10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund

Home Browse Search

original aggregate principal amount does not exceed the amount authorized above, and that the final maturity shall be no later than December 1, 2032. All payments of interest on the 2012 Bonds shall be paid by check or draft mailed one business day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) day of the month preceding the interest payment date at the addresses as they appear on the registration books kept by the Registrar (the "Registration Record") or at such other address as is provided to the Paying Agent (as defined below) in writing by such registered owner. All principal payments and premium, if any, on the 2012 Bonds shall be made upon surrender thereof at the principal corporate trust office of the Paying Agent in any coin or currency of the United States of America which on the date of such payment shall be legal tender for the payment of public and private debts. Interest on 2012 Bonds shall be payable from the interest payment date to which interest has been paid next preceding the authentication date thereof unless such 2012 Bonds are authenticated after the fifteenth (15th) day of the month preceding an interest payment date and on or before such interest payment date in which case they shall bear interest from such interest payment date, or unless authenticated on or before the fifteenth (15th) day of the month immediately preceding the first interest payment date, in which case they shall bear interest from the original date, until the principal shall be fully paid. The 2012 Bonds and any bonds ranking on a parity therewith, as to principal, premium and interest, shall be payable from and are hereby secured by an irrevocable pledge of and shall constitute a charge upon all the Net Revenues, herein defined as the gross revenues of the Sewage Works after deduction only for payment of the reasonable expenses of operation, repair and maintenance but not including depreciation and payments in lieu of taxes (the "Net Revenues"), of the Sewage Works of the City, which bonds constitute a first charge on said Net Revenues. The City shall not be obligated to pay said bonds or the interest or premium, if any, thereon except from the Net Revenues of the Works, and said bonds shall not constitute an indebtedness of the City within the meaning of the provisions and limitations of the constitution of the State of Indiana. Each 2012 Bond shall be transferable or exchangeable only upon the Registration Record by the Registrar, by the registered owner thereof in person, or by his attorney duly authorized in writing, upon surrender of such 2012 Bond together with a written instrument of transfer or exchange satisfactory to the Registrar duly executed by the registered owner or his attorney duly authorized in writing, and thereupon a new fully registered bond or bonds in the same aggregate principal amount, and of the same maturity, shall be executed and delivered in the name of the transferee or transferees or the registered owner, as the case may be, in exchange therefor. The costs of such transfer or exchange shall be borne by the City, except for any tax or governmental charge required to be paid in connection therewith, which shall be payable by the person requesting such transfer or exchange. The City, Registrar and Paying Agent may treat and consider the persons in whose name such 2012 Bonds are registered as the absolute owners thereof for all purposes including for the purpose of receiving payment of, or on account of, the principal thereof and interest and premium, if any, due thereon. - 5 -