Renicks v. City of Lake Worth

THOMAS, J.:

In 1936 the City of Lake Worth refunded its outstanding indebtedness, evidently incurred between 1914 and 1927, by issuing securities designated “Refunding Bonds, Series A.” The city authorities again decided to refund the debt and determined that on 1 August 1943 $3,781,200 remained unpaid, $3,681,900 in the hands of creditors and $99,300 in the possession of a trust company for delivery to the holders of bonds of the original issue in exchange for their securities. Eventually a decree was sought of the circuit judge validating and confirming issuance of the proposed bonds, titled…