FEDERAL DEPOSIT INS. CORPORATION v. SUGARCREEK TP.

No. 2305.

53 F.Supp. 732 (1944)

FEDERAL DEPOSIT INS. CORPORATION v. SUGARCREEK TP.

District Court, W. D. Pennsylvania.

February 3, 1944.


Attorney(s) appearing for the Case

John F. Budke, of Franklin, Pa., for plaintiff.

Forest B. Irwin and Robert M. Dale, both of Franklin, Pa., and Frampton & Courtney, of Oil City, Pa., for defendant.


GIBSON, District Judge.

Sugarcreek Township, by a special election in 1928, authorized an indebtedness of $100,000 for sewer construction. A tax was levied for the years 1929 to 1938, inclusive, of the sum of $14,900 annually, to pay the bonded indebtedness. When the bond issue was about to mature the Township lacked $17,000 in order to meet the debt. On January 4, 1938, the Township Supervisors passed a resolution to borrow $8,000 from the Franklin Trust Company...

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