106 N.Y.S. 834 | N.Y. App. Div. | 1907
It appears that the plaintiff is a domestic municipal corporation ; that the defendants are copartners doing business as bankers and dealers in investments' and securities; that in July, 1907, the defendants, in response to an advertisement of the plaintiff, promulgated in accordance with the provisions of section 129 of the Village Law (Laws of 1897, chap. 414), inviting sealed proposals for the purchase of its bonds in the amount of $18,400, submitted a proposal therefor accompanied by a certified check for $500, offering to purchase bonds, which offer was accepted by the plaintiff. The defendants have refused ' to complete the purchase of the bonds, contending that they áre invalid and illegal. The plaintiff demands judgment that the bonds be declared valid and legal and that the defendants take the bonds and pay for them according to their proposal; the
The defendants’ claim may now be understood. They assert that the last sentence of section 5 of the General Municipal Law means that the resolution submitted to the taxpayers shall contain a statement specifying the sum which shall.thereafter be raised by tax by the village of Bronxville to pay the interest and principal of the bonds as the same shall become due, and that because no such statement was contained in the proposition submitted to the taxpayers of the plaintiff the proceeding was not had' in conformity with law, and the bonds issued pursuant thereto were illegal and invalid.
What our view of this contention might be, were the question presented to us as an original proposition, it 'is not deemed necessary to state, in view of the decision of the Court of Appeals in New York & Rosendale Cement Co. v. Davis (173 N. Y. 235). That was a taxpayer’s action to restrain the trustees of the village of
The judgment should, therefore, be for the plaintiff, declaring the bonds valid, and requiring the defendants to complete the purchase, without costs.
Woodward, Gatnor, EiOHarid Miller, JJ., concurred.
Judgment for the plaintiff on submission of controversy, without costs.