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McELGIN v. CITY OF ST. PETERSBURG

No. 31996.

147 So.2d 526 (1962)

Hugh J.B. McELGIN, George J. Keppler, O.L. Helsley and Thera M. Helsley, His Wife, Appellants, v. CITY OF ST. PETERSBURG, Florida, a Municipal Corporation, Appellee.

Supreme Court of Florida.

December 19, 1962.

Attorney(s) appearing for the Case

W.K. Zewadski and David C. Anderson, St. Petersburg, for appellants.

Harry I. Young and Frank D. McDevitt, St. Petersburg, for appellee.

PER CURIAM.

Appellants seek reversal of a decree which validated a municipal improvement revenue bond issue in the amount of Five Million ($5,000,000) Dollars. Repayment of the revenue bonds was secured by a pledge of income from a so-called "franchise tax" which the Florida Power Corporation had agreed to pay to the City of St. Petersburg.

The appellants contend that the "franchise tax" arrangement and a collateral agreement between the City and the Power...

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