Court of Appeals of Kentucky (pre-1976) June 11, 1943 (Lincoln National Bank, Inc. v. County Debt Commission)

Opinion op the Court by

Stanley, Commissioner

Affirming in part and reversing in part.

When this proceeding began before the State Local Finance Officer, Magoffin County had outstanding funding bonds in the principal sum of $42,000, of which $4,000 were past due, and had defaulted in interest payments in the sum of $10,216.25. The greater part of the bonds bear 6% interest and the others 5%%.