174 S.E. 878 | W. Va. | 1934
Plaintiff sought to enjoin the defendant county court from taking proceedings necessary to a proposed county bond issue of $280,000.00. The circuit court sustained a demurrer to the bill, and certified its sufficiency here.
The only question is: does the statute limiting the indebtedness of the county and its subdivisions forbid the bond issue?
The bill alleges that the county of Raleigh, itself, has no specific bonded indebtedness, but has unbonded indebtedness of the amount of $157,595.66; that the bonded indebtedness of the seven school districts of the county amounts to $540,775.00, and their unbonded indebtedness to $16,712.05; that the bonded indebtedness of the magisterial districts for roads and bridges is $1,568,055.07; that the bonded indebtedness of three cities in the magisterial district of Town is $365,211.64; and that the value of the taxable property in the county, as shown by the last regular assessment, is $41,040,518.00.
Constitution, Article X, section 8, says: "No county, city, school district or municipal corporation * * * shall hereafter be allowed to become indebted * * * to an amount * * * exceeding five per centum on the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes." Code 1931,
Article X, section 8, supra, is strictly a limitation on the power of the political divisions therein mentioned to become indebted and is not, as the defendants contend, a *190
grant of that power. Within that limitation the sovereign right of the legislature to regulate the issuance of bonds is not impaired. Code 1931,
Constitutional and statutory limitations on the indebtedness of distinct political divisions apply distributively and not collectively. Adams v. Savings Institution, (N.Y.)
It is suggested that the effect of White v. County Court,
Further solution of this question is purely mathematical. Two and one-half per cent of the assessed valuation of the county is $1,026,012.95. The sum of the county's unbonded indebtedness ($157,595.66) and of the bonded indebtedness of the magisterial districts ($1,568,055.07) is $1,725,650.73. This sum is far in excess of the amount ($1,026,012.95) which the county could primarily assume under the statute. The purpose of the proposed bond issue is to obtain money to erect a courthouse and jail. The county court cannot proceed in this matter under the "additional sum" provision of the statute, because the erection of a courthouse and jail is not one of the purposes designated in the provision.
Therefore the ruling of the circuit court on the demurrer is reversed and the cause remanded.
Reversed and remanded.