Construction of Additions and Improvements to the Sewage Works Bonds

Home Browse Search

before July 15, 1989, in which case the interest shall be paid from the Original Date stated above or unless this bond is authenticated between the 15th day of the month preceding an interest payment date and the interest payment date, in which case interest shall be paid from such interest payment date. Interest is payable commencing on August 1, 1989, and semiannually thereafter on February 1 and August 1 of each year. Interest shall be calculated on the basis of twelve (12) thirty day months for a three hundred sixty (360) day year. The principal of and premium, if any, on this bond are payable at the principal office of First Interstate Bank of Northern Indiana, N.A. in the City of South Bend, Indiana as Registrar and Paying Agent (which term shall include any successor Registrar and Paying Agent) . Interest on this bond shall be paid by check or draft mailed or delivered to the registered owner hereof at the address as it appears on the books kept by the Registrar and Paying Agent for the registration and for the transfer of the bonds (the "Series 1989 Bond Register") as of the 15th day of the month immediately preceding the interest payment date or at such other address as is provided to the Registrar and Paying Agent in writing by the Registered Owner. All payments on this bond shall be made in lawful money of the United States of America. This bond is one of an authorized issue of bonds of the City of South Bend, Indiana aggregating Nine Million Five Hundred Thousand Dollars ($9 , 500, 000) , numbered consecutively from 89R-1 upwards, issued for the purpose of providing funds to pay a portion of the cost of additions and improvements to the City's sewage works, pursuant to an Ordinance adopted by the Common Council of said City on December 12 , 1988 entitled "An Ordinance Concerning the Construction of Additions and Improvements to the Sewage Works Owned and Operated by the City of South Bend, Indiana, the Issuance of Additional Revenue Bonds to Provide the Cost Thereof, the Collection, Segregation and Distribution of the Revenues of said Works, the Safeguarding of the Interests of the Holders of said Bonds, and Other Matters Connected Therewith" (the "Ordinance") and in strict compli- ance with the provisions of IC 36-9-23, and the acts amendatory there- of and supplemental thereto. Pursuant to provisions of said Act and said Ordinance, the principal of and interest on this bond and all other bonds of said issue and any bonds hereafter issued ranking on a parity therewith, are payable solely from the Sewage Works Sinking Fund (heretofore created by Ordinance No. 3959 , adopted February 8 , 1954 , and maintained by Ordinance No. 5298, adopted on May 25, 1971) to be provided from the net revenues (herein defined as gross revenues after deduction only for the payment of the reasonable expenses of operation, repair, and maintenance but not including depreciation and payments in lieu of taxes) of the sewage works of the City of South Bend, including the additions and improvements constructed or acquired by the use of the proceeds of this bond and the issue of which it is a part, and all additions and improvements thereto and replacements thereof subsequently constructed or acquired; subject however to the prior payment from said Sinking Fund of the principal of and interest on certain "City of South Bend Sewage Works Revenue -9-