The St. Joseph observer., 1920-10-30

principal OF said public utilities bonds
shall not constitute an obligation OF the
city enforclble 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
the total amount Of such bonds, other
than pubiic 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 asseltt 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, IL any Of the cost thereof shall
be paid by Issue Of public utilities bonds,
and what portion, II any, shall be paid
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 " the utilities plant
or system fOf the acquisition Of which
said issue whs made. but the city may
thereafter provide, by ordinance. for the
DSl ment In any year of any part Of the.
interest or principal Of said bonds due in
th7t year, ont uf the general revenue of
that year raised by general taxation. such
'ity shall have power to execute Its
mortgage or ufortga on any such util-
II" or any addition thereto, or extension
thereof, to secure the payment OF such
'hl.llt ullltll'. NNl'l-b anu ilA NiSH. VI 'ff--
iault in the paNtu,n of such puhhc uill-
tiles bonds. and the Interest thereon or
interest thereon, said rondhc'de1s, or
their representatives., may apply TO any
court of comprtu~t jurisdiction. sittin;
in the county Ur city in which such cltv
4 located end said cout may, in its
discretion, II said default continue, ap-
point a receiver to take charge OF such
property, end such receiver shall opcr
ate said property pcndu% such lroccco-
ing in such court and untii "a final decree
f force ,tgiIYg gtth proceeding. aud
for a period - one year thereafter, dur
ing which period the city may, upon
payment to the hOudhuliers Of all in
dehtedness past due, and court COSTS. and
receivers obligations, retake said prop
orty, subject TO its unnatsred obli.a
u2ns. II said property Is not thus re-
demption. said receiver shall deliver said
property to such party. al 5 the court IN
liability of tie city on Sid bonds sh1ll
ccase and determine and its riyhts as
owner of said utility or plant shall cease
and determine. and thereafter said utility
Or plant shall be opc ated by the party
named in said u'dcr " court. or his sue
Cessors or assigns, in conformity with
and subject to he provisions 4 the ordi-
nance authoriziuy the acquisition or pur-
chase or construction Of said public util-
ity or plant, ard the Issuance Of bonds
therefor; but such city SHAH not issue
any such public utilities bonds without
the assent OF four-sevenths Of the voters
hereof. vottn" o. that proposition. at an
election TO ne Ue!O IoI lHHt plIpOtc anu
such proposition may be submitted at
special election or at general election.
in either OF which events IL four-sevenths
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-
vided by law. Such city may be
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 issue public utilities bonds In lieu
hereof, whenever there exists such debt
making power OF the city as will author
ize the issue Of such new bonds. but no
substitution shall he made without the
consent of the holders of such bonds.