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depreciation and payments in lieu of taxes). This bond and the issue of which it is a part, together <br /> with the Prior Bonds and any parity bonds hereafter issued constitute a first charge against said <br /> Net Revenues. <br /> The City irrevocably pledges the entire Net Revenues of said Sewage Works to the prompt <br /> payment of the principal of and interest on the bonds authorized by the Ordinance, of which this <br /> is one, and any bonds ranking on a parity therewith (including the Prior Bonds), to the extent <br /> necessary for that purpose, and covenants that it will cause to be fixed, maintained and collected <br /> such rates and charges for service rendered by said Sewage Works as are sufficient in each year <br /> for the payment of the proper and reasonable expenses of operation, repair and maintenance of <br /> said Sewage Works, to provide for proper depreciation and for the payment of the sums required <br /> to be paid into said Sewage Works Sinking Fund under the provisions of the Ordinance. In the <br /> event the City or the proper officers thereof shall fail or refuse to so fix,maintain and collect such <br /> rates or charges, or if there be a default in payment of the interest on or principal of this bond, the <br /> owner of this bond shall have all of the rights and remedies provided for under Indiana law. <br /> The City covenants that for so long as the Bonds and any bonds issued on a parity therewith, <br /> including the Prior Bonds, remain outstanding it will set aside and pay into the Sinking Fund a <br /> sufficient amount of the Net Revenues for the payment of(a) the principal of and interest on all <br /> bonds which by their terms are payable from the Net Revenues, as such principal and interest shall <br /> fall due and (b) the necessary fiscal agency charges for paying bonds. Such required payments <br /> shall constitute a first charge upon all the Net Revenues. Reference is made to the Ordinance for <br /> a more complete statement of the revenues from which and conditions under which this bond is <br /> payable, a statement of the conditions on which obligations may hereafter be issued on parity with <br /> this bond, the manner in which the Ordinance may be amended and the general covenants and <br /> provisions pursuant to which this bond has been issued. <br /> This bond is subject to defeasance prior to payment or redemption as provided in the <br /> Ordinance. <br /> If this bond shall not be presented for payment or redemption on the date fixed therefor, <br /> the City may deposit in trust with the Paying Agent or another paying agent, an amount sufficient <br /> to pay such bond or the redemption price, as the case may be, and thereafter the Registered Owner <br /> shall look only to the funds so deposited in trust for payment and the City shall have no further <br /> obligation or liability in respect thereto. <br /> This bond is transferable or exchangeable only upon the registration record kept for that <br /> purpose at the office of the Registrar by the Registered Owner in person, or by his attorney duly <br /> authorized in writing, upon surrender of this bond together with a written instrument of transfer or <br /> exchange satisfactory to the Registrar duly executed by the Registered Owner or such attorney, <br /> and thereupon a new fully registered bond or bonds in the same aggregate principal amount, and <br /> of the same maturity, shall be executed and delivered in the name of the transferee or transferees <br /> or the Registered Owner, as the case may be, in exchange therefor. This bond may be transferred <br /> or exchanged without cost to the Registered Owner except for any tax or governmental charge <br /> required to be paid with respect to the transfer or exchange. The City, the Registrar, the Paying <br /> Agent and any other registrar or paying agent for this bond may treat and consider the person in <br /> whose name this bond is registered as the absolute owner hereof for all purposes including for the <br /> A-3 <br />