Field v. City of Catlettsburg

Opinion op the Court by

Morris, Commissioner

Affirming.

The appellee City of Catlettsburg, the county seat of Boyd county, is classified as a city of the fourth class. On June li, 1937, concluding that it could not meet outstanding obligations of $32,675.25 net, it duly ordained issuance of bonds to meet this indebtedness. The'proposed'issue was to be retired over a period of twenty years in fixed maturities, and was to bear 4% per cent, annual interest. The existing indebtedness of the city, evidenced by warrants, notes, and two valid judgments, carried interest at 6 per cent.

Upon the passage…