Effective - 28 Aug 1939
91.130. Proposition to sell to be in writing — publication — deed, how made. — 1. The proposition so submitted by the said person, firm or corporation shall be in writing, and shall state the price at which the city may acquire the property, and shall contain an agreement to accept in payment of such price the bonds provided for by sections 91.090 to 91.300, which bonds shall not create any personal or general liability on the part of the city, or the persons signing the same, for the payment of the bonds, nor shall the city be liable to pay for the city waterworks system other than by the execution and delivery of bonds as provided in said sections. In case the waterworks system is owned by a corporation, the proposition submitted by it to the city shall be authorized by the board of directors of the corporation, and also shall have the consent of a majority of the stockholders of the corporation owning the waterworks system and a majority of the bondholders thereof, which consent shall be obtained at a meeting of the stockholders of the corporation in pursuance to notice published for three weeks in a newspaper published in the city where the corporation is located, signed by the president or the secretary of the corporation, stating the object of the meeting; and by a written notice addressed to each stockholder at his usual place of residence, postage prepaid and deposited in the United States post office, ten days before the meeting.
2. The deed to said waterworks property shall be placed in escrow when the proposition is made to the city, and the person, firm or corporation submitting such proposition shall, at the time of submitting the same, deposit with the city clerk a sum sufficient to defray the expenses of the election held to vote on such proposition. The city shall be the grantee in said deed, which deed shall convey to it the title to said property, subject to the payment of the bonds provided for in said sections, given for the purchase price thereof, and the deed may contain the following reservation, to wit:
The power is reserved in the members of the board of waterworks commissioners and their successors in office to convey the property hereby conveyed — in case of default in the payment of the bonds or interest coupons provided for in sections 91.090 to 91.300, RSMo, authorizing the city to purchase a waterworks system and issue bonds in payment therefor, as is provided in said sections; that is to say: That in case of default in the payment of said bonds and interest coupons, the property hereby conveyed shall be conveyed by said board of waterworks commissioners by deed of conveyance to the bondholders, to be held by them in the relative proportion that the bonds held by each shall bear to the entire bond issue; provided, that said property may be conveyed to a trustee designated by a majority of the bondholders to be held for the use of all the bondholders in the proportion aforesaid. The power hereby reserved in said board of waterworks commissioners is to be irrevocable, and the city, by the acceptance of this deed, hereby recognizes such irrevocable power in said board of waterworks commissioners for the purpose of securing the payment of said bonds and coupons.
3. At the time of the delivery of the deed, the delivery thereof shall be accompanied with at least a majority of the bonds of the corporation, if there are any outstanding bonds; and in case all of the bonds are not delivered, the person, firm or corporation so making the deed to the city shall deposit sufficient money in the depositary selected for the waterworks system, as herein provided in said sections, to pay off any such outstanding bonds as are not delivered at the time of the delivery of the deed, so that the city will receive the property free and clear of all liens, and subject to no lien except the lien of the bonds given by the city, as provided in said sections for the purchase price thereof.
--------
(RSMo 1939 § 7810)
Prior revisions: 1929 § 7665; 1919 § 9103; 1909 § 9928
Structure Missouri Revised Statutes
Title VII - Cities, Towns and Villages
Chapter 91 - Municipally Owned Utilities
Section 91.020 - Cities empowered to sell light and power.
Section 91.030 - Cities may purchase light and power, and ancillary services.
Section 91.040 - Cities may use streets and roads.
Section 91.050 - Cities owning waterworks may supply other cities.
Section 91.060 - Cities, towns or villages may procure water from any other city — contract.
Section 91.080 - Condemnation proceedings — compensation for private property taken.
Section 91.090 - Certain cities may construct or acquire waterworks.
Section 91.100 - May contract to supply.
Section 91.110 - May acquire by purchase.
Section 91.120 - May acquire water system — procedure.
Section 91.130 - Proposition to sell to be in writing — publication — deed, how made.
Section 91.140 - Petition by citizens — duty of council.
Section 91.150 - Plant, how paid for — bonds to constitute lien.
Section 91.160 - Management — form of bonds.
Section 91.170 - May advertise for bids to construct.
Section 91.180 - Contractor to give bond.
Section 91.190 - Bid for construction to be submitted to voters.
Section 91.200 - Council to appoint superintendent of construction.
Section 91.210 - What provisions to apply.
Section 91.220 - Failure to redeem bonds.
Section 91.230 - City to pay for fire protection — rates.
Section 91.240 - Funds, where deposited.
Section 91.250 - Waterworks bonds of certain cities may be deposited as securities.
Section 91.260 - Board of waterworks commissioners, how composed — compensation.
Section 91.270 - Powers and duties of board — may appoint manager — city to pay for water.
Section 91.280 - Board and manager liable on bond for neglect.
Section 91.290 - Waterworks exempt from execution, exception.
Section 91.300 - Scope of sections 91.090 to 91.300.
Section 91.450 - Certain cities may own public utilities — how acquired — board of public works.
Section 91.460 - Board to be nonpartisan — salary — bond.
Section 91.470 - Office vacated, how.
Section 91.480 - Board to manage municipal utilities.
Section 91.490 - Council to prescribe powers — rules and regulations.
Section 91.500 - Officers and employees — compensation.
Section 91.510 - Salaries and expenses — how paid.
Section 91.520 - Board to keep accounts and make report.
Section 91.530 - Board to let work by contract.
Section 91.540 - Rates to be fixed by board.
Section 91.550 - Referendum on sale of municipal utility by third class city.
Section 91.560 - Special charter cities may enact certain ordinances.
Section 91.570 - Cities are authorized to acquire all necessary lands and easements.
Section 91.580 - May condemn private property for public use.
Section 91.595 - Waterworks — revenue bonds, issuance — authorization for.
Section 91.596 - Revenue bonds — election — form of ballot.
Section 91.597 - Bonds, how signed — term — rate of interest.
Section 91.610 - Compensation for private property taken.
Section 91.620 - Citation of law.
Section 91.650 - Preliminary expenses — how met and paid.
Section 91.660 - Bond issues — authorization, approval.
Section 91.670 - Revenue bonds — rate of interest, sale.
Section 91.680 - Moneys received — how expended.
Section 91.690 - Sinking fund.
Section 91.700 - Bonds shall not be invalidated for certain reasons.
Section 91.710 - Ordinance or resolution — may contain what.
Section 91.720 - Bonds — payable from what revenue, liability limited.
Section 91.730 - Default — rights of bondholders — procedure of circuit court — receiver.
Section 91.740 - Rights and powers of bondholders — shall be cumulative.
Section 91.750 - Sewage disposal and waterworks — operators authorized to enter into contracts.
Section 91.760 - Powers are additional and supplemental — law shall be controlling.
Section 91.770 - Municipalities — power to acquire lands and other property, limitation.
Section 91.780 - Defining term rapid transit improvement.
Section 91.790 - Authorized to establish, construct and own rapid transit improvement.
Section 91.800 - May assess benefits and damages, and collect and pay therefor.
Section 91.810 - May provide for payment by special assessment.
Section 91.820 - May issue and sell public utility improvement and general bonds.
Section 91.830 - May grant rights and interests in rapid transit improvements.
Section 91.840 - May establish rapid transit commission, or commissioner.