George Shiras, Jr.

“ While it is true that the mere exchange of new bonds for old ones, and the payment of interest on the former, by the county authorities would not estop the county from challenging the validity of the new as well as that of the old bonds, yet we think it was competent for the county, in such a state of facts as here existed, by a vote of its people to waive the condition attached to the original subscription, and to estop itself from declining to be bound by the new negotiable securities. ”

“ If these views are sound in respect to the bonds issued to the Belleville & Eldorado Railroad Company, they apply with stronger reason to the bonds issued to the St. Louis & Southeastern Railway Company, because the subscription to the stock of the latter company and the issue of bonds in payment took place before the decision of the case of Town of Eagle v. Kohn, and in circumstances, as we have seen, that rendered those bonds valid independently of the subsequent vote by Saline county to refund. ”

“ Bruce, it was held that bonds issued by the town of Oregon, a municipal corporation of the state of Illinois, in compliance with a vote of the people held prior the adoption of the Illinois constitution of 1870, in pursuance of a law providing therefor, were valid, although a condition as to the completion of the road was not complied with, because the recitals in the bonds were made by officers intrusted under the statute with the duty of determining whether the condition had been complied with, and the town was thereby estopped from asserting the contrary. ”