The St. Joseph observer. [volume] (St. Joseph, Mo.) 1906-1932, 1920-10-23

principal Of said public utilities bonds
shall not constitute an obligltion 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
the total amount OF such bonds other
than public utilities bonds. shall not ex-
coed In tire aggregate ten per centum OF
he Mora ISESp bg99petb b, te s%rS boSss other
than public utilities bonds. shall require
the assent Of two-thrds 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
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 Pu3He ,L,irts utiiti' 9onGsi r,h hhe
lie utilities bonds snail be paid out OF
the earnings or sale u the utilities plant
sid issue was made. but the city may
thereafter provide, by ordinance, for the
payment in any year Of any part OF the
interest OF 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 luorigaFes on any such uid-
ity or any addition thereto, or extension
thereof, to secure the payment OF such
public utilities bonds. and In case Of de-
i4ult In the payment of such public uli-
interest thereon, said bOudholders or
their representatives, may apply 60 any
court Of competent Jurisdiction, sitting
In the county or city in which such city
is locq ted. and said cout may. In Its
discretion. If said default continue, ap-
point receiver TO take charge OF such
property. and such receiver shall oper-
1tC said property pending such proceed
ing in sr,Ch court, and until dpal decree
If foreclosure in such proceeding, and
for n period Of one year thereafter. dur
ing which period the city may. upon
payment to the hondholders Of all in
dchtedness past due. and court costs, aud
receivers obligations, retake said prop
erty, subject 10 its unnatured obIiEa-
lions. II said property T. not thus re-
taken BY the city In said period OF re-
dcmption. said receiver shall liver said
property to such party. as the cont In
such action may order, and thercupon all
liability Of the city on said bonds shall
cease and determine AMI its rights as
owner of said utility or plant shall cease
and determine and thereafter said utility
or plant shall he operated by the party
named Ia said order Of court. or his sue
cossors or ASSIGNS. in conformity with
and subject to the provisions Of the ordi-
nance authorizing the acquisition or pur-
chase or construction Of said public util-
ty or plant. ard the issuance Of bonds
therefor: but such city shall not issue
any such public utilities bonds without
the assent Of four -sevenths of the voters
thereof, voting on that proposition. at an
election to be held for that purpose. and
such proposition may be submitted at
special election or at a general election,
in either Of which events II four-seyenths
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 a
| vote OF the people in the manner herein
| provided, take M any public utilities
| bonds issue its general bonds I'm 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.