...aggregate exceeding two per centum on the value of the taxable property within such corporation, to be ascertained by the last assessment for State and...taxes previous to the incurring of such indebtedness ; and all bonds or obligations, in excess of such amount, given by such corporation, shall be void."...

...manner or for any purpose, to an amount, including existing. indebtedness, exceeding, in the aggregate, five per centum on the value of the taxable property...taxes previous to the incurring of such indebtedness." It would be difficult to employ language making it plainer that the prohibition is on each corporation...

...manner, or for any purpose, to an amount in the aggregate to exceed five per centum on the valuation of taxable property therein, to be ascertained by the...taxes previous to the incurring of such indebtedness: Provided, however, that said five per centum shall not exceed the sum of fifteen million dollars (115,000,000.)...

...with the existing indebtedness of school district No. 131, shall exceed five per cent of the assessed value of the taxable property therein, to be ascertained...assessment for State and county taxes previous to incurring such indebtedness. Reversed and remanded. THE CHICAGO AND WESTERN INDIANA RAILROAD Co. v....

...corporation is absolutely prohibited from becoming indebted, in any manner or for any purpose, to an amount, including existing indebtedness, in the aggregate...centum on the value of the taxable property therein, etc. Under this provision, when such municipality shall have reached the limit prescribed by the constitution,...

...to be based. It is said in this case that it is the value of the taxable property of the county, to be ascertained by the "last assessment for State and county taxes previous to the incurring of" an indebtedness, that is, the assessment made by the local assessor, upon which the five per cent is...

...district or other municipal corporation from becoming indebted, in any manner or for any purpose, to an amount, including- existing indebtedness, in the aggregate exceeding five per centum on the value of the taxable property" of such municipality. It appeared in that case that the city of Chicago, being already...

...rescript of the limitation imposed by section 12 of article 9 of the constitution of 1870, and the words, "value of the taxable property therein to be ascertained by the last assessment for State and county taxes," can have no other meaning than the actual value of such property which is shown...

...contract of October 19, 1895, and of the promises alleged in the declaration, the city was indebted, in the .aggregate, exceeding five per centum on the value of the taxable property therein, and within its limits, as ascertained by the last assessment for State and county taxes, etc. The fourth...

...municipal corporation, shall be allowed to become indebted, in any manner or for any purpose, to an amount, including existing indebtedness, in the aggregate exceeding five per centum on the value of Opinion of the Court. the taxable property therein, to be ascertained by the last assessment for State...