The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1920-10-22

principal Of said public utilities bonds
shall not constitute an obligation Of the
city e~nforcible out OF the funds raised by
taxation. . Such city may also issue It's
bonds. other than public utilities bonds.
Tor 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-,
eeed 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-thlrds 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 tho 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 year OF any part OF the
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 have power to execute Its
mortgage or mortgages on any such utii-
ly or any addition thereto, or extension
thereof. 70 secure the payment Of such
public utilities bonds. and IN case OF de-
fault In the payment Of such public utll-
tiles bonds, n the interest thereon or
Interest thereon, said bondholders, or
their representatives. may apply to n
court OF competent Jurisdiction. sitting
In the count or city In which such city
is located. and said court may, in it's
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
Tor a period OF one year thereafter. dur
Ing which period the city may. upon
payment to the bondholders Of all in
d~ehtedness past due, and court costs, and
receivers obligations. retake said prop
erty, subject to its unmatured obliga-
tons, II SID 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
siieh action may order, and thereup6n all
liability Of the city on said bonds shall
cease and determine and its rights as
owter OF Sid 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 suc-
cessors or assigns, In conformity with
and subject to the provisions OF the ordi-
NaHSc hulilpIihlHB ll0 hcQulSlLlOu OF puF-
chase or construction OF said public utll-
ity or plant, ard the issuance Of bonds
therefor; but such city shall not issue
any such public utilities bonds without
the assent Of fo~ur-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 a
special election or at a general election.
In either ~ which. events II fo~ur-sevenths
OF all OF the legal votes cast on such
proposition are In favor OF the issue OF
said bonds. he city shall have authority
to issue the same. Such utility may be
acquired by condemnation proceedings IN
the same name that such city may
acquire real estate for public purposes.
oc In such other ann 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 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
lie the issue Of such new bonds, but no
substitution shall be made without the
consent OF the holders OF such bonds.