Saunders v. Rainey

Lumpkin, ,J.

1. An equitable petition filed by taxpayers of a municipal corporation alleged, among other things, the following: A municipal corporation issued bonds to the amount of $25,000, and adopted an ordinance providing for a sinking fund, and for the manner of payment of the bonds. The mayor and councilman failed to comply with the law by paying into the sinking fund the proper amounts. The town now owes the sum of $2,000 for money borrowed. The expenses of conducting the municipal government for the balance of the current year will amount to $1,200 or more. A bond of the denomination…