112 Ky. 243 | Ky. Ct. App. | 1901
Opinion of the court by
Reversins.
On March 18, 1878, an act was passed by the General Assembly for the benefit of Taylor county empowering it to compromise its debt growing out of its subscription to the building of the Cumberland and Ohio Bailroad by issuing new bonds not exceeding in amount $125,000, and settling off the old bonds at rates not to exceed 50 cents on •the dollar. The county court was authorized to levy a tax annually to meet the interest and create a sinking-fund to pay the principal of these bonds at maturity. See 1 Acts 1878, p. 554. By an amendatory act of February ’27, 1882, it was authorized to issue $150,000 of new bonds, and, in the event judgment was rendered on any such bonds or coupons, power was conferred on the court to énforce a lien on all property in the county. See 1 Acts 1881, p. 558. By another amendatory act, of February 17, 1888, to enable it to effect and complete a compromise of its .bonded debt, the county was empowered to borrow money, the sum borrow-ed by it not to exceed the sum of $20,000, and execute a bond or bonds, -promissory note, or other •evidences of debt, and to deposit as collateral security ■county bonds issued under the act of March 18, 1878, in
“The tax rate of cities, towns, counties, taxing districts and other municipalities, for other than school purposes, shall not, at any time, exceed the following rates upon the value of the taxable property therein, viz.: For all towns or cities having a population of fifteen thousand or more, one dollar and fifty cents on the hundred dollars; for all towns or cities having less than fifteen thousand and not less than ten thousand, one dollar on the hundred dollars; for all towns or cities having less than ten thousand, seventy-five cents on the hundred dollars; and for counties and taxing districts, fifty cents on the hundred dollars; unless it .should be necessary to enable such city, town, county, or taxing district to pay the interest on, and provide a sinking fund for the extinction of indebtedness contracted be-for the adoption of the Constitution. No county, city, town, taxing district or other municipality shall be authorized or permitted to become indebted in any manner or for an ypurpose, to an amount exceeding, in any year, the income and revenue provided for such year, without the assent of two-thirds of the voters thereof, voting at an election to be held for that purpose; and any indebtedness contracted in violation of this section shall be void. Nor shall such contract be enforceable, by the person with whom made; nor shall such municipality ever be authorized to assume the same.” Section 157.
“The respective cities, towns, counties, taxing districts and municipalities shall not be authorized or permitted to incur indebtedness to an amount, including existing indebtedness, in the aggregate exceeding the following mamed maximum percentages on the value of the taxable property therein, to be estimated by the -assessment next*249 before the last assessment previous to the incurring of the indebtedness, viz.: Cities of the first and second classes, and of the third class having a population exceeding fifteen thousand, ten per centum; cities of the third class' having a population of less than fifteen thousand, and cities and towns of the fourth class, five per centum; cities and towns of the fifth and sixth classes, three per centum; and counties, taxing districts and other municipalities, two per centum; provided, any city, town, taxing district, or. other municipality may contract an indebtedness in excess of such limitations when the same has been authorized under laws in force prior to the adoption of, this Constitution, or when necessary for the completion of and payment for a public improvement undertaken and not completed and paid for at the time of- the adoption of this Constitution; and provided further, if, at the time of the adoption of this Constitution, the aggregate indebtedness, bonded or floating, of any city, town, county, taxing district, or other municipality, including that which it has been or may be authorized to contract as herein provided, shall exceed the list herein prescribed, then no such city or town shall be authorized or permitted to increase its indebtedness in an amount exceeding two per centum, and no such county, taxing district or other municipality, in an amount exceeding one per centum, in the aggregate upon the value of the taxable property therein, to be ascertained as herein provided, until the aggregate of its indebtedness shall have been reduced below the limit herein fixed, and thereafter it shall not exceed the limit, unless in case of emergency, the public health or safety should so^ require. . Nothing herein shall prevent the issue of renewal bonds, or bonds to fund the floating indebtedness of any city, town, county, taxing district or other municipality.” Section 158.
A. judgment for a debt embracing usury stands on, a different plane, so far as the usury is concerned, from •other judgments, and will not be enforced to the extent of the usury, for the reason that the usury may be recovered after it has been paid. The court, therefore, should have ordered the fiscal court to make a levy sufficient to pay the debt of $4,000, with interest at 6 per cent., subject to the •credits that had been paid.
Judgment reversed, and cause remanded for a judgment as above indicated.