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MISSION INDEPENDENT SCHOOL DISTRICT v. STATE OF TEXAS

No. 9677.

116 F.2d 175 (1940)

MISSION INDEPENDENT SCHOOL DISTRICT v. STATE OF TEXAS et al.

Circuit Court of Appeals, Fifth Circuit.

December 18, 1940.

Attorney(s) appearing for the Case

Vernon B. Hill, of Mission, Tex., and Ireland Graves, of Austin, Tex., for appellant.

Gerald C. Mann, Geo. W. Barcus, Clarence E. Crowe, Jr., and Claud O. Boothman, all of Austin Tex., for appellee State of Texas.

Claude E. Hamilton, Jr., Gen. Counsel, R.F.C., W. R. Satterfield, Asst. Gen. Counsel, R.F.C., and J. Bowers Campbell, counsel, R.F.C., all of Washington, D. C., for Reconstruction Finance Corporation, as amicus curiae.

A. B. Huguenin, of Dallas, Tex., for amicus curiae.

Before SIBLEY and HOLMES, Circuit Judges, and DAWKINS, District Judge.

SIBLEY, Circuit Judge.

Mission Independent School District, organized under the laws of Texas, sought confirmation of a plan of composition of its bonded indebtedness under Chapter IX of the Bankruptcy Act, 11 U.S.C.A. § 401 et seq. Though it was found and is now conceded that the District, with the utmost diligence and by exercising its full tax powers, is unable to raise the annual interest charges, much less to discharge the principal as it is and will be...

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