Opinion ID: 2495667
Heading Depth: 1
Heading Rank: 17

Heading: Horn Lake's bonding capacity

Text: ¶ 42. The City of Horn Lake issued $4.5 million in general obligation refunding bonds in November 2008. The purpose of those bonds was to construct a fire station along the western boundary of the city, and to purchase a Pierce Pumper fire truck for service from that fire station. However, the chancellor found that the city will be required to finance an additional $310,000 toward the purchase of that fire truck over three years. ¶ 43. At the trial, Slaughter estimated the bonding capacity of Horn Lake to be $18.8 million. However, on cross examination, Slaughter admitted that he had made a mistake in his calculations when determining Horn Lake's bonding capacity. When considering the totality of the circumstances with regard to bonding capacity, we are unable to conclude whether the chancellor's findings were based on substantial, credible evidence or were manifestly wrong.