Construction Additions & Improvements to the Sewage Works

Home Browse Search

days of and in each year, beginning on upon presenta- tion and surrender of the annexed coupons as they severally become due. Both principal and interest of this bond are payable in lawful money of the United States of America at The First Bank and Trust Company of South Bend, in the City of South Bend, Indiana, or, at the option of the holder, at the Harris Trust and Savings Bank, in the City of Chicago, Illinois. This bond is one of an authorized issue of bonds of the City of South Bend, of like date, tenor and effect, except as to interest rates and dates of maturity, in the total amount of , numbered from 1 to in- clusive, issued for the purpose of providing funds to pay the cost of additions and improvements to the City's sewage works, as authorized by an ordinance adopted by the Common Council of the City of South Bend on , entitled "An Ordinance concerning the congtruction 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 ", and in strict compliance with the provisions of Chapter 5, Article 2, Title 19 of The Indiana Code of 1971, and the acts amendatory thereof and supplemental thereto. Pursuant to the 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 here - after issued on a parity therewith, are payable solely from the Sewage Works Sinking Fund (heretofore creat- ed by Ordinance No. 3959, adopted February 8, 1954) 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 main- tenance) 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 sub- sequently constructed or acquired; subject, however, to the prior payment from said Sinking Fund of the principal of and interest on certain Sewage Works Revenue Bonds, dated April 1, 1954, now outstanding in the principal amount of Five Million One Hundred Eighty Thousand Dollars ($5, 180, 000), payable semi- annually over a period ending on October 1, 1984, in accordance with the terms thereof, which bonds constitute a first charge against said net revenues. This bond shall not constitute an indebtedness of the City of South Bend within the meaning of the provisions - 7 -