $1,000.00 each, bearing interest at 5% per annum, payable semi-annually:

Bond Numbers Maturity (Inclusive) (January 1) Amount 3 to 25 1944 $23,000.00 Total Bonds of said Issue Now Outstanding $23,000.00 Accrued Interest to January 1, 1939, and interest coupons unpaid as of that date 4,600.00 '(B) Six Per Cent. School Building Bonds, dated February 1, 1920, in the denomination of $500.00 each, bearing interest at 6% per annum, payable semi-annually: Bond Numbers Maturity (Inclusive) (February 1) Amount 47, 48, 49 1950 $1,500.00 Total Bonds of said Issue Now Outstanding $1,500.00 Accrued Interest to January 1, 1939, and Interest coupons unpaid as of that date 82.50 '(C) Six Per Cent. School Bonds, dated March 1, 1925, in the denomination of $1,000.00 each, bearing interest at 6% per annum, payable semi-annually: Bond Numbers Maturity (Inclusive) (March 1) Amount 13, 14, 15, 1932 $3,000.00 16, 17, 18, 1933 3,000.00 19, 20, 21, 1934 3,000.00 22, 23, 24, 1935 3,000.00 25, 26, 27 1936 3,000.00 28, 29, 30 1937 3,000.00 31, 32, 33 1938 3,000.00 34, 35, 36 1939 3,000.00 37, 38, 39 1940 3,000.00 40, 41, 42 1941 3,000.00 43, 44, 45 1942 3,000.00 46, 47, 48 1943 3,000.00 49, 50, 51 1944 3,000.00 52, 53, 54 1945 3,000.00 55, 56, 57 1946 3,000.00 58, 59, 60 1947 3,000.00 61, 62, 63 1948 3,000.00 64, 65, 66 1949 3,000.00 67, 68, 69 1950 3,000.00 70, 71, 72 1951 3,000.00 73, 74, 75 1952 3,000.00 Total Bonds of said Issue Now Outstanding $63,000.00 Accrued Interest to January 1, 1939, and interest coupons unpaid as of that date 26,100.00 [**67] '(D) Six Per Cent. School Bonds, dated July 1, 1928, in the denomination of $1,000.00 each, bearing interest at 6% per annum, payable semi-annually: Bond Numbers Maturity (Inclusive) (July 1) Amount 2 1932 $1,000.00 3 1933 1,000.00 4 1934 1,000.00 5 1935 1,000.00 6 1936 1,000.00 7 1937 1,000.00 8 1938 1,000.00 9 1939 1,000.00 10 1940 1,000.00 11 1941 1,000.00 12 1942 1,000.00 13 1943 1,000.00 14 1944 1,000.00 15 1945 1,000.00 16 1946 1,000.00 17 1947 1,000.00 18 1948 1,000.00 Total Bonds of said Issue Now Outstanding $17,000.00 Accrued Interest to January 1, 1939, and interest coupons unpaid as of that date 6,240.00

the aggregate amount of said outstanding bonded indebtedness as listed and described above, heretofore issued by your petitioner, said Board, for and in behalf of your petitioner, said District, pursuant to the Constitution and statutes of the State of Florida, in such case made and provided, being One Hundred Forty One Thousand, Five Hundred and No/100 Dollars ($141,500.00), for the payment of which the full faith and credit of and a tax upon the entire taxable property within said District are pledged. Third: That the said bond issues referred to in the second paragraph hereof, designated by letters (A) and (B), were duly approved, legally validated and confirmed by final decree of the Circuit Court of DeSoto County; that the bond issued referred to in the second paragraph hereof, designated by letter (C) was validated, approved and confirmed by Chapter 10665, Special Laws of Florida 1925, and the bond issue referred to in the second paragraph, designated by letter (D) was duly approved, legally validated and confirmed by a decree of the Circuit Court of Hardee County, which said decrees have not been vacated, reversed, or superseded, but are in full force and effect, said bond issues being identified by letters as particularly set forth in the second paragraph hereof.

'Fourth: That for and in behalf of your petitioner, said District, the said Board adopted a resolution authorizing, pursuant to Chapter 15772, General Laws of Florida, Acts of 1931, Ex.Sess., and in compliance therewith, the issuance of $141,500.00 Special Tax School District No. 5 of Hardee County Refunding Bonds, 1939, Series A, B, and C, of said District, as hereinafter more particularly described; said resolution was duly passed and adopted by said Board at a special meeting held on the 2nd day of February, 1939, as will more fully appear by a certified excerpt from the minutes of said meeting which, together with a copy of said resolution are hereto attached, marked 'Exhibit A', which said exhibit is made a part of this petition as though the same was herein fully and at length set forth.'

The aforesaid bonded indebtedness to be refunded is in the amounts, interest rates, and dates of maturities, viz:

'Special Tax School District No. 5 of Hardee County, Refunding Bonds, 1939, Series A. Bond Numbers Maturity (Inclusive) Denomination (January 1) Amount 1 to 23 $1,000.00 1979 $23,000.00 [**70] Special Tax School District No. 5 of Hardee County Refunding Bonds, 1939, Series B. Bond Numbers Maturity (Inclusive) Denomination (January 1) Amount 1 to 3 $ 500 1979 $ 1,500.00 4 to 66 1,000.00 1979 63,000.00 67 to 83 1,000.00 1979 17,000.00 Special Tax School District No. 5 of Hardee County, Refunding Bonds, 1939, Series C. Bond Numbers Maturity (Inclusive) Denomination (January 1) Amount 1 to 35 $1,000.00 1954 $35,000.00 36, 37 500.00 1954 1,000.00 38 to 47 100.00 1954 1,000.00 'Special Tax School District No. 5 of Hardee County, Refunding Bonds, 1939, Series A. Bond Numbers Maturity (Inclusive) Denomination (January 1) Amount 1 to 23 $1,000.00 1979 $23,000.00 [**70] Special Tax School District No. 5 of Hardee County Refunding Bonds, 1939, Series B. Bond Numbers Maturity (Inclusive) Denomination (January 1) Amount 1 to 3 $ 500 1979 $ 1,500.00 4 to 66 1,000.00 1979 63,000.00 67 to 83 1,000.00 1979 17,000.00 Special Tax School District No. 5 of Hardee County, Refunding Bonds, 1939, Series C. Bond Numbers Maturity (Inclusive) Denomination (January 1) Amount 1 to 35 $1,000.00 1954 $35,000.00 36, 37 500.00 1954 1,000.00 38 to 47 100.00 1954 1,000.00

'Series A and B Refunding Bonds shall be in the denomination of $1,000.00 each, except that bonds Nos. 1, 2 and 3 of Series B shall be in the denomination of $500.00 each, and Series A bonds shall bear interest as follows:

'Three per cent (3%) per annum from date thereof to January 1, 1940; and

'Four per cent (4%) per annum thereafter to January 1, 1945; and

'Five per cent (5%) per annum thereafter to maturity;

'And the said Series B Bonds shall bear interest as follows:

'Three per cent (3%) per annum from date thereof to January 1, 1940:

'Four per cent (4%) per annum thereafter to January 1, 1945;

'Five per cent (5%) per annum thereafter to January 1,...