Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1920-10-21

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 than public utilities bonds,
for the payment. In whole or in part, for
such public utilities, and such bonds, other
than public utilities bonds, shall consti-
tute a direct obligation OF the city, but
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
votes cast on that proposition. The ordi-
nance authorizing the purchase, condem-
nation or construction Of such public
service plant or system shall provide what
portion. if any. Of the cost thereof shall
be paid by issue of public utilities bonds.
and what portion, If any. shall be paid
by issue Of general bonds of the city,
other than PUBLIC utilities bonds. The
principal and the interest of such pub
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
payment in any year of any part of the
interest or principal of said bonds due in
that year. out of the general revenue OF
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
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 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
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 to its unmatured obllga-
tions. If 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, thereupon all
cease and determine and its rights as
owner of said 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
cessors or assigns, in conformity with
n subject to the provisions OF the ordl-
| nance authorizing the acquisition or pur-
chase or construction of said public util-
ity or plant. and the ISSUANCE OF bonds
any such public utilities bonds without
the assent of four-sevenths of the voters
thereof, voting. On that proposition. at an
election 20 be held for that purpose. and
such proposition Ia be submitted at a
special election or at a general election.
in either Of which events if four-sevenths
of all of the legal votes cast on such
proposition are in favor. of the issue OF
said bonds, the city shall nave 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-
vided by law. 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
and issue public utilities bonds in lier
thereof, whenever there exists such debt
making power of the city as will author
ize the issue of such new bonds, but ne
substitution shall be made without the
consent of the holders of such bonds.