Epley v. Kentucky County Debt Commission

Opinion of the Court by

Judge Tilford

Affirming.

McLean County, pursuant to an election held in August, 1923, issued road and bridge bonds of the par value of $210,000, dated September 1, 1923, bearing 5% per annum interest, and maturing serially over a period extending to September 1, 1952. Notwithstanding the levy of the maximum tax of 20c per $100 valuation to create a sinking fund for the payment of principal and interest, the revenue derived proved insufficient for that purpose. At the time of the institution of these proceedings some of the bonds had matured and the county was without…