Bolich v. . City of Winston-Salem

Tbe Municipal Finance Act, 1921, as amended, expressly authorizes a municipal corporation organized under tbe laws of this State to issue its negotiable bonds for tbe purpose of refunding bonds of tbe corporation issued for debts contracted prior to 1 July, 1931, and maturing within one year .from tbe date of tbe passage by its governing body of tbe bond ordinance authorizing tbe issuance of tbe refunding-bonds, where tbe bonds to be refunded are valid and enforceable- obligations of tbe corporation. N. 0. Code of 1931, section 2937, subsection 2. It is expressly provided by tbe statute that…