Security Trust & Savings Bank v. City of Los Angeles

This is an appeal from a judgment in favor of respondent, rendered in an action prosecuted by appellant to recover certain taxes paid by appellant under protest. The tax was levied and assessed against appellant’s lands lying within Municipal Improvement District Number 27 in the City of Los Angeles, which district was created in pursuance of an act of the legislature (Stats. 1915, p. 99), and under Ordinance No. 49358 (New Series), passed July 25, 1924, and approved July 28, 1924. An election was thereafter duly called in the territory embraced in the boundaries of said district. The ordinance calling said election provided for the submission to the electors of the district the proposition of issuing bonds of said district for the purpose of acquiring and constructing works for distributing a supply of water to the inhabitants of said district, and acquiring lands, rights of way, structures, pipe-lines, apparatus, etc., and provided for a sale of such bonds and for the levy of a tax for the payment thereof. Such bonds were duly issued in the sum of $776,000, bearing interest at the rate of five and one-half per cent per annum. The principal of said bonds was payable, $21,000…