City of Charlotte v. Shepard

To make the bonds of a municipal corporation valid and binding as evidence of an indebtedness of such municipality, two things are necessary:

There must be an act of the General Assembly passed and ratified as required by the Constitution, Art. II, sec. 14, authorizing the creation of such debt and the issue of such bonds; and, upon this legislative authority, the proposition to create such debt and to issue bonds thereon must be submitted to the popular vote of the municipality, and must receive the sanction of a majority of the qualified voters at an election held for that purpose.

When this…