State v. City of Daytona Beach

The State of Florida has appealed from a final decree validating an issue of $2,500,000 "Special Obligation Paving Bonds" of the City of Daytona Beach proposed to be issued pursuant to the provisions of Ordinance No. 49-118 enacted by the City, which authorizes the City to pledge for the retirement of the bonds all moneys received from a tax on the purchase of electricity, metered and bottled gas and local telephone and telegraph service, and certain revenues received by the City from the operation of its parking meters; and which authorizes the City to covenant that in the event the funds…