Woods

The plaintiff and appellant in this action is the owner and holder of a certain street improvement bond number 5, series number 2 of the city of Visalia, of the par value of $117.76, bearing interest at the rate of eight per cent per annum, issued by the city of Visalia, on the twelfth day of April, 1911, covering street improvement work in the city of Visalia under the provisions of an act providing a system of street improvement and issuance of bonds therefor, approved February 27, 1893. The bond in question was given to cover the expenses for street improvement chargeable to lot number 5 of block number 92 in the city of Visalia. The term of the bond was fixed at five years. It was further provided that an even annual proportion of the whole amount due should become payable on the second day of January of each year after date until the whole bond should be paid with all accrued interest. Interest coupon called for semi-annual payment. The bond further provided that should default be made in the annual payment upon the principal or in any payment of interest the holder of said bond should be entitled to declare the whole amount remaining unpaid due and payable and to have said…