CLAY, Commissioner.
This is an agreed case questioning the validity of a refunding bond issue of the City of Ashland. Its legality was upheld by the trial court.
In 1960 the City, acting for the benefit of the Board of Education of the Ashland Independent School District under the authority of KRS Chapter 162, authorized the issue and sold $2,500,000 of school revenue bonds. These bonds carried an interest rate of 4¼ to 4¾ percent interest and were...
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