Smith v. Mercer County
Court of Appeals of Kentucky
Case 77—INJUNCTION— APPEAL PROM MERCER CIRCUIT COURT, The county had no power to issue refunding bonds unless the old bonds were; (1), matured or subject to call; (2), legally issued; (3), prior to September 28, 1891; and (4), for railroad or other purposes. The bonds sought to be refunded were neither matured nor subject to call.
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Case 77—INJUNCTION— APPEAL PROM MERCER CIRCUIT COURT, The county had no power to issue refunding bonds unless the old bonds were; (1), matured or subject to call; (2), legally issued; (3), prior to September 28, 1891; and (4), for railroad or other purposes. The bonds sought to be refunded were neither matured nor subject to call. The evident object and intent of the Legislature in passing the refunding act was in all cases where there was any outstanding indebtedness against a county legally issued prior to September 28,1891, for railroad purposes or otherwise, to authorize and empower the…
1Opinion of the CourtChief Justice Lewis
January 10, 1887, the county judge, on behalf of the county of Mercer, subscribed $125,000 to the capital stock of the Louisville Southern Railroad Company, and, to pay therefor, issued $125,000 of county bonds, of which, in Au*597gust, 1888, there was delivered to said company $105,000 - of bonds, with interest coupons attached, the bonds being numbered serially from 1 to 105, each bearing interest at the rate of 5 per cent., and payable on or before January 10, 1917; but each contained the following clause: “If the-county of Mercer shall determine to pay any part of said, series of bonds before…
2Cited by7 opinions
- Cent. Ky. Nat. Gas Co. v. StevensCourt of Appeals of Kentucky · 1909
- Hall v. Fiscal Court of Fleming CountyCourt of Appeals of Kentucky (pre-1976) · 1931
- Bank of Columbia v. Taylor CountyCourt of Appeals of Kentucky · 1901
- Dawkins v. HoughCourt of Appeals of Kentucky · 1902
- Richmond Cemetery Co. v. SullivanCourt of Appeals of Kentucky · 1898
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