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CITY OF FAIRMONT v. INVESTORS SYNDICATE

No. 15679.

307 S.E.2d 467 (1983)

CITY OF FAIRMONT, etc. v. INVESTORS SYNDICATE OF AMERICA, INC. and The Municipal Bond Commission, etc.

Supreme Court of Appeals of West Virginia.

As Amended on Denial of Rehearing October 14, 1983.

Attorney(s) appearing for the Case

George R. Higinbotham, Higinbotham & Higinbotham, Fairmont, for appellant.

Allen R. Prunty & Robert L. Elkins, Jackson, Kelly, Holt & O'Farrell, Charleston, for appellees.

HARSHBARGER, Justice:

In 1955, the city of Fairmont sold eight hundred $1,000 municipal improvement bonds to finance a bridge rebuilding project. All of the bonds were bought by Investors Syndicate of America and had to be redeemed from bridge tolls at maturity on August 1, 1985, if not sooner.

In September, 1981, Investors Syndicate still owned all the outstanding bonds, and $20,825 interest was due for the then current twelve-month period. The sinking fund...

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