Welch v. City of Nicholasville

Opinion op the Court by

Commissioner Hobson—

Affirming.

Nicholasville is a city of the fourth class. The city is indebted in the aggregate sum of $60,000 upon three bond issues duly authorized by the consent of two-thirds of the voters of the city in elections duly held as provided by law since the adoption of the present Constitution. The bonds are now payable at the option of the city. The board of council on June 4, 1928^ passed an ordinance providing for the payment of the outstanding bonds by the issuance of refunding bonds at a lower rate of interest. The proceeds of the new issue can only…