SANBORN, Circuit Judge.
In January, 1933, at a special election in the city of Paragould, Ark., a bond issue of $100,000, for the purpose of building a municipal electric light and power plant and distribution system, was authorized. The mayor and city council took steps to sell the bonds and employed engineers to design and erect the plant. The Arkansas Utilities Company, which already had a plant and distribution system in the city and was furnishing electric light...
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