Dowdy v. City of Mayfield

Opinion of the Court by

Judge Clay

Affirming.

The franchise granted the Graves County Water & Light Supply Company, afterwards the Mayfield Water & Light Company, gave the city of Mayfield the right to purchase the plants at the expiration of twenty-five years. In the year 1916 the city exercised its option and purchased the plants with the proceeds of a bond issue amounting to $272,000.00. The bonds bear interest at the rate of 6%, and mature serially over a period of twenty-five years. Bonds to the amount of $242,000.00 remain unpaid, and are not callable before maturity. In the year 1925 the…