Arrowood v. Bd. of Edu. of Paintsville Graded School

Opinion of the Court by

Judge .Stites

— Reversing.

This is an appeal from a judgment of the Johnson circuit court approving the issuance of $30,000 in 5 per cent, funding bonds by the Paintsville Graded School District for the purpose of paying off an alleged outstanding floating indebtedness of the school district in the amount of $30,073.86.

It is claimed that this indebtedness is an accumulation of deficits resulting over a period of years from 1928 to 1936, inclusive. Copies of the school budgets for each year are filed in the record and disclose budgetary anticipations over the period from…