24 So. 2d 50 | Fla. | 1945
The City of Fort Myers owns and operates the sewerage system and the plants furnishing water and gas to its inhabitants. Efficiency demands that these properties be extended and improved. To obtain funds to accomplish this program it is proposed by the city to combine the three utilities and pledge the net revenues of the consolidated operation to the payment and retirement of $550,000 in "Municipal Utility Revenue Certificates." Inasmuch as there are now outstanding and unpaid certain certificates secured by the net revenue of the water plant alone, the income available for retirement of the new issue will be subject to prior claim of the holders of these "Water Works Revenue Certificates."
The circuit judge validated the proposed certificates and approved the plan of the city to conduct all three utilities as *682 one unit. State of Florida appealed and now presents to us the dual question whether the consolidation is authorized and whether the city may issue certificates redeemable from the income of the joint operation.
The question may be answered by turning to Chapter
The court, in considering and construing Chapter 180, supra, originally Chapter 17118, Laws of Florida, Acts of 1935, seems to have arrived at conclusions with which the circuit judge's decree is in harmony. State v. Town of River Junction,
The decree is —
Affirmed.
CHAPMAN, C. J., TERRELL, BUFORD, BROWN and SEBRING, JJ., concur.
ADAMS, J., not participating.