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upr000103-089
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    #5 Mr. Thomas A. Campbell 1-18-57 and 3 5 8 ): “Comprehended in that contract also was the statutory provision that the circuit court of Duval county, not the Legislature, nor the voters of Duval county, should have power to decide whether substan­tial or merely nominal tolls shall be collectible at any given time in order to make the performance of the bond obligation at maturity safe for the investors. • • • "Appellees [i.e.‘, the bondholders] in their bill have taken the position that the provisions of chapter 7462, Sp. Acts 1917, under which the bridge bonds were issued, and especially the provisions of that act to the effect that the county commissioners of Duval county shall charge and collect reasonable tolls to be con­firmed by the Duval county circuit court and altered from time to time by the court and by no other authority, and that such tolls shall be collected, c h a r g e d w i t h a statutory trust that permits them to be used only for the maintenance and operation of the bridge and after­ward to pay Interest on and the principal of the bonds, are a part of the bond contract. That such is clearly the law admits of no doubt under the authorities herein­before cited in a footnote." (Emphasis added.) Thus with respect to the |8,700,000 of bonds which have been sold by the Las Vegas Valley Water District a contract exists between the district and the holders of such bonds. This contract embodies all of the terms and provisions set forth in the resolution of issuance of January 8, 195^» together with all laws in effect at that time. Two of the most important pro­visions of the bondholder’s contract are those found in Sections 19 and I6d of the District Act. Section 19 provides that the District Act and no other law shall apply to district matters, and also that the Board of Directors of the district, and no other agency, bureau or official, shall have authority or Juris­diction over the affairs of the district. Section l6d provides that no board or commission other than the governing body of the district shall have any authority to fix or supervise the making of rates. The courts have held that the bondholder’s contract includes the right to have the contract.performed in the same