Lucius Quintus Cincinnatus Lamar

“ Nothing is better settled than this rule: that the purchaser of bonds such as these is held to know the constitutional provisions and the statutory restrictions bearing on the question of the authority to issue them; also the recitals of the bonds he buys; while, on the other hand, if he act in good faith and pay value, he is entitled to the protection of such recitals of facts as the bonds may contain. ”

“ Rep. 319, this court said: 'Recurring, then, to a consideration of the recitals in the bonds, we as sume, for the purposes of this argument, that they are in legal effect equivalent to a representation or warranty or certificate on the part of the county officers that everything necessary by law to be done has been done, and every fact necessary by law to have existed did exist, to make the bonds lawful and binding. Of course, this does not extend to or cover matters of law. All parties are equally bound to know the law ”

“ In the case of Commissioners v. Rollins, ante, 651, we have set forth said section 6, and have decided that it does impose 'a limitation upon the power of the defendant county to contract any and all indebtedness.' That decision disposes of the first condition in the agreement recited above. It only remains to decide whether the county is estopped from making such defense by the recitals contained on the face of such bonds and coupons. The bonds and coupons are as follows: 'No. ___. $_____. United States of America, County of Lake, State of Colorado. Funding Bond. ”