Cramer v. City of Catlettsburg

WADDILL, Commissioner.

The City of Catlettsburg, a city of the ' fourth class, has a floating outstanding indebtedness in the sum of $32,191.26 bearing interest at the rate of six per cent. On January 7, 1957, the city council enacted an ordinance authorizing the payment of part of this indebtedness out of current revenues and the balance by the sale of $27,000 in refunding bonds bearing interest not in excess of five per cent per annum, maturing at a rate of $1,000 annually over the years 1958 to 1985 inclusive.

The appellant, a citizen and taxpayer of Catlettsburg, brought this suit seeking…