Construction of Additions and Improvements to the Sewage Works Bonds

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The Series 1989 Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5, 000) or any integral multiple thereof not exceeding the aggregate principal amount of the Series 1989 Bonds maturing in any one year, shall be numbered consecutively from 89R-1 upwards and shall bear interest at a rate or rates not exceeding twelve percent (12%) per annum (the exact rate or rates to be determined by bidding) . The interest shall be payable semiannually on the first day of August and the first day of February of each year beginning August 1, 1989. Interest shall be calculated on the basis of twelve (12) thirty-day months for a 360 day year. The Series 1989 Bonds shall mature serially on February 1 in the years and amounts as follows: Years Amounts Years Amounts 1992 $275,000 2001 $500,000 1993 300, 000 2002 550, 000 1994 300, 000 2003 600,000 1995 325, 000 2004 625,000 1996 350,000 2005 675,000 1997 375, 000 2006 750,000 1998 400, 000 2007 800,000 1999 425, 000 2008 850,000 2000 475, 000 2009 925,000 Section 3 . First Interstate Bank of Northern Indiana, N.A. in the City of South Bend, Indiana is hereby appointed as the Registrar and the Paying Agent for the Series 1989 Bonds, and is hereby charged with the responsibility of authenticating the Series 1989 Bonds. The Registrar and Paying Agent shall keep and maintain at its principal office books for the registration and for the transfer of the Series 1989 Bonds (the "Series 1989 Bond Register") . The Controller is hereby authorized and directed, on behalf of the City, to enter into such agreements or understandings with the Registrar and Paying Agent as will enable the Registrar and Paying Agent to perform the services required of a registrar and paying agent, and is directed to pay the Registrar and Paying Agent for its services out of available funds of the City. The principal of and premium, if any, on the Series 1989 Bonds shall be payable at the principal office of the Registrar and Paying Agent. Interest on the Series 1989 Bonds shall be paid by check or draft mailed or delivered to the registered owners of the Series 1989 Bonds at the address as it appears on 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 such registered owners. All payments on the Series 1989 Bonds shall be made in lawful money of the United States of America. The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by giving thirty (30) days written notice to the City and by first-class mail to each registered owner of the Series 1989 Bonds then outstanding, and such resignation will take effect at the end of such thirty (30) days or upon the earlier appointment of a successor Registrar and Paying Agent by the City. Such notice to the City may be served personally or be sent by registered mail. The Registrar and Paying Agent may be removed at -4-