Mexico weekly ledger., 1920-10-21

principal Of said puzzle utilities bonds
shall not constitute ar 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 utilitiesSbonds. shall not ex-
coed in the aggregate ten per centum of
the a 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, II any, OF the cost thereof shall
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 pub
lie utilities bonds shall be paid out of
the earnings or sale of the utilities plant
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 Of 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 utl-
itN OF any dNulllhD IlEItID, OF bAttilSlbI
thereof. to secure the payment of such
public utilities bonds. and In case of de-
fault in the payment OF such public utH"
tiles bonds. ana the interest thereon or
interest thereon, said bondhnlders. or
their representatives. may apply to any
court Of competent jurisdiction. sitting
in tle 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
d"chtedness Tast due, and court costs. and
receivers obligations, retake said prop
erty, subject 10 its unmatured obliga-
tons, 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 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
CCs5oTs or assigns. in conformity with
ana subject to the provisions Of the ordi-
nance authorizing the acquisition or prr-
chase or construction OF said public utiI-
ity or plant. and the issuance Of bonds
lNtTtltly DNl hutl CITY NilHil libl ISSUE
any such public utilities bonds without
tho assent Of four-scvenths Of the voters
thereof. "otjuC on that proposition. Mt an
election 70 he held for that purpose. and
sroh proposition may be submitted at a
special election or at a general election,
In cithCr of which events If four-seNenths
Of all Of the legal votes cast on such
proposition are IN favor Of the issue Of
a1id bonds, the city ghail have authority
10 Issue the sawe. Sue utility may be
acquired BY condemnation proceedings in
the same manner hat such city may
acquire real estate for public purposes,
.or IN such other manner ~ may be pro-
Nided by law. such city may be q
vote Of the people IN the manner herein
provided, take up any pGblic utilities
bonds Issue its general bonds in lieu there
OF and may take M any general bonds
issued on account Of any public utility
and issue public utilities bonds In lieu
thereof, Whenever there exists such debt
making power of the city as will author
I've tho issue Of such new bonds, bUt no
Substitution shall De made without the
consent Of the holders of such bonds.