Moss v. City of Paducah

Opinion op the Court by

Stanley, Commissioner

Reversing.

Two questions are presented by the case. One is the validity of a proposed issue of $64,000 funding bonds by the City of Paducah and the other the authority of the commissioners of the sinking fund to use part of the surplus on hand to buy the issue. The circuit court adjudged the bonds to be valid and that the commissioners were without authority to make the investment.

The debt to be funded is said to be a net aecumula tion incurred during 1936, 1937, 1938 and 1939 because the expenditures during that period exceeded the collections but…