Woody

Petitioner, a political subdivision of the state, seeks by this petition for a writ of mandate to obtain a favorable interpretation of the provisions of the Unemploy *535 ment Relief Bond Act of 1933 (Stats. 1933, p. 677), particularly those provisions of the act relating to the repayment by political subdivisions of the state of money borrowed from the state under the provisions of the act. The parties have stipulated that the issuance of an alternative writ of mandate is waived and that the matter may be submitted for decision upon the petition, the demurrer of the respondent thereto, and the points and authorities of the respective parties filed herein.

At certain dates, beginning on November 20, 1933, and ending with July 31, 1934, the County of Kern, by proceedings duly had by the board of supervisors, borrowed from the state of California, under the terms of the act above referred to, sums amounting in the aggregate to $215,000, and duly executed and delivered promissory notes therefor. In accordance with the terms and provisions of these notes a ten per cent instalment of principal upon each of them became due and payable on July 1, 1937. Subsequently, the county board of…