Payne v. City of Covington

Opinion op the Court by

Judge Tidpord

Affirming.

The circumstances out of which this litigation arose were outlined in our opinion reported in 283 Ky. 848, 143 S. W. (2d) 727, and hence will not he detailed here. Following the reversal of the Chancellor’s decree approving the issue of refunding bonds, the city supplied the deficiencies which necessitated the reversal by satisfactorily showing that the items composing the floating indebtedness, $475,964.10, are obligations created by the city for municipal purposes. As pointed out in our former opinion* the proposed issue, $350,000, will not…