St. Johns review. (Saint Johns, Or.) 1904-current, 1904-12-23

street railways, bridges and ferries,
and such other public utilities as the
council may designate; provided, how
ever, save as otherwise provided in
this charter, no contract or agreement
for the purchase, condemnation, own.
ership, construction or operation by
the city of any public utility shall be
entered into by the council without
first submitting such proposed con-
tract or agreement to the qualified
voters of the city, In accordance with
the provisions of this article.
Council 10 Formulate Proposition to be
Submitted to Electors.
3. Whenever the council shall deem
II to be for the best interests of the
city to acquire any public utility, as
enumerated in the preceding para.
graph, It shall formulate and submit
to the electors of the city, at a special
or regular city election. propositions
for the acquisition and ownership
thereof.
Council Must Solicit and Consider OF.
fers for Sale to City OF Existing
Utilities.
4. Before submitting propositions
to the electors for the acquisition by
original construction, purchase of con.
demnation of public utilities of like
character. the council. must solicit and
consider offers for the sale to the city
of existing utilities in order that the
electors shall have the benefit of ac-
uuiring the same at the lowest possi-
bic cost thereof.
Proposition Submitted to Electors.
5. In case the cost of any public
utility sought to be acquired under the
provisions of this article can be paid
out of the annual re, enLes of the city,
in addition to the payment of the
other necessary expenditures thereof,
II shall be lawful to acquire the same
at any time after an election at which
a majority vote of the electors voting
thereon shall have been cast In favor
Of such acquisition. In submitting
propositions to the electors for such
acquisition, the council shall specify
In such proposition the cost of the
public utility, the proposed method
and manner of payment therefor. and
submit TO the electors the question
whether The same shall be acquired
upon such terms. In case. however,
the cost of such utility sought TO be
acquired under the provisions of this
charter shall so far exceed the annual
revenues of the city. In addition TO the
payment of the other necessary ex.
penditurcs thereof, as to render II
necessary to incur n municipal bonded
Indebtedness for such piupose, then
the council. In submitting propositions
to the electors for the acquisition
thereof, shall specify therein the
amount OF the proposed bonded In |
debtcdnesa. the rate of interest there. |
on, and whether such bonded Indebted. |
ness shall be incurred. At least two. |
thirds of the electors voting thereon |
nj such election shall be necessary To |
secure such acauis sition and to warrant |
the Issuance OF municipal bonds there.
for. as hereinafter set forth. II any |
such proposition submitted TO the |
electors receives the necessary two
thirds of the electors voting thereon,
In favor Of the acquisition OF the pub
lie utility considered, the vote thereon /
shall oe taken and considered as "a.
yorlng. approving and authorizing the |
incurring Of the debt neoessitatcd 4
thereby. and as authorizing the Issue
and sale OF bonds therefor.
Limitations on indebtedness Of Aequlr.
ING PUBIC Otility.
@. No indebtedness shalt be In.
cured for the acquisition OF any pub.
lie utility under the provisions OF this
charter which. together with the ex.
l. ting bonded Indebtedness OF the ciiy.
shall exceed nj any time 10 per centum
OF the assessed value OF all real and
property In the city. but In
, ,stimating such bonded indebtedness
all bonds given for the acquisition or
OF public properties and
utilities from which the earnings have
been sufficient for at least three years
10 pay the running expenses thereof.
The interest on the bonds issued there
Tor. and from which a sum OF money
equal TO at least one per centum OF
he bond debt created therefor has
been deposited for each OF said years,
In a sinking fund for the payment OF
'aid bonds. shall be excluded. provided
hat whenever and for 80 long as such
ilility or undertaking fails To produce
/ sufficient revenue 10 pay all costs OF !.
operation. and administration (includ.
ng interest on the city bonds Issued
herefor and the cost OF insurance
Ieainst loss by fire. accidents and In. |.
uries TO persons). and an annual
mount sufficient TO pay at or before
maturity all bonds issued on account
4 said undertaking. all such bonds out.
tanding shall be included In deter.
mining the limitation Of the city's
over TO incur Indebtedness.
Iond issued-Their Form-How Sold !,
-Proee9ds- >
7. rhe bonds Issued under the pro- n
isions OF this section shall be payable o.
! gold coin OF the United States. The I,
onds so issued shall be exempt from I,
II taxation for municipal purposes. a