The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1881-04-13

State. shall ever become indebted. in any manner
or Tor any purpose, to any amount, in the aggre-
gate, exceeding per centum on the value of
taxable property within such corporation TO be
ascertained by the last sessment, for State and
County taxes, previous to the mourning of such
Indebtedness, and all bonds or obligations i'm
excess OF such amount. given by such corpora
tons, shall be void: Provided, That in time of
war. foreign invasion. other great public ca
lamity, on petition of majority of the property
owners, in number and value, within the limits
OF such corporation, the public authorities, in
for the public protection and defense TO such an
amount as may be requested in such petition"
| think this is now i'll force, and needs no
further legislation. do not see how any statute
could exceed In force and elearneSs this cOnsti-
tutional provision.
The second question you ask presents a far
rated town in - Township. and is indebted
TO the full constitutional limit. But the Town
ship In which Mitchell Is situate has no debt and
II proposes to take stock in railroad. In the
Townships application to the County Commits
sioners is the Indebtedness of the town of Mitchell
TO be taken into consideration? OF course the
town and Township are separate and independent
corporations. No property holder outside of
Mitchell can be called upon except he has proper
ty within the town TO contribute TO the payment
of the towns debt On the other hand, all the
property of Mitchell can be called upon to con-
tribute to the proposed Township railroad tax
That course would not make the alleged debt of
the Township the debt of the town. nor affect the
separate existence or independence of the two
corporations any more than the fact that the
citizens OF Mitchell vote in the Township elections
of - Township in which Mitchell is situate
affects the independence or distnctness of the two
elections and officers elected, and that regarding
the proposed railro-d aid as a debt il is not the
debt of the town of Mitchell, but of - Town
ship and there is nothing in the financial condi-
ton of the Township that is affected 10y the ninth
amendment good test is: Gould the town of
Mitchell he sued for this deb? If not il is not
town debt. But another question arises Is your
proposed railroad aid debt? do not think il is
The Township does not propose 10 issue any
bonds or to use the Township credit i'm taking the
ana then upon the railroad being built through
its Township TO take stock. They have no power
TO do anything else. (See Sec. a. bk. g. r. S. p.394
I1not so built, aiproperty holder of the Township
could enjoin its payment. This is not in my
judgment debt; IL Is cash down and does not fall
within the inhibition OF the ninth amendment.
April 6, 1881. ID. =. BALDWIN
Attorney General.
ANOTHER OPINION.
In view of the fact that So O0J are to-day in
vested in certificates all of which are part OF the
public records of the various Counties and can not
escape taxation If the officers do their duty, ii is
important to answer your questions specifically
and plainly:
1. Tax certificates are credits The new tax
meant whatever is due TO the party from any
other person, Company or corporation in the shape
of labor, property or money" The purchaser ut
tax sales, when he invests his money, does so
knowing he Will receive in return either the
money paid by way of redemption or the land
itself. Ii is made credit within this definition.
2. In estimating tax certificates Assessor
should think of anything less than par The in
weston is absolutely certain of his money and per
cent interest. and may realize as high as 40 per
cent, or ultimately receive property at the OF
+" per cent.