91.220. Failure to redeem bonds.

MISSOURI STATUTES AND CODES

91.220. Failure to redeem bonds.

Failure to redeem bonds.

91.220. In case of default in the payment of the principalof the bonds or interest due thereon for a period of six months,all of said property, to wit: The waterworks system, consistingof pipes, mains, machinery, buildings, standpipes, reservoirs,easements, rights-of-way, water supply and the real estateconnected therewith, including any leasehold rights and allobligations due from private corporations, individuals or thecity to the said waterworks system, or board of waterworkscommissioners, on account of water furnished or consumed, andincluding the right, privilege and franchise to continuethereafter the maintenance and operation of said plant for aperiod of thirty years, shall be conveyed by said commissionersby a deed of conveyance to the bondholders to be held by them inthe relative proportion that the bonds held by each shall bear tothe entire issue; provided, that said property may be conveyed toa trustee designated by a majority of the bondholders to be heldfor the use of all the bondholders in the proportion aforesaid,and such conveyance shall vest a perfect title in saidbondholders and their assigns or their trustee to said property,and said bondholders and their assigns or their trustee, shallthereafter have the use of the streets, avenues, alleys and otherpublic places to maintain and operate their said plant for aperiod of thirty years, as aforesaid; and provided further, thatthe lien created by the said bonds and sections 91.090 to 91.300may be foreclosed in a court of equity in a like manner as if amortgage or deed of trust was given to secure the same. Nogeneral or personal judgment shall be rendered against the cityexcept for such amounts as may be due from said city as rentalfor hydrants used by the city for the purpose of fire protectionand washing and flushing streets, crossings, alleys and sewers ofthe city, and in case of foreclosure, the decree and sale shallconvey to the purchaser, or person or persons receiving titleunder the decree, or by a sale under the decree, all the rights,title and estate which could be conveyed by a conveyance from theboard of waterworks commissioners, as aforesaid.