The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1920-10-08

principal Of said public utilities bonds
shall not constitute an obligaticn OF the
city enforcible put Of the funds raised BY
taxation.8 Such city may also issue lts
bonds, other than public utilities bonds.
for the payment. In whole OF Ia part Tor
such public utilities. n such bonds. other
than public utilities bonds. shall cOnSti-
tute a direct obligation Of the city. put
the total amount OF such bonds. DINER
than public utilities bonds. shall not ex-
coed in the aggregate ten per centum OF
the taxable property therein, as herein-
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. condem-
nation or construction OF such public
service plant OF system shall provide what
portion. II any. OF the cost thereof snail
be paid by issue OF public utilities bonds;
and what portion. II any. shall be paid
by issue OF general bonds OF the city.
other than public utilities bonds, the
principal and the interest OF such pun.
lie utilities bonds shall be PAID out O
the earnings or sale of the utilities PAM
or system for the acquisition OF which
said issue was made. but the city may
thereafter provide. by ordinance, for the
payment In any year or any part OF me
interest or principal of said bonds due In
that year. ont Of the general revenue OF
that year raised by general taxation. Such
city shall ave power to execute It's
mortgage or mortgages on any such util-
fly or any addition thereto, or extension
thereof, to secure the payment Of such
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 apply to any
court OF competent Jurisdiction. sitting
In the county or city in which such city
Is located. and said court may. In It's
discretion. II said default continue, APP
-. - aaaah
property. and suchN receiver shall oper-
ate said property pending such proceed
Ing In such court. and until a final decree
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 30 Its unmatured Obliga-
tions. II said property is not thus re-
taken by the city In said period Of re-
demption. said receiver shall deliver said
property 10 such party. as the court ~
such action may order. and thereupon al
liability Of The city on said bonds sinai
cease and determine and its rights a.
owner OF sid utility or plant shall cease
and determine. and thereafter said utiiits
or plant shall be operated by the party
named in snid order Of court, or his sue
eessors or assigns, In conformity wiz
and subject to the provisions OF the ordl'
nance authorizing the acquisition or pur
chase or construction Of said public ntil
ity or plant, and the issuance Of bond
therefor: but such city shall not issu'
any such public utilities bonds without
the assent OF four seventies OF the voter
thereof. voting on that proposition. At a.
election IL be held for that purpose. an
such proposition may be submitted at
special election or at a general election
In either 81 which events II fonr-seventh
OF all OF the legal votes cast on sue
proposition are in favor Of the issue g
said bonds. the city shall have authorit
10 issue the same. Such utility may b
acquired by condemnation proceedings !
the same manner that such city ma
acquire real estate for public purpose
or in such other as may be pre-
vided by law. Such city may be
vote Of the people In the manner herei
J provided, take up any public utilltit
| bonds issue its general bonds In lieu there
Of and may take up any general bono
issued on account OF any public utilii
4 and issue public utilities bonds In lie
thereof. whenever there exists such deb
I making power OF the city as will author
lie the issue Of such new bonds, bYt I
substitution shall be made without Il
7 consent Of the holders Of such bonds.