Vaughn v. City of Corbin

Opinion of the Court by

Comimissioner Hobson—

Affirming.

On November 5,1926, the common council of the city of Corbin enacted an ordinance providing for the issuing of $75,000.00 of bonds of the city to fund the floating indebtedness of the city, payable with interest at 6%, one-third in ten years; one-third in twenty years and one-third in thirty years. The ordinance also provided for the levying of a tax sufficient to pay the interest on the bonds and to provide a sinking fund sufficient to pay them at maturity. W. E. Vaughn, a taxpayer of the city, brought this action under the declaratory…