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Prior to the date fixed for redemption, funds shall be <br />deposited with the Paying Agent to pay, and the Paying Agent is <br />hereby authorized and directed to apply such funds to the payment <br />of the bonds or portions thereof called, together with accrued <br />interest thereon to the redemption date and any required premium. <br />No payment shall be made by the Paying Agent upon any bond or <br />portion thereof called for redemption until such bond shall have <br />been delivered for payment or cancellation or the Registrar shall <br />have received the items required by the Ordinance with respect to <br />any mutilated, lost, stolen or destroyed bond. <br />If this bond shall have become due and payable in <br />accordance with its terms or this bond or a portion hereof shall <br />have been duly called for redemption or irrevocable instructions <br />to call this bond or a portion hereof for redemption shall be given <br />and the whole amount of the principal and the premium, if any, and <br />interest, so due and payable upon this bond or such portion hereof <br />shall be paid, or (i) sufficient moneys, or (ii) direct obligations <br />of, or obligations the principal of and interest on which are <br />unconditionally guaranteed by the United States of America, the <br />principal of and the interest on which when due will provide <br />sufficient moneys for such purpose, or (iii) time certificates of <br />deposit of a bank or banks, fully secured as to both principal and <br />interest by obligations of the kind described in (ii) above, the <br />principal of and interest on which when due will provide sufficient <br />moneys for such purpose, shall be held in trust for such purpose, <br />then and in that case this bond or such portion hereof shall no <br />longer be deemed outstanding, entitled to the pledge of the net <br />revenues of the Waterworks or an obligation of the City. <br />If this bond shall not be presented for payment or <br />redemption on the date fixed therefor, the City may deposit in <br />trust with the Paying Agent an amount sufficient to pay such bond <br />or the redemption price, as appropriate, and thereafter the <br />Registered Owner shall look only to the funds so deposited in trust <br />with the Paying Agent for payment, and the City shall have no <br />further obligation or liability with respect thereto. <br />All bonds which have been redeemed shall be cancelled and <br />cremated or otherwise destroyed and shall not be reissued and a <br />counterpart of the certificate of cremation or other destruction <br />evidencing such cremation or other destruction shall be furnished <br />by the Registrar to the City; provided, however, that one or more <br />new registered bonds shall be issued for the unredeemed portion of <br />any bond without charge to the holder thereof. <br />Subject to the provisions of the Ordinance regarding the <br />registration of such bonds, this bond and all other bonds of the <br />issue of which this bond is a part are fully negotiable instruments <br />under the laws of the State of Indiana. This bond is transferable <br />or exchangeable only on the books of the City maintained for such <br />purpose at the principal office of the Registrar, by the Registered <br />