County of Kings v. Rea
Before: Henshaw
Synopsis
School District—Bonds—Kind of Money in Which Bonds are to be Paid—Order of Board of Supervisors.—There being no specific requirement of the law declaring that bonds of a school district shall be made payable in money of a particular form or kind, a resolution of the trustees of the district, calling an election to determine whether the bonds shall be issued, is sufficient, when it provides for bonds payable in lawful money of the United States, and supports a subsequent order of the board of supervisors directing the issuance of the bonds and making them payable in gold coin of the United States.
Id.—Order Fixing Time for Interest Payment.—The board of supervisors, after the election authorizing the issuance of such bonds, Bad power to determine whether the interest thereon should be paid annually or semi-annually, notwithstanding the resolution of the board of trustees and the notice of the election was silent on that subject.
HENSHAW, J., acting chief justice, delivered the opinion of the court. If those are your two propositions, I speak for the Court in saying that where there is no specific requirement of the law declaring that money of a particular form or kind shall be designated, it is a good bond and it is in full compliance with the law, when it calls for “lawful money of the United States.”
And, second, it is clearly a power vested with the supervisors, after election, to determine whether the interest shall be paid semi-annually or annually. If those are your two propositions, they are resolved in favor of petitioner, and mandate will issue accordingly.
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