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immediately preceding the first interest payment date, in which case they shall bear interest from
<br />the original date, until the principal shall be fully paid.
<br />The 2010 Bonds and any bonds ranking on a parity therewith, as to principal, premium
<br />and interest, shall be payable from and are hereby secured by an irrevocable pledge of and shall
<br />constitute a charge upon all the Net Revenues, herein defined as the gross revenues of the
<br />Sewage Works after deduction only for payment of the reasonable expenses of operation, repair
<br />and maintenance but not including depreciation and payments in lieu of taxes (the "Net
<br />Revenues"), of the Sewage Works of the City, which bonds constitute a first charge on said Net
<br />Revenues. The City shall not be obligated to pay said bonds or the interest or premium, if any,
<br />thereon except from the Net Revenues of the Works, and said bonds shall not constitute an
<br />indebtedness of the City within the meaning of the provisions and limitations of the constitution
<br />of the State of Indiana.
<br />Each 2010 Bond shall be transferable or exchangeable only upon the Registration Record
<br />by the Registrar, by the registered owner thereof in person, or by his attorney duly authorized in
<br />writing, upon surrender of such 2010 Bond together with a written instrument of transfer or
<br />exchange satisfactory to the Registrar duly executed by the registered owner or his attorney duly
<br />authorized in writing, and thereupon a new fully registered bond or bonds in the same aggregate
<br />principal amount, and of the same maturity, shall be executed and delivered in the name of the
<br />transferee or transferees or the registered owner, as the case may be, in exchange therefor. The
<br />costs of such transfer or exchange shall be borne by the City, except for any tax or governmental
<br />charge required to be paid in connection therewith, which shall be payable by the person
<br />requesting such transfer or exchange. The City, Registrar and Paying Agent may treat and
<br />consider the persons in whose name such 2010 Bonds are registered as the absolute owners
<br />thereof for all purposes including for the purpose of receiving payment of, or on account of, the
<br />principal thereof and interest and premium, if any, due thereon.
<br />In the event any 2010 Bond is mutilated, lost, stolen or destroyed, the City may execute
<br />and the Registrar may authenticate a new bond of like date, maturity and denomination as that
<br />mutilated, lost, stolen or destroyed, which new bond shall be marked in a manner to distinguish it
<br />from the bond for which it was issued, provided that, in the case of any mutilated bond, such
<br />mutilated bond shall first be surrendered to the Registrar, and in the case of any lost, stolen or
<br />destroyed bond there shall be first furnished to the Registrar evidence of such loss, theft or
<br />destruction satisfactory to the City and the Registrar, together with indemnity satisfactory to
<br />them. In the event any such bond shall have matured, instead of issuing a duplicate bond, the
<br />City and the Registrar may, upon receiving indemnity satisfactory to them, pay the same without
<br />surrender thereof. The City and the Registrar may charge the owner of such 2010 Bond with
<br />their reasonable fees and expenses in this connection. Any bond issued pursuant to this
<br />paragraph shall be deemed an original, substitute contractual obligation of the City, whether or
<br />not the lost, stolen or destroyed 2010 Bond shall be found at any time, and shall be entitled to all
<br />the benefits of this Ordinance, equally and proportionately with any and all other 2010 Bonds
<br />issued hereunder.
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