Effective - 28 Aug 1939
91.160. Management — form of bonds. — 1. The said waterworks plant and system, when acquired, shall be subject to the control and management of a board known as "The Board of Waterworks Commissioners", who shall have the power to issue to the person, firm or corporation, in payment for said waterworks system, bonds in such denomination as may be stated in the proposition to the city or as may be determined by the board, which bonds shall refer to and recite sections 91.090 to 91.300, as authority for their issuance, and shall be signed by each member of the board, attested by the secretary, under the seal of the board, and each bond shall contain substantially the following, among other appropriate recitals therein:
This bond shall constitute a first lien in the nature of a mortgage or vendor's lien upon all the property, rights, issues and revenue of the waterworks system in this city, or in any way appertaining thereto, including any and all funds that may have been or may be derived therefrom, whether in existence at the time of the issuing of this bond or thereafter acquired, but this bond shall not create any personal or general liability on the part of this city or the persons signing the same for the payment thereof, and the same shall be paid only out of the property constituting the waterworks system and the revenue derived therefrom, on which it shall be a first lien, as aforesaid, and in case of default in the payment of the principal hereof, or any interest due thereon, for a period of six months, all of the said property upon which it shall be a lien, as aforesaid, shall be conveyed by the waterworks commissioners to the holders of the waterworks bonds in the proportion that the bonds held by each bears 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, and the conveyance of the said waterworks commissioners shall also convey all obligations due to the said board of waterworks commissioners from private corporations, individuals, or this city on account of water furnished or consumed, and shall also convey to them, their grantees and assigns, the right, privilege and franchise to continue thereafter the maintenance and operation of said waterworks system for a period of thirty years, and for that purpose to have the use of the streets, avenues, alleys and other public places of the city to maintain and operate the said waterworks plant.
2. The said bond shall run for a period of twenty years and draw interest at the rate of six percent per annum, payable semiannually, said interest to be evidenced by the coupons attached. The bonds and coupons shall be negotiable in form. The coupons may be signed only by the lithographed signatures of the president of the board and the secretary thereof.
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(RSMo 1939 § 7813)
Prior revisions: 1929 § 7668; 1919 § 9106; 1909 § 9931
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.