10963-23-Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend

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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. [The bonds maturing on 1, 20 are subject to mandatory sinking fund redemption prior to maturity, at a redemption price equal to the principal amount thereof plus accrued interest, on the dates and in the amounts set forth below: Term Bond Term Bond Date Amount Date Amount * * *Final Maturity] Each Five Thousand Dollar($5,000)principal amount shall be considered a separate bond for purposes of optional [and mandatory] redemption. If less than an entire maturity is called for redemption, the bonds to be called shall be selected by lot by the Registrar. [If some bonds are to be redeemed by optional redemption and mandatory sinking fund redemption on the same date, the Registrar shall select by lot the bonds for optional redemption before selecting the bonds by lot for the mandatory sinking fund redemption.] Notice of redemption shall be mailed to the address of the registered owner as shown on the registration record of the City, as of the date which is [forty-five (45) days] [sixty-five days] prior to such redemption date, not less than [thirty (30) days] [sixty (60) days] prior to the date fixed for redemption. The notice shall specify the date and place of redemption and sufficient identification of the bonds called for redemption. The place of redemption may be determined by the City. Interest on the bonds so called for redemption shall cease on the redemption date fixed in such notice, if sufficient funds are available at the place of redemption to pay the redemption price on the date so named. If this bond shall not be presented for payment or redemption on the date fixed therefor, the City may deposit in trust with [the Paying Agent] [its depository bank] an amount sufficient to pay such bond or the redemption price, as the case may be, and thereafter the registered owner shall look only to the funds so deposited in trust with said bank for payment and the City shall have no further obligation or liability in respect thereto. This bond is transferable or exchangeable only upon the books of the City kept for that purpose at the [principal corporate trust] office of the Registrar by the registered owner hereof in person, or by his attorney duly authorized in writing, upon surrender of this 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 - 11 -