[DOWNLOAD] "Dist. v. Mcneil" by Tenth Circuit Circuit Court of Appeals " eBook PDF Kindle ePub Free
eBook details
- Title: Dist. v. Mcneil
- Author : Tenth Circuit Circuit Court of Appeals
- Release Date : January 06, 1936
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 50 KB
Description
This is an action at law to recover judgment on bonds and interest coupons issued by the Denver-Greeley Valley irrigation district in Colorado. The district issued its serial bonds of $500 each, aggregating $2,000,000, dated April 5, 1909, maturing serially in the years 1920 to 1929, both inclusive, and bearing interest from date at the rate of 6 per cent. per annum; the interest being evidenced by attached coupons. Levies were duly made upon the lands within the district for the purpose of paying the principal of the bonds as it matured, and the money derived therefrom would have been sufficient in amount for that purpose if the taxes had been paid in full. Like levies were made to pay the interest for the years 1910, 1911, and 1912 and 1920 to 1929, both inclusive; and the money derived therefrom would have been enough for that purpose if the assessments had been paid in full. No levies were made for the purpose of paying the interest which accrued during the years 1913 to 1919, both inclusive. Due to failure of certain landowners to pay their assessments, there were outstanding and unpaid bonds in the sum of $124,029.09on September 1, 1930, and the district had only $1,103.84 which was applicable to their payment. In consequence of the failure to levy assessments for the purpose of paying interest coupons which matured in the years 1913 to 1919, inclusive, and failure of certain owners of land to pay their assessments during other years, there were outstanding and unpaid interest coupons in the sum of $1,017,022.50 on September 1, 1930, of which$840,000 matured in the years 1913 to 1919, and the district had only $944.59 which properly could be used in payment of such interest.