Bill No. 49-23 Revenue Bonds Authorizing the Acquisition & Construction of the Municipal Waterworks

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do not include any rates or charges in lieu of taxes made and collected by the Waterworks and transferred to the City in accordance with the Act) of the waterworks of the City, including the works constructed and acquired with the proceeds of the bonds of this issue, and all additions and improvements thereto and replacements thereof subsequently constructed or acquired. The City irrevocably pledges the entire Net Revenues of the waterworks to the prompt payment of the principal of and interest on the bonds authorized by the Ordinance, of which this is one, the Parity Bonds and any bonds ranking on a parity therewith, [including the Series Bonds,] to the extent necessary for that purpose, and covenants that it will cause to be fixed, maintained and collected such rates and charges for services rendered by the utility as are sufficient in each year to (i) provide for the payment of the proper and reasonable expenses of[Operation and Maintenance (as defined in the Financial Assistance Agreement)] OR [operation, repair and maintenance] of the waterworks, (ii) provide for the payment of the sums required to be paid into the Sinking Fund under the provisions of the Act and the Ordinance, and (iii) comply with and satisfy all covenants contained in the Ordinance and any Financial Assistance Agreement. If the City or the proper officers thereof shall fail or refuse to so fix, maintain and collect such rates or charges, or if there be a default in the payment of the interest on or principal of this bond, the owner of this bond shall have all of the rights and remedies provided for under Indiana law. The bonds shall be initially issued in a Book Entry System (as defined in the Ordinance). The provisions of this bond and of the Ordinance are subject in all respects to the provisions of the Letter of Representations between the City and DTC, or any substitute agreement, effecting such Book Entry System.] The City further covenants that it will set aside and pay into its Sinking Fund monthly, as available, or more often if necessary, a sufficient amount of the Net Revenues of the works for payment of(a)the interest on all bonds which by their terms are payable from the revenues of the waterworks,as such interest shall fall due,(b)the necessary fiscal agency charges for paying bonds and interest, (c) the principal of all bonds which by their terms are payable from the revenues of the waterworks, as such principal shall fall due,and(d)an additional amount as a margin of safety to maintain the debt service reserve required by the Ordinance. Such required payments shall constitute a first charge against the Net Revenues of said works, on a parity with the Parity Bonds and the Series_Bonds]. The 202_ Bonds maturing on and after are redeemable at the option of the City on 1, 20_, or any date thereafter, on thirty(30)days' notice, in whole or in part, in [inverse/any] order of maturity and by lot within a maturity, at face value, [together with the following premiums: if redeemed on 1, 20 or thereafter on or before 20 ; if redeemed on 1, 20 or thereafter on or before 20 ; if redeemed on 1, 20_, or thereafter prior to maturity;] plus in each case accrued interest to the date fixed for redemption. 14-