First & Peoples Bank v. City of Russell

Opinion op the Court by

Judge Fulton

Reversing-

The City of Russell, a fourth class city, in the year 1929, being the owner of a waterworks plant, by ordinance dated April 1, 1929, issued $100,000 in City of Russell waterworks bonds. Of these bonds $85,000 were subsequently sold, and at the time of the filing of this action there were $61,000 of these bonds outstanding*. By the provisions of the ordinance and the terms of' the bonds the revenues from the waterworks plant were pledged for the payment thereof.

In the year 1938 the City of Russell determined to issue and sell waterworks bonds for…