Kelly v. Cole

Citations

• 63 Kan. 385
• 65 P. 672
• 1901 Kan. LEXIS 157

Syllabus

<p>SYLLABUS BY THE COUBT.'</p> <p>1. Municipal Bonds — Refunding Act of 1901 Construed. Section 1, chapter 288, Laws of 1901 (Gen. Stat. 1901, § 517), construed, and held to limit the power conferred upon the municipalities ■ therein named, in the issuing of refunding bonds, to the amount of the bonded indebtedness of such municipality actually existing at the time the act of refunding occurs.</p> <p>2. -Matured Interest Coupons may be Included. Matured interest coupons, evidencing earned interest, attached to a municipal bond, inhere in and form a part of the bond itself, and are comprehended in the term “bonded indebtedness actually existing,” and may be computed in ascertaining the amount of refunding bonds which may be issued under the provisions of said act.</p> <p>3. - Unearned Interest Coupons should not he Included. Unearned interest coupons, attached to municipal bonds, are not “bonded indebtedness actually existing,” within the legislative meaning and intent as expressed in said act, and may not be included in the amount for which refunding bonds may be issued under the power therein conferred.</p>