Patterson v. Board of Education

SIMS, Chief Justice.

In this declaratory judgment suit to test the validity and obtain judicial approval of a proposed issue of bonds by the LaRue Board of Education to liquidate a deficit in the revenues as of June 30, 1953, it was adjudged that: (1) bonds not exceeding the amount of $28,000 are valid; (2) the same does not exceed any constitutional or statutory limitation of .indebtedness; (3) the bonds will be first payable out of the regular maximum tax levy of $1.50 per hundred at the rate of 4‡ of each $1.50 collected since the bonds issued can be retired within that levy; and (4) the…