Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues

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ments under the laws of the State of Indiana. Said bonds shall be negotiable by delivery unless regis- tered. Upon presentation of any of the bonds at the office of the City Controller in the City of South Bend, said City Controller shall register said bonds as to principal without charge or expense to the holder. Such registry shall be noted on each bond so presented, after which no transfer thereof shall be valid unless made by the registered holder in person or by his attorney duly authorized and similarly noted on such bond, but bonds so registered may be discharged from registry by being in like manner retransferred to bearer, after which they shall be transferable by delivery but may again be regis- tered as before. The registration of any bond shall not af- fect the negotiability of the interest coupons attached there- to, but such coupons shall continue to pass by delivery merely and shall remain payable to bearer. Said bonds, as to both principal and interest, shall be payable from and secured by an irrevocable pledge of and shall constitute a first charge upon all the net revenues (herein de- fined as gross revenues after deduction only for the payment of the reasonable expenses of operation, maintenance and re- pair) of the off - street parking facilities herein designated as Project 1969, and all additions and improvements thereto and replacements thereof subsequently constructed or acquired; also the unobligated net revenue derived from on- street park- ing meters to the extent hereinafter specifically provided. The City shall not be obligated to pay said bonds or the in- terest thereon except from said revenues, and said bonds shall not constitute an indebtedness of the City of South Bend with- in the meaning of the provisions and limitations of the consti- tution of the State of Indiana. - 8