Hon. Pierre El.Sine
a0my Attorney
Clap county
Henrietta, Texae
Deer Sfrr Opinion No. o-26
Rer Requirements or Petition,
Article 2786, RCS - Rate
or Interest
This will acknowledgereceipt of your letter
of Januery 2nd in whloh you esk the f'ollowingquestion:
"In a petition for a bond election
of tm IndependentGohool fistriot, ia it
permissible to state that the bonds to
be voted would bear interent 'not ex-
oeeding Fire pertent' or 'not sxoeeding
Four peroent'?*
I hsve viewed the autfmrities which you hsve
cited and in the oese of B~owu VS. Trusoott, Independent
School District, it appears that the Court doss not pase
on the particuler question there involved and as pre-
sented here. Prior to the time the ease was viewed by
the Conunisslonof Appeals, Section A, in 1931, the
Legislature had passed an aot validating the partioular
district and Its cots, which dlstrlot was previously
in operation.
It 1s interesting to note the old Article
2858 end Seotlon 14~ of the Act of 1921, Chapter 24
wes involved in the Bloodworthvs. Rhea et el oaee
380 2':'
1070 and at thet tine the old stetute provided
that the rate of interest must be stated, whereas, In
our present statute, Article 2786, the words, *distlnct-
lp speoiry" are used in the pleoe of the word, Wstete*
as in the prior Act. Glvln~ the words their ordinary
meaning, I BIPIconstrainedto advise you that the rate
of interest should, in my opinion, be specifioally
stated in the petition required under Article 2786,
and intended to be so read. 13ovwfer,since the Bots
of 1929 end Article 2786 88 emending the Aot of 1921,
Section 14e, Chapter 24, has been in effect, it appears
this department hss establisheda precedent for epprov-
ing bonds issued under this Article w:ierethe petition
reads such es you state in your question, other requlre-
r;entsand acts being regular, and it lo not my purpose
to overthrow any adopted construction oi sculler import
HOII.Pierre aI.Stlne, January 9, 1939, Page 2
placed upon our laws heretofore.
Youra respeotiully
ATTORNEYGENERAL W TEXAS
By /a/ Wm. J. R. King
Ph. J. R. King
K:AWrjrb Assistant
APPROVED:
/s/ Gerald C. Mann
ATTORNXY G%ERAL OF TEXAS