57 Miss. 806 | Miss. | 1880
delivered the opinion of the court.
We decide this case on the first cause assigned in support of the demurrer, and decline to consider any other question. This cause is, that the coupons were annexed to bonds that were illegal and void, because the law authorizing the town to issue bonds provided for their being made payable at a time “ not to extend beyond ten years from the date of issuance,” and that the bonds were made payable twenty years from their date of issuance. The effect of sections 4 and 5 of the act authorizing bonds to be issued by the town of Okolona was to limit the time when the bonds should be made payable to a period not to exceed ten years, and bonds made payable twenty years after the date of their issuance were unauthorized, illegal and void, for want of authority to issue them. Counsel for the plaintiff in error cited Commissioners v. Clark, 94 U. S. 278, and Township v. Strong, 96 U. S. 271, as deciding that bonds may be made payable at a later date than that prescribed by the law authorizing their issuance, and that this is not a valid objection to their obligatory force. Neither case sustains this view or gives any countenance to it. Both give countenance to the contrary view, for in both the validity of the objection is assumed, and it is disposed of by establishing the fact that the bonds were not made payable at a longer period than was authorized by the law under which they were issued.
But it is claimed that the bonds contain a recital that they were issued in pursuance of law, and that this is conclusive, and a buyer was not bound to look further, and, although there may be a variance between the bonds and the law under which they were issued, in any respect, it makes no difference, because of the conclusiveness of the statements in the bonds ; and the case of Supervisors v. Galbraith, 99 U. S. 214, is referred to as holding this doctrine. The claim of counsel seems to be justified by the language of the opinion in that case, but it is not the law, and is not sustained by the cases referred to as authorizing the declaration made. The case of Commissioners of Knox County v. Aspinwall, 21 How. 539,
It will hardly be contended that a false recital in bonds, that they were issued in pursuance of an act of the legislature, referred to by its title and date of approval, will supply the want of such act, and that a purchaser of such bonds would not have to look further, but could rely on the recitals as conclusive on the county or town whose servants committed the wrong. It will be admitted that the statute conferring authority to issue bonds must exist and must be looked to for the power. It follows that the power exercised must be contained in the statute. A power to issue bonds payable not later than ten years after date does not authorize the issuance of bonds having twenty years to run. Time of payment is
Judgment affirmed.