Totten v. Okaloosa County Gas District

THORNAL, Justice.

We have for review by appeal, a decree of a chancellor validating an issue of revenue refunding bonds.

The appellee, Okaloosa County Gas District, hereafter called the “District”, sought *17validation of refunding bonds in the amount of $5,775,000.00. By the proposed issue it is contemplated that three outstanding bond issues totaling $5,679,000.00 will be refunded. The proposed bonds are to be liquidated out of the revenues from the operation of a natural gas transmission and distribution system. There is no pledge of ad valorem taxes. The chancellor entered a decree validating…