Effective - 02 Jan 1979
91.730. Default — rights of bondholders — procedure of circuit court — receiver. — 1. In the event that the municipality shall default in the payment of the principal or interest on any of the bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event that the municipality or the governing body or officers, agents or employees thereof shall fail or refuse to comply with the provisions of sections 91.620 to 91.770 or shall default in any agreement made with the holders of the bonds, any holders of bonds, or trustee therefor, shall have the right to apply in an appropriate judicial proceeding to the circuit court, or if the undertaking is situate in two or more different counties, then the circuit court of the county in which are situate more of the lands and other property of the municipality than in any other county, for the appointment of a receiver of the enterprise, whether or not all bonds have been declared due and payable and whether or not such holder, or trustee therefor, is seeking or has sought to enforce any other right, or exercise any remedy in connection with such bonds. Upon such application the circuit court may appoint, and if the application is made by the holders of twenty-five percent in principal amount of such bonds then outstanding, or any trustee for holders of such bonds in such principal amount, shall appoint a receiver of the enterprise.
2. The receiver so appointed shall forthwith, directly or by his agents and attorneys, enter into and upon and take possession of the enterprise and each and every part thereof and may exclude the municipality, its governing body, officers, agents, and employees and all persons claiming under them wholly therefrom and shall have, hold, use, operate, manage, and control the same and each and every part thereof, and, in the name of the municipality or otherwise, as the receiver may deem best, and shall exercise all the rights and powers of the municipality with respect to the enterprise as the municipality itself might do. Such receiver shall maintain, restore, insure and keep insured, the enterprise, and from time to time shall make all such necessary or proper repairs as to such receiver may seem expedient and shall establish, levy, maintain and collect such fees, tolls, rentals, and other charges in connection with the enterprise as such receiver may deem necessary or proper and reasonable, and shall collect and receive all revenues and shall deposit the same in a separate account and apply such revenues so collected and received in such manner as the court shall direct.
3. Whenever all that is due upon the bonds, and interest thereon, and upon any other notes, bonds or other obligations, and interest thereon, having a charge, lien, or encumbrance on the revenues of the enterprise and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided therein, and all defaults shall have been cured and made good, the court may in its discretion, and after such notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the enterprise to the municipality, the same right of the holders of the bonds to secure the appointment of a receiver to exist upon any subsequent default as herein provided.
4. Such receiver shall in the performance of the powers herein conferred upon him, act under the direction and supervision of the court making such appointment and shall at all times be subject to the orders and decrees of such court and may be removed thereby. Nothing herein contained shall limit or restrict the jurisdiction of such court to enter such other and further orders and decrees as such court may deem necessary or appropriate for the exercise by the receiver of any functions specifically set forth herein.
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(L. 1941 p. 493 § 11, A.L. 1978 H.B. 1634)
Effective 1-02-79
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.