Payne v. City of Covington

Opinion of the Court by

Cread, Commissioner

Affirming’.

Covington, a city of second class, brought this action- against E. S. Payne, a resident and taxpayer of the city, on Ms own behalf and on behalf of all citizens, residents and taxpayers thereof, seeking judicial approval of a proposed bond issue of $275,000, as authorized by ordinance of the city to fund a floating indebtedness in that sum.

On final hearing the chancellor held that all the floating indebtedness proposed to be funded was valid and subsisting indebtedness of the city and had been incurred within the limits prescribed by both…