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WATSON v. WATER WORKS BD. OF CITY OF BIRMINGHAM

84-480.

480 So.2d 1190 (1985)

Mildred B. WATSON, et al. v. The WATER WORKS BOARD OF the CITY OF BIRMINGHAM, et al.

Supreme Court of Alabama.

November 8, 1985.

Attorney(s) appearing for the Case

W.W. Conwell of Conwell & Gloor, Birmingham, for appellants.

L. Vastine Stabler, Jr. of Cabaniss, Johnston, Gardner, Dumas & O'Neal, Birmingham, for appellee The Water Works Bd. of the City of Birmingham.

John P. Carlton and Ronald L. Stichweh of Carlton, Vann & Stichweh, Birmingham, for appellee City of Birmingham.

Joseph H. Johnson, Jr. and David W. Spurlock of Johnson & Thorington, Birmingham, for appellee AmSouth Bank, N.A.

JONES, Justice.

Plaintiffs, who reside in unincorporated areas of Jefferson County, are customers of the Water Works Board of the City of Birmingham. Three of the plaintiffs are also holders of Water Works Board bonds secured by an indenture agreement, the interpretation of which is the central issue presented by this appeal.

The controversy centers around the transfer by the Board of certain of its surplus funds to the general fund of the City of Birmingham...

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