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the City's Sewage Works Revenue Bonds of 1989, and to pay <br /> incidental expenses, as authorized by Ordinance No. <br /> adopted by the Common Council of the City of <br /> South Bend on the day of , 1993, <br /> entitled "An Ordinance concerning the issuance of revenue <br /> bonds to refund outstanding sewage works bonds of the <br /> City, the collection, segregation and distribution of the <br /> revenues of said works, the safeguarding of the interests <br /> of the owners of said revenue bonds, other matters <br /> connected therewith, and repealing ordinances <br /> inconsistent therewith, " (the "Ordinance") and in strict <br /> compliance with the provisions of I.C. 36-9-23 and I.C. <br /> 5-1-5 and other applicable laws, as amended <br /> (collectively, the "Act") . <br /> Pursuant to the provisions of the Act and said <br /> Ordinance, the principal and interest of this bond and <br /> all other bonds of said issue and any bonds hereafter <br /> issued on a parity therewith are payable solely from the <br /> Sewage Works Sinking Fund to be provided from the net <br /> revenues (defined as the gross revenues of the sewage <br /> works of the City after deduction only for the payment of <br /> the reasonable expenses of operation, repair and <br /> maintenance but not including depreciation and payments <br /> in lieu of taxes) . This bond and the issue of which it <br /> is a part, together with any parity bonds hereafter <br /> issued, constitute a first charge against said net <br /> revenues. <br /> The City of South Bend irrevocably pledges the <br /> entire net revenues of said sewage works to the prompt <br /> payment of the principal of and interest on the bonds <br /> authorized by the Ordinance, of which this is one, and <br /> any bonds ranking on a parity therewith, to the extent <br /> necessary for that purpose, and covenants that it will <br /> cause to be fixed, maintained and collected such rates <br /> and charges for service rendered by said works as are <br /> sufficient in each year for the payment of the proper and <br /> reasonable expenses of operation, repair and maintenance <br /> of said works and for the payment of the sums required to <br /> be paid into said Sewage Works Sinking Fund under the <br /> provisions of the Ordinance. In the event the City or <br /> the proper officers thereof shall fail or refuse to so <br /> fix, maintain and collect such rates or charges, or if <br /> there be a default in payment of the interest on or <br /> principal of this bond, the owner of this bond shall have <br /> all of the rights and remedies provided for under Indiana <br /> law. <br /> The City of South Bend further covenants that it <br /> will set aside and pay into its Sewage Works Sinking Fund <br /> a sufficient amount of the net revenues of said works to <br /> (a) pay the principal and interest payments on all bonds <br /> payable from the net revenues of the sewage works, as <br /> such principal and interest shall fall due, and (b) pay <br /> the necessary fiscal agency charges for paying all bonds <br /> and interest as required by the Ordinance. Such required <br /> payments shall constitute a first charge upon all the net <br /> revenues of said works. <br /> The bonds of this issue maturing on or after <br /> December 1, 2003 are redeemable at the option of the City <br /> on December 1, 2002 or any date thereafter, on thirty <br /> (30) days' notice, in whole or in part, in any order of <br /> maturities selected by the City and by lot within a <br />