State v. City of Tarpon Springs

Terrell, C. J. —

Pursuant to provisions of its Charter, -Chapter'6784-,-Acts-of 1913,\.as...amended> by Chapter 11251, Acts of 1925, the City of Tarpon’ Springs issued bonds aggregating $2,358,500. Payments on principal and interest of said bonds have been in default for ten years and there is now due on interest alone more than one million dollars which should be added to the principal.

After extended negotiations with its creditors, the City filed a petition in bankruptcy in the United States District Court for the Southern District of Florida, proposing a plan' for refunding its bonded…