The Springfield herald., 1914-10-09

Senate Bill No. l. Laws 1913.
| Sections Referred-Nos sc and 81
AN ACT CONCERNING PUBLIC UTn.
tiles. CREATING a PUBLIC UrI,,.
1TIES COMMISSION. PREsCRIBINa'
| ITS POWERS AND DUTIES AND
REPEATING CERTAIN ACTS AND
PARTS OF ACTS IN CONFLICT
| THEREWITH.
Said Sections sc and 81 being MS fol
lows. to-wit:
ton. street railroad corporation. pipn
| line corporation. gas corporation. elec-
| ton. telegraph corporation. water cor
| poration. or person subject to the pro
sell. lease. assign. mortgage or other
! wise dispose of or cucumber the whole
or any part OF is railroad. street rail-
| or useful In the performance of Its du
ties to the public. or anv franchise or
permit or any right hereunder, or by
| any means whatsoever. direct or iin1t-
rect; merge or consolidate It's rail
tenn. or franchises or permits or any
part thereof. with any other phblln
from 'front.' the eommission an order author.
izing it so to do. Every such sale
lease. assignmont. mortgase. disposi-
with the order of tho commission nn-
|
mission to tho exercise Of a franchise
Of peE"as this act. u" or the % sale. ieass assign
ment. mortgage or other disposition or
t,an or a not Or bo eer cnn
strued to revive or validate any .lapsed
or invalid franchise or permit or to
enlarge or add to the powers or privi.
leges contained in the grant OF anJ
franchise or permit. or to waive any
forfeiture. Nothing in this subsection
contained shall be construed to pre-.
vent the sale. lease or other disposition
mated in this subsection of propertv
| which Is not necessary or useful In tho
OF It's duties ts tootns, to the pub b
such public utiiity shall be conclusive
| ly presumed to have been of property
performance OF its duties to tho public.
ss to any purchaser, of such property
(b) Nopublic utility shall hereafter
purchase or acquire. take or hold. any
public utility. operating under and bJ
virtue of the laws OF this State; with
out hayins been first authorized to do
| nent. transfer. contract or agreement
for assignment or transfer or any
poration to any corporation. or other
wise. in violation OF any, Of the proys,
OF no effect. and no such transfer shall
be made tho books of any public
utility. Nothing herein contained shall!
| ,;,sr .oss.itruad t.-pI syent the i0idinl: o.
stock heretofore lawfully ACQUIRED.
Section 81 on The power % . Of public ua
| tificates. and bonds. notes and other
evidences of Indebtedness and to ere,
| ate liens on their property situated
within this state is a special privilege.
the right of supervision. regulation. r..
shall continue to bc vested in the State.
| and such power shall be exercised ai
| provided by law and under such rules
and regulations as the commission may
| p'
and stock certificates and bonds. notes
and other evidences of indebtedness
months after the date thereof. for the
rameiy: For The ACQUISITION of sucT
property as is necessary for the prop
| er conduct of its business or for tho
| construction, completion. extension or
| Improvement OF its facilities. or for thu
| service. or for the discharge or lawful
| pended from income or from any 9th
| or moneys in the treasury of the pub.
| lie utility not secured by or obtained
| II ON the issue of stocks or stock GER
| tificates. or bonds, notes or other cyl,
| utility, within five years next prior to
the filing of an, application with tho
tion. for any OF the aforesaid pur-
poses except maintenance of service
applicant shall have kept it's accounts
and vouchers FOR SUCH oxpenditures In
| such manner AS to enable the commits
sion to ascertain the amount of mon
eys so expended and the purposes for
which such expenditures Were mado;
| provided, that such public utility. in
| addition to the other requirements OF
| law. shall first have secured from th3
| commission an order authorizing such
Issue and stating the amount thereof
and the purpose or purposes to which
the issue or the proceeds thereof nro
| to be applied. ana that. in the opinion
| of the commission. the money. prop:
erty or labor 10 be procured or paid
! reasonably
| quired for the purpose purposeB
specified in the order. and that. except
| as otherwise permitted In the order iH
| the case OF bonds. notes other evil
| eences of Indebtedness. such purpose or
! reasonably chargeable to operating es-
! penses or to income; To enable 1t To
| order. tho, commission shall hold a
bearing and may make such ADDITIONAL
| such witnesses, books. papers. docu
| ments and contracts and REQUIRE tho
! ssistancc The commission may by its
| Order grant PERMISSION for the issue OF
bonds notes or other evidences of in
| debtodnesa in the amount applied FOR,
or in lessor amount or not at an. and
may attach to the exercise OF Its per
mission such condition or conditions as
It may deem reasonable and necessary.
of bonds. notes or other evidences oc
indebtedness. less than. equivalent to
or greater than the authorized or sub
scribed capital stock OF public utli.
ity corporation, and the provisions OF
the statutes OF this State. in so far AZ
they contain inhibitions AGAINST tho
CT cation by corporations OF IndCbLed-
ness. evidenced hy bonds notes or 9th
crwisc, in excess Of their total author
izad OK subscribed capital stock shaiN
have no application to public utilities
No public utility shall. without the
consent OF the commission. apulY the
issue Of any stock or stock certificate.
or boHt. motto or other evidence ut in
dcbtsdu'sa. or any part thereof, or any
proceeds thereof. TO ~ 6nv UuTDosn
not specified iu the cOmmigsions or
der. or 10 any purpoS" spcciiied N
the commlss' uus order in excess
OF the amo.ut utborl2pd fc7,
such purpose. or Issue or digposr or
the same on amy terms less favorable
than those 8pectrted In such order. oC
q modification thereof \ DubIie mil
ity may issue notes for pronCr purr
poses and not in violation Of any pro.
vision Of this act or any other act paY..
abll AT periods OF not more than tweivo
months after the date OF Issuance OF
the same. without the consent OF tho
commission but no such note shall. In
whole or in part. he refunded by any
issue OF stocks or stock certificates. oc
OF bonds notes Of rnv term or chnrac
ter OF any other evidence Of Indebted
ness without IN. consent or the com
M .F4 shall