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Refunding Bonds, by wire transfer on the due date upon written direction of such owner provided
<br />at least fifteen(15) days prior to the maturity date or redemption date.
<br />SECTION 3. Pledge of Net Revenues; Payment of Principal and Interest. The
<br />Refunding Bonds, together with any outstanding Prior Bonds, and any bonds hereafter issued on
<br />a parity therewith, as to principal, premium and interest, shall be payable from and are hereby
<br />secured by an irrevocable pledge of and shall constitute a charge upon all the Net Revenues,herein
<br />defined as the gross revenues of the Sewage Works after deduction only for payment of the
<br />reasonable expenses of operation, repair and maintenance but not including depreciation and
<br />payments in lieu of taxes (the "Net Revenues") of the Sewage Works of the City, which bonds
<br />constitute a first charge on said Net Revenues. The City shall not be obligated to pay said bonds
<br />or the interest or premium, if any, thereon except from the Net Revenues of the Works, and said
<br />bonds shall not constitute an indebtedness of the City within the meaning of the provisions and
<br />limitations of the constitution of the State of Indiana.
<br />SECTION 4. Transfer and Exchange of Bonds. Each Refunding Bond shall be
<br />transferable or exchangeable only upon the Registration Record, by the registered owner thereof
<br />in writing,or by the registered owner's attorney duly authorized in writing,upon surrender of such
<br />Refunding Bond together with a written instrument of transfer or exchange satisfactory to the
<br />Registrar duly executed by the registered owner or such attorney, and thereupon a new fully
<br />registered Refunding Bond or Bonds in the same aggregate principal amount, and of the same
<br />maturity, shall be executed and delivered in the names of the transferee or transferees or the
<br />registered owner, as the case may be,in exchange therefor. The costs of such transfer or exchange
<br />shall be borne by the City except for any tax or governmental charge required to be paid with
<br />respect to the transfer or exchange,which taxes or governmental charges are payable by the person
<br />requesting such transfer or exchange. The Registrar shall not be obligated to make any transfer or
<br />exchange of any Refunding Bond(i)during the fifteen(15)days immediately preceding an Interest
<br />Payment Date or(ii) after the mailing of notice calling such Refunding Bond for redemption. The
<br />City, the Registrar and the Paying Agent may treat and consider the persons in whose names such
<br />RefundingBonds are registered as the absolute owners thereof for all purposes includingfor thegprP
<br />purpose of receiving payment of, or on account of,the principal thereof and interest and premium,
<br />if any, due thereon.
<br />In the event any Refunding Bond is mutilated, lost, stolen or destroyed, the City may
<br />execute and the Registrar may authenticate a new bond of like date, maturity and denomination as
<br />that mutilated,lost,stolen or destroyed,which new bond shall be marked in a manner to distinguish
<br />it 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 Controller and the Registrar,together with indemnity satisfactory to
<br />them. In the event that any such mutilated, lost, stolen or destroyed Refunding Bond shall have
<br />matured or been called for redemption,instead of causing to be issued a duplicate Refunding Bond,
<br />the Registrar and Paying Agent may pay the same upon surrender of the mutilated Refunding Bond
<br />or satisfactory indemnity and proof of loss, theft or destruction in the case of a lost, stolen or
<br />destroyed Refunding Bond. The City and the Registrar may charge the owner of such Refunding
<br />Bond with their reasonable fees and expenses in this connection. Any Refunding Bond issued
<br />pursuant to this paragraph shall be deemed an original,substitute contractual obligation of the City,
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