Opinion
Gen. No. 41,210. (Abstract of Decision.)
Opinion filed November 28, 1941 Rehearing denied December 10, 1941
LOCAL IMPROVEMENTS AND ASSESSMENTS, § 624 — proceeds of special assessments as trust funds available to bondholders. Where bank, as holder of special assessment bonds issued by municipality for construction of water mains and sewers, brought mandamus action, to compel municipality's officers to pay pro rata shares yet owed bank on such bonds, and village had, without fraud, committed wrongful act in distribution of special assessment funds collected by it for express purpose of paying such bonds, trial court's action in granting writ of mandamus to bank to compel payment of pro rata shares yet due holder of bonds was not error, since special assessments collected constituted trust funds, and village, as trustee, would not be allowed to evade law governing distribution of special assessment funds collected by it, and such funds as village should have had on hand to meet its obligations to holder of bonds were treated as still in custody of village (Ill. Rev. Stat. 1939, ch. 24, § 745; Jones Ill. Stats. Ann. § 76.051).
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Superior Court of Cook county; Hon. PETER H. SCHWABA, presiding.
Heard in second division, first district, this court at April term, 1940.
Joseph Lustfield, for appellants;
Ode L. Rankin, of counsel;
Charles J. Michal, for appellee;
John T. Murray, of counsel.
"Not to be published in full." Opinion filed November 28, 1941; rehearing denied December 10, 1941.