Court Opinion

ID: 4140621
Source: CourtListenerOpinion
Date Created: 2017-02-18 03:01:22.34926+00
Date Added: 2024-06-11T14:19:37.993515
License: Public Domain

Hanomble J. H. Willlam
      County AudItor
      SmraIlt county                              -, .:
      port worth, Texas

                                 Opinionfhrmbero-5691
                                 Rer Ohder the eiven facts,
                                     am the Tam-antCounty
                                     RomlandBridgeboads
                                       in question aubjeat to
                                       "a   refunded?
                He are In Pea0ipt’afyour letter. of recentdate,
     ,.vhiahie 'quoteau Sqllovst:,:;~.: :::       . 1 ..
                                                 ',I    ~.
                          .
                ‘"InlPl2 Tarrantocimty it&ml ~z,600,000Read
          MdBridgebondssnb~arlngiaterestat~rrrtn
          OS 5%. :In 1922 the~Cmntissictners Court OS l'emmnt
          County refbuded S part OS .thene bands at 4-3/&i.  :.
          There are now cutatanding$360&00 OS these Re-
          fUndingBonds and the Districtand County Road
          Bond Ccmilttee,throughMr. Joe HeYson has called
          upon the Cambslonerr,~Caurt.oS.thirCounty to .-.:'.:  .~..
          refund them bonds alaimingthey fall-undertae
          ruling In the Cochmn County decision of the
          supzwe court. .Of'course the Bond brokersam
          opposedto having these bonda milledand advlmo
          that there vi11 be lltlgatlonif tM.8 County at-
          tempts to reSund these bondr. Ammg other am-
          tations they plake,is the aontentioathat the
          mle announaed~fnthe Co&ran County oarsevould
          not apply to rei'undingbonda, but anlp to the
          orlgf.mlissue. In order that you may know vhat'
          the order OS theCc+amlselonera  Comtwaa at the
          time of the tseuanceor the FefUndingbands, vith
          respectto msturitiea,I enclosea copy.of that
          ;;m~lon of the CoWa    order deal- vith matUb
               .
                       . -..,.    *.            ,..   :
               :I ahauld like to have ~&iFo&nion ar 'to
--
                                                           " _"~:
          whether these bonds iiWiimti3mbjeotto being CeSundad,
                                                                  (,‘:

 Xonor@bleS. M. Yillkms, rsgS 2

          am~whetheryou aouldandvtildapprove ruchre-
          iundingboWsa8t.helavvouldrequlrepoatodo
          In order to runder them valld,obllgetionm
                                                  OS ~JI%II                             '.'
          Countr.
            "IS we aanlegally reSonithe8e bond& rs Se01
       ve muut do 80 under the demand OS the$ounty an&Din-
     I."~~$F'd  ~ B"., m-w==
         r .*,:;,       ..,.
                           -:.-,  ?~-W-..
                             .y..;y..;.. :;f..a'..',:,~
                                  /...,                                                           'I
                                            .<.
            Replyingto the SoregoJx~question,you ai'eadvised
  tbatthu oplnlonlntheCoahmnCountyo86o aeeau~tolnalude
  all bonds lsrruedunder authorityo? Cbnpter1, Title 21, Re-
..+l8ed Statutm 1911, nov Chnpter2, !PltIe22, Reviml Statutes
  1925. Art&la ,725is lnaluded In Cbepter 2, Title 22, aad made
  u f0llowl:
                       3her8bond8
                                h6ive
                                    been
                                       iagdiyissued,                      or may
      be hereaSter%ifsuedSor any piwpoae'authorized in   1
      thh ahapter,new boP4r in lieu th0reoi bearing
     %hiv,uaw or a mfer patteOS lntere8tmay be &sued, '.
      in.4ceuonn1tywith 6rlutfllglaw, and t&e oGidsalon-
      or# ~eoust-mylmsoe'e~uahbond8 to ~8ture ce??lall$
      or ethexW.ue,not to exceed IWty years Sraa their
                       p. 16~ Aatu 1893, p. ll2j G.L.
    :'E&y;       ;g;P '..~
             .
                 ._
                 . .    ~
                                .,.‘~.y:
                            .“~..!~
                                      .,,
         --:X0%s ouropl..ulcm
                           tbst.tbeSupremeCourt‘uouldhold
 that the rclSunding
                   bad8 are optional,and w are thwefqre ap-
 vr c wl l x bonda.'.
          'tahq
                                             '.
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                                               @imy ~tJ?ulY
                                                         yoyrn;.__                       : : ..
                                              ATTORHEYGXRRALOFTfzxAs
                                            .“BY       .. /a/   0. F. Gibmri.      ‘:

                                                                   C. F. Olbaon
                                                                      Asriatrnt
                                                   .
 CXG-aret
                                             APPROVEDmm.4,               1943