Mexico weekly ledger., 1920-10-14

principal Of said public utilities bonds
shall not constitute an obligation Of the
city enforcible out Of the funds raised by
taxation. Such city may also issue its
bonds. other thar public utilities bonds.
for the payment, In whole or In part, for
such public utilities, and such bonds. other
tute a direct obligation OF the city. but
the total amount Of such BONDS, other
than public utilities bonds, shall not ex-
coed In the aggregate ten per centum of
before provided, but such bonds. other
than public utilities bonds. shall require
the assent Of two-thirds Of all the legal
nance authorizing the purchase. ondem
nation or construction of such public
service plant or system shall provide what
and what portion, II any, shall be paid
by issue OF general bonds Of the city.
other than public utilities bonds; The
lie utilities bonds shall be paid out OF
the earnings or sale Of the utilities plant
or system for the acquisition OF which
thereafter provide. by ordinance, for the
paymen In any year of any part of the
interest or principal of said bonds due In
that year raised by general taxation. Such
city shall have power to execute its
mortgage or mortgages on any such util-
ity or any addition thereto. or extension
tAitlGult W oCShtC .AiNC "a IlGHl VI buNh
public utilities bonds. and in case of de-
fault In the payment Of such public util-
tiles bonds. and the interest thereon or
interest thereon. said bondholders, or
their representatives., may amply to any
court Of competent Jurisdiction. sitting
in the county or city In which such c tv
Is located, and said court may. in its
discretion. If said default continue. APP
point a receiver to take charge Of such
property. and such receiver shall oper-
ate said property pending such proceed
NnsE Ia HNNnh. nRNRNA anl AL - a-aI AAnaAn
OF foreclosure in such proceeding, and
for a period Of one year thereafter, dur
ing which period the city may. upon
payment to the bondholders OF all In
debtedness past due, and court costs, and
receivers obligations, retake said prop
erty. subject to its unmatured obliga
lions. II said property Is not thus re-
taken by the city in said period OF re-
demption. said receiver shall deliver said
property to such party. as the court In
such action may order, and thereupon all
liability of the city on said bonds shall
cease and determine n its rights az
owner OF sold utility or plant shall cease
and determine, and thereafter said utility
or plant shall be operated by the party
named in said order Of court. or his sue
ceseors or assigns. in conformity with
and subject to the provisions OF the ordi-
nance authorizing the acquisition or pnr-
chase or construction Of said public util-
ity or plant, and the issuance of bonds
therefor; but such city shall not issue
any such public utilities bonds without
the SSStIt VI jour EtNtIlIS VI lie NOlcIS
thereof "oting on that proposition. at an
election "a be held for that purpose, and
surh proposition may be submitted at a
special election or at a general election.
in either OF which events II four seventies
OF all Of the legal votes cast on such
proposition are in favor Of the Issue of
said bonds. the city shall have authority
to issue the same. Such utility may be
acquired by condemnation proceedings in
the same manner that such city may
acquire real estate for public purposes,
or in such other manner as may be pro-
vtded by aw. Such city may be a
vote OF the people in the manner herein
provided, take up any public utilities
bonds issue its general bonds In lieu there
of, and may take up any general bonds
Issued on account Of any public utility
and-lssue public utilities bonds in lieu
thereof, whenever there exists such debt
making power of the city as will author
| lie the issue OF such new bonds, but no
substitution shall be made without the
consent OF the holders of such bonds,