(DOWNLOAD) "Ninian M. Edwards v. St. Louis County" by Supreme Court of Missouri En Banc ~ eBook PDF Kindle ePub Free
eBook details
- Title: Ninian M. Edwards v. St. Louis County
- Author : Supreme Court of Missouri En Banc
- Release Date : January 08, 1968
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
The question here is, simply stated, which of two conflicting statutes controls the rate of interest which counties may fix
and pay on general obligation bonds? The suit is one brought by taxpayers for a declaratory judgment. No facts are in dispute.
The County Council of St. Louis County adopted the necessary resolutions for the publication of notice and the sale of one
$1,000 public improvement bond (out of an authorized total of $26,509,000 previously approved by the voters) to bear interest
at a rate "not exceeding six percent (6%) per annum." The procedure is conceded to be valid in all particulars except that
plaintiffs have alleged and contend here that the issuance of such bonds at any rate of interest exceeding 4% is void and
illegal, and to that extent the whole attempt is a nullity. They prayed declarations accordingly and a permanent injunction.
Defendants denied all allegations of invalidity, asserted their right to issue bonds at any rate not exceeding 6%, and prayed
a declaratory judgment to that effect. The trial court found for the plaintiffs and enjoined the sale and advertisement upon
the theory that any rate of interest in excess of 4% was illegal. We shall explain the controverted theories in more detail.
Jackson County was permitted to file a brief as amicus curiae, it having been authorized by vote of the people to issue general
obligation bonds for public improvements in the amount of $102,385,000, of which $95,385,000 is still unissued. It will be necessary to state the conflicting statutory history in some detail. Section 108.080, RSMo 1959, V.A.M.S., is
as follows:
 "Ninian M. Edwards v. St. Louis County" by Supreme Court of Missouri En Banc ~ eBook PDF Kindle ePub Free){kind=link}