St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1907-05-10


EEE 'ASS!ElD Hgsssz4sssI 'HEF b
Of. and no lease thereof for, any term
ers Of such city. as herein provided. It
shall be lawful for any such city. to IN
corporate in any grant Of the right to
so or operate any suc Iiapt &c u t'1e
part Of such city to take over al or part
of such public utility, at or before the
expiration Of such grant upon such terms
the g renqit - sha az ma may he 81 1aw RfuIi to pr y
vide IN any such grant. that n. case sue
reserved right be not exercised by the
city and 1t shall grant a right 70 announcer
in fRa strt to operate per- + n.r snc6 n p atreets UGLY occG.
pied by its grantee under the former
grant, the new grantee shall purchase
and take over such public utility OF the
city might have taken it over, and It
shall be lawful for the city council Of
any city to make the grant containing
nch q reservation for eit hnth ne ne con- con-
struction and operation OF such pupi1c
utility, in, upon, and along any Of the
PUBIC streets. alleys or ways tnereln, OF
utility is already located at the time Of
making such grant, without the petition
or consent of any of the owners or the
land AUDITING or fronting upon any street
covered by such grant.
NO ordinance authorizing the lease Tor
a longer period than five years nor my n
into effect until tie 'e Expiration Of sixty
days from and after its passage: And II,
within said sixty days, there is filed with
the clerk of such city a petition signed
the last preceding election for mayor, in
such city, asking that such ordinance he
submitted to q popular vote, then s snch
the oaeetio sha al tho not .Ggo 20 in5o of ers such uo ordis
nance shall first be submitted to the
electors Of such city and approved by a
majority Of those voting thereon:
all be appended to one paper. but zach
signer shall add to his signature. which
shall be in his own handwriting. his place
OF residence, giving the street num-
per shall make oath before an OFFICER,
competent to administer oaths, that each
signature to the paper appended is the
ports to be thereto subscribed. The city
council of any city shall decide by popu-
lar vote, as in this act provided, to oper-
ate any public utility. shall have the
pO"Sl ~ 1Ildh0 all USSulul nv oi4O 1S6-
ulations respecting the operation of same,
including the power to fix and prescribe
rates and charges, but such rates and
charges shall be high enough. to produce
of maintenance and operation, and to
meet interest charges on all bonds or GER
titcates issued on account of such public
utility. and to permit the accumulation of
sufficient to meet all such outstanding
bonds or certificates at maturity. For the
purpose of acquiring any such public
utility 1yo either BY purchase " has or or construction ms rue on
equipment Of any such public utility, any
city may borrow money and issue its
negotiable bonds therefor, pledging the
faith and credit of the city; but no such
ton to issue the same shall first have been
submitted to the electors Of such city,
and approved by three-ffths of those vot-
ing thereon. nor in any amount in excess
of the cost to the. city Of the property
for which said bonds were issued, as as
certained,, as elsewhere provided in this
act, and 10 per cent of. such cost in adj
dition thereto. In exercise of the powers,
of n Of them, granted by this act, any
such city shall rave power to acquire.
take and hold n and all franchise or
personal or mixed, for the purposes speci-
fed in this act, either by purchase or
condemnation in the manner provided by
law for the taking and condemning Of
- " pAOpSA ~ " puOlC uoOS ooI ~ A1O
valuation of public utility property for
the purpose Of any such acquisition, ex-
ecept Of such PUBLIC utilities now operat,
any sum be included as the value Of any
earning power. of such utility, or of the
unexpired portion Of any franchise grant
ed by said city.
aa IN p s1sH Of ati ths 1 e%nsa b BY it, any fRe city, 4snt of
reserved shall be based on both the
actual value Of the tangible. property and
of the franchise contained in such lease,
and such rental shall not be less than a
est upo all outstanding bonds Or certifi-
Gates issued by said city on account Of
any such public utility.
Sec. 8. I1r lieu of issuing bonds pledg-
ing the faith and credit Of the city, as
provided for in section 2 Of this act. any
city may issue and dispose of interest
bearing certificates, to be known as the
street railway certificates" telephone
'"gas works certificates" electric light,
heat or power works certificates" as the
case may be, which shall, under no cir
cumstances, be n become an obligation
or liability Of the same, or payable out
of the general fund thereof, but shall be
payable solely out of the specified por-
ton Of The revenues or income to be de-
rived from such public utility property,
issued. Such certificates shall not be is
sued and secured On any such public
utility property in an amount in excess
of the cost to the city of sue property
tum Of such cost in addition thereto.
In order to secure the payment of such
public utility certificates. and the interest
thereon, the city may convey by way of
the property thus acquired or to be &C
quired through the Issue thereof; which
mortgage or deed of trust shall be exc
cuted in such a manner as directed by
the city council n acknowledged and
recorded in the name provided by law
for the acknowledgment and recording of
mortgages Of real estate, and may con-
tain such conditions and provisions not
in conflict with the provisions of this act,
as may be deemed necessary to fully Sc
cure the payment Of the certificates de-
deed of trust may carry. the grant of a
privilege or right to maintain and oper-
ate the property covered thereby, for a
period not exceeding twenty (20 years
may come In the possession Of any per-
son or corporation as q. result of fore
closure proceedings; which privilege or
right may fix the rates which the person
result Of the foreclosure proceedings shall
be entitled to charge in the operation of
said property, for q period not exceeding
twenty (2O years. whenever, and as often
of u certificate issued or secured by
mortgage or deed Of trust, as aforesaid.
or in the payment Of the interest there
on when due, and any such default shall
have continued for the space Of twelve
months after notice thereof has been
given to the mayor and financial officer
Of the city issuing such certificates, it
shall be lawful for any such mortgagee
or trustee. upon the request of the hold
er or holders of a majority in amount
of the certificates issued and outstanding
under such mortgage or deed of trust, to
declare the whole OF the principal of all
such certificates as may be outstanding,
to be at once due and payable, and to