Marcum v. Borders

Opinion op the Court by

Stanley, Commissioner

Reversing.

The County Board of Education of Magoffin County proposes to issue $23,000 of bonds to refund or liquidate a floating debt.

In answer to a petition questioning the validity of the bond issue, the board of education set up its resolution, its anticipated revenue, and the allocation for the current year; alleged that there were outstanding claims and judgments against it, as shown on an itemized statement filed, of not less than $23,000 which had arisen or been incurred since 1929. It set forth the amount of tax bills delivered to the sheriff…