Bank of Columbia v. Taylor County
Court of Appeals of Kentucky
Case 23 — Action fob a Mandamus APPEAL FROM TAYLOR CIRCUIT COURT. Judgment for Defendants and Plaintiff Appeals. On April 1, 1871, Taylor county issued its bonds for $250,-000, due twenty years after date, bearing interest at six per cent from date, payable semi-annually, to pay its subscription to the Cumberland and Ohio Railroad. The bonds were sold and the proceeds used to pay the subscription.
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Case 23 — Action fob a Mandamus APPEAL FROM TAYLOR CIRCUIT COURT. Judgment for Defendants and Plaintiff Appeals. On April 1, 1871, Taylor county issued its bonds for $250,-000, due twenty years after date, bearing interest at six per cent from date, payable semi-annually, to pay its subscription to the Cumberland and Ohio Railroad. The bonds were sold and the proceeds used to pay the subscription. The county paid the interest for a few years and then defaulted and failed to pay either interest or principal. The road was completed through the county in 1879. On March 18, 1878, the Legislature…
1Opinion of the Court
Opinion of the court by
JUDGE HOBSON
Reversins.
On March 18, 1878, an act was passed by the General Assembly for the benefit of Taylor county empowering it to compromise its debt growing out of its subscription to the building of the Cumberland and Ohio Bailroad by issuing new bonds not exceeding in amount $125,000, and settling off the old bonds at rates not to exceed 50 cents on •the dollar. The county court was authorized to levy a tax annually to meet the interest and create a sinking-fund to pay the principal of these bonds at maturity. See 1 Acts 1878, p. 554. By an amendatory act of…
2Cases cited4 opinions
- Farson, Leach & Co. v. Board of CommissionersCourt of Appeals of Kentucky · 1895
- Smith v. Mercer CountyCourt of Appeals of Kentucky · 1898
- Richmond Cemetery Co. v. SullivanCourt of Appeals of Kentucky · 1898
- Evans v. HolmanMissouri Court of Appeals · 1904
3Cited by5 opinions
- Commonwealth v. Wade's Adm'rCourt of Appeals of Kentucky · 1907
- Commonwealth ex rel. Wade's Admr v. BeauchampCourt of Appeals of Kentucky · 1910
- Walsh v. City of PinevilleCourt of Appeals of Kentucky · 1913
- Kimbley v. City of OwensboroCourt of Appeals of Kentucky · 1917
- Rice v. City of PinevilleCourt of Appeals of Kentucky · 1925