Pacific Mutual Life Insurance Co. v. Matz‪.‬

THIS is a review of a decree of the district court of Weld county purporting to dissolve the Denver-Greeley Valley Irrigation District. The questions presented are purely ones of law as related to established uncontroverted facts. The district was created March 8, 1909 under chapter 113, S.L. 1905. Included in the district are 31,107 acres of land lying in Weld and Adams counties. April 5, 1909, the district authorized the issuance of $2,000,000 of bonds maturing in the years 1920 to 1929 inclusive, and bearing interest at the rate of six per cent per annum evidenced by semi-annual interest coupons. All these bonds were actually issued and outstanding prior to January 1, 1915. Tax assessments or levies in an amount in excess of the total face amount of all the bonds and interest coupons have been made on the lands included in the district. The levies for the bond interest coupons which matured in the years 1913 to 1919 inclusive, were made in the year 1936 in connection with a proceeding in the federal court. With such exception, all levies for bonds and interest were made during the years preceding the respective maturities of the bonds and coupons. Notwithstanding that all of such levies were so made in full, due to delinquencies in the payment of the tax, there are still outstanding and unpaid bonds of the district in the aggregate amount of $123,583.51; interest coupons aggregating $176,436.88 in face amount, and warrants totalling in excess of $38,000. Levies for the full face amount of these warrants also have been made in due course.