Wertz v. Village of Solon

McAllister, circuit judge.

The Village of Solon, Ohio, being in default in payments of interest and principal on its Street Improvement Bonds, a resolution was passed by the Village Council, approving a refunding plan through the exchange of 25-year bonds, to be issued pursuant to the relevant sections of the Ohio General Code §§ 2293-5p to 2293-5u, upon the receipt of consent from the holders of not less than 75% of any issue of bonds . then outstanding. The refunding bonds were to be exchanged for outstanding bonds at their face value. Interest on outstanding bonds was to be paid up to and…