Maricopa County Municipal Water Conservation District Number One v. J. C. Looney

219 F.2d 529 MARICOPA COUNTY MUNICIPAL WATER CONSERVATION DISTRICT NUMBER ONE, Appellant, v. J. C. LOONEY, Carl J. Klinger, O. W. Bauer, G. M. Dunne and John G. Elwell, on behalf of themselves and all others similarly situated, Appellees. No. 14000. United States Court of Appeals, Ninth Circuit. Feb. 15, 1955. Kramer, Roche & Perry, Phoenix, Ariz., for appellant. McCall, Parkhurst & Crowe and Paul B. Horton, Dallas, Tex., for appellees. Before HEALY, BONE and POPE, Circuit Judges. HEALY, Circuit Judge. 1 This is a class suit brought by appellees as holders of bonds of appellant District on behalf of themselves and all others similarly situated. The purpose of the action was to recover from the District interest of 2 1/2%, represented by coupons attached to the bonds, payable June 30, 1950. The court gave judgment for appellees and ordered the District to assess and collect, in the manner provided by law, ad valorem taxes on the taxable property of the District sufficient to raise the necessary amount. 2 The District contends that but 1/2 of 1% was payable as interest for the first 11 months of the year in question although conceding that the 2 1/2% rate called for in the…