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CITY OF CHANUTE v. POLSON

No. 67,222

17 Kan. App. 2d 159 (1992)

836 P.2d 6

CITY OF CHANUTE, KANSAS, and BANK OF COMMERCE, CHANUTE, KANSAS, Plaintiffs, v. IRENE POLSON, individually and on behalf of the Class of Senior (Coupon) Bondholders, Defendants-Appellants, and JACK W. BROWN, CAROL F. BROWN, OPAL B. BROWN, EVA I. PARR, PAUL NELSON, PEARL NELSON and MARLENE SPENCE, the same being Registered Bondholders, Defendants-Appellees, and GRACE E. HUPP and ALPHA H. DALTON, also Registered Bondholders, Defendants.

Court of Appeals of Kansas.

Opinion filed June 19, 1992.

Attorney(s) appearing for the Case

Kurt F. Kluin, of Chanute, for appellants.

Edwin H. Bideau III, of Chanute, for appellees.

Before ELLIOTT, P.J., PIERRON, J., and THEODORE B. ICE, District Judge, assigned.

PIERRON, J.:

This is an appeal by coupon bondholders of industrial revenue bonds issued by the City of Chanute. The project defaulted and the proceeds from the property which secured the bonds are not sufficient to pay off all the bonds. The City and the fiscal agent, Bank of Commerce, filed a declaratory judgment action asking the court for guidance in distributing the proceeds among the bondholders. The district court ruled that proceeds should be distributed pro...

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