Power to refund a debt includes power to issue negotiable bonds therefor,1 though in such case the corporation cannot issue bonds in excess of such debt.2 Power to issue "bonds" is power to issue negotiable bonds ;3 power to "donate money or other securities" is power to issue bonds ;4 and power to "borrow money and for that purpose to issue bonds "includes power to refund.5 Power to issue interest bearing bonds includes power to attach interest coupons,6 and power to sell bonds and pay proceeds includes power to deliver bonds.7 Power to issue bonds is generally held to include power to make them payable in gold.8 Power to issue bonds must be strictly followed. Thus a vote to issue bonds to two persons, on their erecting a mill, does not authorize issuing bonds to a partnership consisting of them and others,9 and if the amount of each bond is fixed, the bonds are invalid if in larger amounts though aggregating the same.10 However, where bonds were to run ten years, they are valid if payable more than ten years from their date but within ten years from their issue.11 If bonds are issued by authority of law they are not made invalid because their proceeds are misapplied.12 A city cannot issue bonds for a greater sum than that borrowed by selling them below par, which must include interest due,13 and officials selling state bonds below par are liable, even if the bonds would not sell at par.14 So a city cannot sell at the face value, paying large commissions.15 So a city cannot add enough to the amount

12 Hammond v. San Leandro, 135 Cal. 450; 67 Pac. 692.

13 Fritz v. San Francisco, 132 Cal. 373; 64 Pac. 566.

14 Tennessee Paving-Brick Co. v. Barker (Ky.), 59 S. W. 755.

15 Middleton v. St. Augustine, 42 Fla. 287; 89 Am. St. Rep. 227; 29 So. 421.

16 Kelly v. Cole, 63 Kan. 385; 65 Pac. 672.

1 Rathbone v. Hopper, 57 Kan. 240; 34 L. R. A. 674; 45 Pac. 610.

2 Louisville, etc., v. Zimmerman, 101 Ky. 432; 41 S. W. 428.

3 Austin v. Nalle, 85 Tex. 520; 22

101

S. W. 668; rehearing denied, 22 S. W. 960; reversing 21 S. W. 375; Klamath v. Sachs, 35 Or. 325; 76 Am. St. Rep. 501; 57 Pac. 329 (other provisions of the statute showed that negotiable bonds were contemplated).

4 Lund v. Chippewa County, 93 Wis. 640; 84 L. R. A. 131; 67 N. W. 927.

5 Huron v. Bank, 86 Fed. 272; 30 C. C. A. 38; 49 L. R. A. 534 (citing Quincy v. Warfield, 25 111. 317; 79 Am. Dec. 330; Galena v. Corwith, 48 111. 423; 95 Am. Dec. 557; Morris v. Taylor, 31 Or. 62; 49 Pac.

660; Rogan v. Watertown, 30 Wis. 259).

6 Atchison Board, etc., v. De Kay, 148 U. S. 591.

7 Clifton Forge v. Electric Co., 92 Va. 289; 23 S. E. 288.

8 Woodruff v. Mississippi, 162 U. S. 291 (reversing Woodruff v. State, 66 Miss. 298; 6 So. 235) ; Moore v. Walla Walla, 60 Fed. 961; Judson v. Bessemer, 87 Ala. 240; 4 L. R. A. 742; 6 So. 267; Skinner v. Santa Rosa, 107 Cal. 464; 29 L. R. A. 512; 40 Pac. 742; Murphy v. San Luis Obispo, 119 Cal. 624; 39 L. R. A. 444; 51 Pac. 1085; affirming in bane 48 Pac. 974; Heilbron v. Cuthbert, 96 Ga. 312; 23 S. E. 206; Farson v. Louisville, etc., 97 Ky. 119; 30 S. W. 17; Winston v. Fort Worth (Tex.), 47 S. W. 740; Pack-wood v. Kittitas County, 15 Wash. 88; 55 Am. St. Rep. 875; 33 L. R. A. 673; 45 Pac. 640; Kenyon v.

Spokane, 17 Wash. 57; 48 Pac. 783. Contra, Burnett v. Maloney, 97 Tenn. 697; 34 L. R. A. 541; 37 S. W. 689.

9 George v. Cleveland, 53 Neb. 716; 74 N. W. 266.

10 Livingston v. School District, 9 S. D. 345; 69 N. W. 15.

11 Syracuse Township v. Rollins, 104 Fed. 958; 44 C. C. A. 277.

12 Gladstone v. Throop. 71 Fed. 341; 18 C. C. A. 61; Jones v. City of Camden, 44 S. C. 319; 51 Am. St. Rep. 819; 23 S. E. 141; Clifton Forge v. Electric Co., 92 Va. 289; 23 S. E. 288; Clifton Forge v. Bank, 92 Va. 283; 23 S. E. 284.

13 Ft. Edward v. Fish, 156 N. Y. 363; 50 N. E. 973; affirming 86 Hun (N. Y.) 548.

14 State v. Buchanan (Tenn. Ch. App.), 52 S. W. 480.

15 Whelen's Appeal, 108 Pa. St. 162; 1 Atl. 88; Hunt v. Fawcett, S of its warrants to compensate for the discount at which they must be sold.16 Power to settle claims includes power to issue warrants for amounts due ;17 and power to retire warrants includes power to issue them, even if there will be no money to pay them with for over a year.18 Power to borrow for running expenses is not power to borrow for erecting a court house.19 Under a statute which requires all the interest and part of the principal of an issue of bonds to be paid annually, an issue of bonds the principal of which is payable one hundred dollars a year for nineteen years, and thirty-three thousand one hundred dollars at the twentieth year, is valid.20 A power to make a contract for water and to levy a tax of a certain amount therefor does not restrict the contract price to the amount of the tax.21