Case Information
*1 Hon. Pierre El. Sine
a0my Attorney
Clap county
Henrietta, Texae Deer Sfrr Opinion No. o-26
Rer Requirements or Petition, Article 2786, RCS - Rate or Interest
This will acknowledge receipt of your letter of Januery 2nd in whloh you esk the f'ollowing question:
"In a petition for a bond election of tm Independent Gohool fistriot, ia it permissible to state that the bonds to be voted would bear interent 'not ex- oeeding Fire pertent' or 'not sxoeeding Four peroent'?*
I hsve viewed the autfmrities which you hsve cited and in the oese of B~owu VS. Trusoott, Independent School District, it appears that the Court doss not pase on the particuler question there involved and as pre- sented here. Prior to the time the ease was viewed by the Conunisslon of Appeals, Section A, in 1931, the Legislature had passed an aot validating the partioular district and Its cots, which dlstrlot was previously in operation. It 1s interesting the old Article to note
2858 end Seotlon 14~ of the Act of 1921, Chapter 24 wes involved in the Bloodworth vs. Rhea et el oaee 380 2':' 1070 and at thet tine the old stetute provided that the rate of interest must be stated, whereas, In 2786, the words, *distlnct- our present statute, Article lp speoiry" are used in the pleoe of the word, Wstete* as in the prior Act. Glvln~ the words their ordinary meaning, I BIPI constrained to advise you that the rate of interest should, in my opinion, be specifioally stated in the petition required under Article 2786, and intended to be so read. 13ovwfer, since the Bots of 1929 end Article 2786 88 emending the Aot of 1921, Section 14e, Chapter 24, has been in effect, it appears this department hss established a precedent for epprov- ing bonds issued under this Article w:iere the petition reads such es you state in your question, other requlre- r;ents and acts being regular, and it lo not my purpose to overthrow any adopted construction import oi sculler *2 HOII. Pierre aI. Stlne, January 9, 1939, Page 2 placed upon our laws heretofore.
Youra respeotiully ATTORNEYGENERAL W TEXAS By /a/ Wm. J. R. King Ph. J. R. King Assistant K:AWrjrb APPROVED: /s/ Gerald C. Mann
ATTORNXY G%ERAL OF TEXAS