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Doctrine Of The Federal Courts As To The Validity Of Irregular Municipal Bonds, Charles L. Dibble

Michigan Law Review

The power to issue negotiable bonds is not identical with the power to become indebted, though usually concomitant with it; for municipal indebtedness may be incurred--by the issue of warrants or non-negotiable notes. The power to become indebted is not an inherent power of American municipalities. It is conferred by the state, either expressly, or by implication as being a necessary or reasonable agent in the execution of other powers expressly conferred; and the limits of the doctrine of implication are in dispute. But with the power to become indebted this paper is not concerned. Similarly the power to issue …