HUTCHESON, Circuit Judge.
The Baldwin drainage district, organized in 1916 under the laws of the state of Florida, issued three series of bonds, January 1, 1917, October 1, 1919, and July 1, 1922. The affairs of the district did not prosper. Tax collections were slow and difficult, and the supervisors were often compelled to borrow to pay the maturing coupons. On June 23, 1923, not having sufficient funds on hand to pay maturing coupons, the district arranged with...
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