Wells v. Supervisors - 102 U.S. 625 (1880)
U.S. Supreme Court
Wells v. Supervisors, 102 U.S. 625 (1880)
Wells v. Supervisors
102 U.S. 625
1. According to the ruling of the highest court of Mississippi, the financial powers conferred by the general law upon boards of supervisors of counties in that State do not include that of borrowing money.
2. The bonds of a municipal corporation issued in payment of its subscription to the stock of a railroad company are void, unless the statute confers in express terms, or by reasonable implication, authority to issue them.
3. The laws of Mississippi bearing upon the right of the authorities of Pontotoc County to subscribe for stock in the Selma, Marion, and Memphis Railroad Company (formerly known as the Memphis, Holly Springs, Okolona, and Selma Railroad Company), stated and considered, and the conclusion reached, that the bonds issued July 1, 1877, in payment of such subscription, and reciting that they are
"issued under and pursuant to an order of the board of police of said County of Pontotoc, now known as the board of supervisors of said county, made under the authority of the Constitution and laws of said State of Mississippi, authorized by a vote of the people of said county at a special election held for the purpose on the twentieth day of November, A.D. 1869,"
are void, there having been no authority of law to issue them.
4. Lyade v. The County, 16 Wall. 6, distinguished.
The facts are stated in the opinion of the Court.