State v. City of West Panama City Beach

THORNAL, Justice.

Appellant, State of Florida, seeks reversal of a decree validating an issue of water revenue bonds.

We must decide whether the appellee city had the power to pledge cigarette taxes and utilities services taxes to the payment of the subject bonds.

Proceeding under Chapter 180, Florida Statutes, F.S.A., the appellee city of West Panama City Beach authorized the issuance of water revenue bonds in the amount of $805,000. To secure the payment of the bonds, the municipality pledged the proceeds of cigarette taxes levied and collected pursuant to ordinance enacted in accord with…