Swinburne v. City of Newport

Opinion op the Court by

Stanley, Commissioner

Reversing.

This appeal is from a judgment approving the issue óf $43,000 of bonds to fund a floating debt of the City of Newport, created by deficits in the revenue during the fiscal years of 1941, 1942 and 1943.

For the fiscal year 1941, it was estimated that the revenue of the City from all sources would be $717,-921.85 and the anticipated expenditures equal to that sum. When the year had closed it was found that the actual collections were only $672,163.47, while the actual expenditures were $709,909.46, thus there was a deficit of $37,745.99. The…