Construction of Additions and Improvements to the Sewage Works Bonds

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transferred or exchanged without cost to the registered owner, except for any tax or governmental charge required to be paid with respect to the transfer or exchange. The Registrar and Paying Agent shall not be required to transfer or exchange any Series 1989 Bond called for redemption or during the period from the fifteenth day of any calendar month immediately preceding an interest payment date to such interest payment date. The City and the Registrar and Paying Agent may treat and consider the person in whose name such Series 1989 Bonds are registered as the absolute owner thereof for all purposes including for the purpose of receiving payment of, or on account of, the principal and premium, if any, thereof and interest due thereon. In the event any Series 1989 Bond is mutilated, lost, stolen or destroyed, the City may execute and the Registrar and Paying Agent may authenticate a new Series 1989 Bond of like date, maturity and denomination as that mutilated, lost, stolen or destroyed, which new Series 1989 Bond shall be marked in a manner to distinguish it from the Series 1989 Bond for which it was issued, provided that, in the case of any mutilated Series 1989 Bond, such mutilated Series 1989 Bond shall first be surrendered to the City and Registrar and Paying Agent, and in the case of any lost, stolen or destroyed Series 1989 Bond there shall be first furnished to the City and the Registrar and Paying Agent evidence of such loss, theft or destruction satisfactory to the City and the Registrar and Paying Agent, together with indemnity satisfactory to them. In the event any such lost, stolen or destroyed Series 1989 Bond shall have matured, instead of issuing a duplicate Series 1989 Bond, the City and the Registrar and Paying Agent may, upon receiving indemnity satisfactory to them, pay the same without surrender thereof. The City and the Registrar and Paying Agent may charge the owner of such Series 1989 Bond with their reasonable fees and expenses in connection with the above. Every substitute Series 1989 Bond issued by reason of any Series 1989 Bond being lost, stolen or destroyed shall, with respect to such Series 1989 Bond, constitute a substitute contractual obligation of the City, whether or not the lost, stolen or destroyed Series 1989 Bond shall be found at any time, and shall be entitled to all the benefits of this Ordinance, equally and proportionately with any and all other Series 1989 Bonds duly issued hereunder. The Series 1989 Bonds and any bonds hereafter issued on a parity therewith, as to principal, premium, if any, and interest, shall be payable from and secured by an irrevocable pledge of and shall constitute a charge upon all 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 existing works, the Improvements and all additions and improvements thereto and replacements thereof subsequently constructed or acquired; subject however, to the prior charge against and payment from said net revenues of the principal of and interest on the now outstanding 1971 Bonds. The City shall not be obligated to pay the bonds herein authorized or the premium, if any, or the interest thereon except from the net revenues of said 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. -6-