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BROWN v. CITY OF STUTTGART, ARK.

No. 92-849.

847 S.W.2d 710 (1993)

312 Ark. 97

Mason BROWN, Appellant, v. CITY OF STUTTGART, Arkansas and First Continental Financial Corporation, Appellees.

Supreme Court of Arkansas.

February 22, 1993.

Attorney(s) appearing for the Case

Don A. Eilbott, Pine Bluff, for appellant.

W. Jackson Williams, David F. Menz, G. Alan Perkins, Little Rock, for appellees.

HOLT, Chief Justice.

This is an action challenging the validity of a tax exempt lease agreement between the City of Stuttgart and First Continental Financial Corporation on the grounds that the lease contains interest bearing evidence of indebtedness in violation of Ark. Const., art. 16, § 1. We find that it does and reverse the trial court.

The appellees, City of Stuttgart and First Continental Financial Corporation, entered into a lease agreement for...

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