Holt v. City of Covington

Opinion op the Court by

Judge Fulton

— Reversing.

Pursuant to an ordinance of 1912 the city of Covington issued $2d0,000 of four percent unlimited water works refunding bonds to refund the balance of a $400,000 issue of 1880. The bonds matured August 1, 1952, but it was provided in tbe ordinance that ‘ ‘ at any time after July 31, 1942 that the city of Covington deemed it desirable or advantageous to redeem or pay the bonds herein authorized, it shall so declare by appropriate action of the General Council, or otherwise.” The bonds provided that “The city of Covington may on or after August 1,…