City of Tiffin v. Griffith

Citations

• 74 Ohio St. (N.S.) 219

Syllabus

<p>Longworth bond act — Limitation upon municipal indebtedness — • Act of April 29, 1992 — Municipal corporation not to assume indebtedness~In excess of eight per cent, of total value of property, wherk — Act has only prospective operation — Municipal law — Taxation.</p> <p>'The limitation upon municipal indebtedness prescribed by the act of April 29, 1902, ,(95 O. L., 321), being “that no municipal corporation shall hereafter create or assume an aggregate indebtedness of outstanding and unpaid bonds under the authority of this act in excess of eight per cent, of the total value of all the property in it as listed and assessed for taxation,” has only a prospective operation, and indebtedness created or assumed prior to the passage of the act may not be considered in ascertaining whether the prescribed limit . of indebtedness has been reached.</p>