See, also, Mayer v. J. T. Jones Sons, 113 Okla. 119, 239 P. 904; and Rogers v. Oklahoma City, 45 Okla. 269, 145 P. 357. But consider and compare Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52; Haskins Sells v. Oklahoma City, 36 Okla. 57, 126 P. 204, and Cobb v. City of Norman, supra. Perhaps these latter cases cited herein for comparison should be regarded in the light of our declaration that our constitutional provisions on limitation of indebtedness also prohibit the pledge of revenues and income which have not yet been provided for or collected.

In Town of Red Fork v. Gantt-Baker Co., 130 Okla. 175, 266 P. 444 (1928), we refused to permit a violation of Section 26 in order to pay for the materials and services provided by engineers in the construction of a waterworks system. See also Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52 (1927); McVicker v. Bd. of County Comm'rs, 442 P.2d 297 (Okla. 1968); Columbia Ins. Co. v. Bd. of Educ., 185 Okla. 292, 91 P.2d 736 (1939).

We construe the words "the specific amount authorized" to have reference to the amount of the proceeds of the bond issue which is available as a fund to meet liabilities to be incurred in accomplishing the purpose of the bonds. To hold otherwise would be, in effect, to authorize the contracting of indebtedness payable out of a fund before the fund is provided, which type of contract we have held to be unauthorized because violative of the plain purpose of the Constitution. O'Neil Engineering Co. v. Incorporated Town of Ryan et al., 32 Okla. 738, 124 P. 19; Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52. Such fund can arise only in exchange for liability upon the bonds.

In such case the fact that in any one year the income and revenue provided might be sufficient affords no relief, for the Constitution aims as well against pledging future revenues, and does not permit the assumption in one year of obligations to be paid out of succeeding years' revenue even if such might otherwise be sufficient, unless the people vote thereon as required by the Constitution. See O'Neil Engineering Co. v. Town of Ryan, 32 Okla. 738, 124 P. 19; Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52; Cobb v. City of Norman, 179 Okla. 126, 64 P.2d 901, and cases cited therein. It follows that the excise board was unauthorized to make the sinking fund levy for the bonds of the annexed district against any property except that located in the theretofore comprising the school district from which the annexation occurred.

The revenues of each year are used to pay claims of such year; and any liability sought to be incurred through contract, express or implied, executed or executory, in excess of such current revenue in hand, or legally levied, is void, unless it be authorized by a vote of the people, and within the limitations therein provided. Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52; O'Neil Engineering Co. v. Incorporated Town of Ryan, 32 Okla. 738, 124 P. 19. In the case of Town of Red Fork v. Gantt-Baker Co., Inc., 130 Okla. 175, 266 P. 444, the court held:

The contract there considered was held to be in violation of section 26, art. 10, of the Constitution. See, also, Flood v. City of Shidler, 127 Okla. 148, 260 P. 52; Haskins Sells v. Oklahoma City, 36 Okla. 57, 126 P. 204. In such cases the debt is created when the contract is made.

All are presumed to know the law, and those who contract with it, or furnish it supplies, do so with reference to the law; and if they go beyond the limitations imposed they do so at their peril." Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52. See, also, Town of Redfork v. GanttBaker Co., Inc., 130 Okla. 175, 266 P. 444, and Wilson v. Oklahoma City, 120 Okla. 266, 751 P. 484,

Under section 8638, C. O. S. 1921, all contracts made for the purchase of library books in excess of the estimate were void and created no legal liability against the district. See. also, Shannon et al. v. State, 33 Okla. 293, 125 P. 1106; Lacy et al. v. Board of Education, 98 Okla. 237, 224 P. 712; Gentis et al. v. Hunt, Trustee, et al., 121 Okla. 71, 247 P. 358; Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52. All claims complained of in plaintiff's various causes of action, except the items herein indicated, were illegal, and the school board had no authority to allow and pay the same, and, under the law, defendants, members of the school board, and J.G. Ryan, are jointly liable for double the amount so paid.

" See, also, Threadgill v. Peterson, 95 Okla. 187, 219 P. 389; Wilson v. Oklahoma City, 120 Okla. 266, 251 P. 484; Dougherty-Nichols Construction Co. v. Town of Jenks, 115 Okla. 104, 242 P. 167; Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52; Town of Red Fork v. Gantt-Baker Co., Inc., 130 Okla. 175, 266 P. 444. The judgment of the district court is therefore reversed, and cause remanded, with directions to dismiss the action.

"It appears that the contract sued upon in the instant case, under the holdings in the cases cited, in effect, was to incur a present obligation or indebtedness against the defendant town, and was void, because there were no funds on hand or levy out of which payment could be made; no vote of the electors had authorized the creation of such obligation or indebtedness, as required by section 26, art. 10, of the Constitution." Flood v. Town of Shidler, 127 Okla. 148, 260 P. 52, was a case in which the trustees of the town of Shidler contracted with Flood to act as official engineer of said town, and perform all engineering services incident to the completion and carrying out of all contracts which said town should enter into during the period of two years. As compensation he was to receive five per cent.