Harris v. Holt

Opinion op the Court by

Stanley, Commissioner

Affirming.

There is submitted for the approval of the court a proposed refunding bond issue of $35,000 by tbe County Board of Education of Pulaski County. A resolution of the board recites that a floating debt had arisen during. the past six years on account of loss in revenue, due to delinquencies and the necessary erection of buildings destroyed by fire. The debt is bearing 6 per cent, and the bonds will bear 5% per cent. The issue exceeds the annual revenue for the current year, and this is the basis of the attack made in the petition of a…