Williams v. Harris, Mayor

The City Council of Clarksville on May 31, 1949, adopted an ordinance authorizing the issuance, subject to favorable vote at a special municipal election, of $100,000 in bonds, the proceeds of which were to be used to contribute “to the cost of a factory building for the purpose of securing a new manufacturing enterprise for the City.” The bonds were “to mature serially at the rate of $20,000 per year” for five years, and were “to be payable solely from the net revenues . . . derived by the City from the ownership and operation of its electric light and power plant.”

This ordinance was adopted…