The value of property as fixed by the assessing bodies and not its real value must be used to determine whether the limit is exceeded.1 This has been held to be the last assessed value before the bonds are issued and not before they are voted,2 though another theory is that it is "the last assessment preceding the incurring of the indebtedness" and not "the last preceding the completion of the work."3 If the value fixed by local assessors is subsequently modified by lawful authority the assessed value ultimately fixed controls.4 Under some statutes even a bona fide holder is bound to take notice of the assessment lists,5 under others he is justified in relying on the clerk's abstract of assessments without going back to the books of the precinct assessors and boards of equalization.6

8 Heins v. Lincoln, 102 Ia. 69; 71 N. W. 189.

9 "There was a legal method -the method of exchange - by which they could have issued the bonds without increasing the debt a mill." Lyon County v. Bank, 100 Fed. 337, 339.

10 Ewert v. Mallery, - S. D. -; 91 N. W. 479.

11 Aetna Life Ins. Co. v. Lyon County, 82 Fed. 929; same case, 95 Fed. 325.

12 Guckenberger v. Dexter, 17 Ohio C. C. 115; affirming 5 Ohio N. P. 429.

13 Holliday v. Hildebrandt, 97 Ia. 177; 66 N. W. 89.

14 West Plains Township v. Sage, 69 Fed. 943; 16 C. C. A. 553.

15 United States v. Capdevielle, 118 Fed. 809; 55 C. C. A. 421.

1City Water Supply Co. v. Ot-tumwa, 120 Fed. 309; City of Chicago v. Fishburn, 189 111. 367; 59 N. E. 791.

2 Corning v. Meade County, 102 Fed. 57; 42 C. C. A. 154; Board of Lake County v. Sutliff, 97 Fed. 270, 281; 38 C. C. A. 167; Rathbone v. Board, etc., of Kiowa County, 83 Fed. 125, 132; 27 C. C. A. 477.

3 Croyster v. Bayfield County, 99 Wis. 1; 74 N. W. 635; 74 N. W. 167; overruling State v. Tomahawk, 96 Wis. 73; 71 N. W. 86.