BONDED INDEBTEDNESS meaning in Law Dictionary

a debt that is guaranteed by an issued relationship utilizing the monies got to be used for corporate functions.

Sentence Examples with the word BONDED INDEBTEDNESS

From 1897 to 1903 the efforts of the Street Railway Companies of Chicago to extend their franchise, and of the city of Chicago to secure municipal control of its street railway system, resulted in the statute of 1903, which provided for municipal ownership. But the proposed issue under this law of bonds with which Chicago was to purchase or construct railways would have increased the city's bonded indebtedness beyond its constitutional limit, and was therefore declared unconstitutional in April 1907 by the supreme court of the state.

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