Root v. City of Newport

Opinion op the Court by

Morris, Commissioner—

Affirming.

This suit was brought below by appellee seeking to have the court pass upon the question of the validity of an ordinance duly passed on April 16, 1938, by which the proper city authorities resolved to issue funding bonds to the amount of $260,000 for the purpose of liquidating a floating indebtedness of the city totaling $279,171.62, but of which sum the court found a portion had been paid, or arrangements made to pay, to the amount of $19,171.62. The bonds proposed to be issued were to mature over a period of twenty years, and to bear…