Bank v. . Bryson City

Civil action to restrain issuance and delivery of refunding bonds pursuant to ordinance of defendant city.

The pertinent facts, duly found and set out in the judgment, follow:

1. The town of Bryson City has outstanding bonded indebtedness in the principal sum of $365,000, represented by bonds issued and held by purchasers prior to 1 July, 1933, the accrued interest thereon and a portion of the principal now being in default.

2. The town proposes to refinance its existing bonded indebtedness by issuing refunding bonds "in lieu of, and to be exchanged for a like amount of its said outstanding…