Page:Federal Reporter, 1st Series, Volume 4.djvu/293

 POBTSMOUTH SAV. BANK V. CITÏ OF SPKINGFIELD. £79 �The whole scope of the law shows that this special body was a part of the muûicipality of Springfield, although independ- ent of its functions and power. By the eighth section of the act these commissioners thus created had authority to borrow money if the city council should deem it expedient; but they had not the right to borrow independent of the city council. Money was to be borrowed upon the credit of the city. They ■were to have power also, with the approval of the city coun- cil, to issue bonds, pledging the faith and credit of the city for tbeir payment, principal and interest. These bonds were to be issued under the corporate seal of the city, signed by the mayor and clerk, and made payable at such places, and in such currency, as they should deem expedient; and such bonds were not to be issued until the city council should ap- prove of their issue by a vote of a majority of ail the aldermen by law authorized to be elected. �Now, it olearly appears, from these provisions of the stat- ute, that although there was a separate corporate body cre- ated by this law, called the water commissioners, in relation to the issue of bonds they had not authority of themselves, but must aot in co-operation and in connection with the city. They could not take a step without the authority of the city, and the bonds, when issued, were to be issued under the sig- natures of the mayor and clerk, and the seal of the city, as well as on its credit. Now, it would be a contradiction in terms to say that when ail these requisites of the law are complied with, as they hav-e been in- this case, these were not the bonds of the city, and that this was not a legal obligation of the city of Springfield, because the water commissioners co-operated with the city authorities in the issue of the bonds. But the statute provided that the funds derived from the sale of the bonds were to be exclusively used for the purposes specified in this act, namely: for the creation and continu- ance of the water -works which were to supply the city with water. And the law also provided that the comnaissionera should have power from time to time to assess the amounts to be paid for water, and the water rents were to be a lien upon the buildings supplied with water, which water rents ����