Authorizing issuance of Revenue Bonds for such purpose not to exceed $6,000,000; Improvements to Municipal Waterworks

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cancellation or the Registrar shall have received the items required by this Ordinance with respect to any mutilated, lost, stolen or destroyed bond. The BANS are prepayable by the City, in whole or in part, at any time upon seven (7) days' notice to the owner of the BANS, without any premium. SECTION 7. Execution and Negotiability. The 2001 Bonds shall be signed in the name of the City by the manual or facsimile signature of the Executive, countersigned by the manual or facsimile signature of the Fiscal Officer, and attested by the manual or facsimile signature of the City Clerk, who also shall affix the seal of the City manually or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any officer whose signature or facsimile signature appears thereon shall cease to be such officer before the delivery of the 2001 Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until such delivery. The 2001 Bonds shall also be authenticated by the manual signature of the Registrar, and no 2001 Bond shall be valid or become obligatory for any purpose until the certificate of authentication thereon has been so executed. The 2001 Bonds shall have all of the qualities and incidents of negotiable instruments under the laws of the State of Indiana, subject to the provisions for registration herein. SECTION 8. Authorization for Book-Entry System. The 2001 Bonds may, in compliance with all applicable laws, initially be issued and held in book-entry form on the books of the central depository system, The Depository Trust Company, its successors, or any successor central depository system appointed by the City from time to time (the "Clearing Agency"), without physical distribution of bonds to the purchasers. The following provisions of this Section apply in such event. One definitive 2001 Bond of each maturity shall be delivered to the Clearing Agency (or its agent) and held in its custody. The City and Registrar may, in connection herewith, do or perform or cause to be done or performed any acts or things not adverse to the rights of the holders of the 2001 Bonds as are necessary or appropriate to accomplish or recognize such book-entry form 2001 Bonds. During any time that the 2001 Bonds are held in book-entry form on the books of a Clearing Agency, (1) any such 2001 Bond maybe registered upon Registration Record in the name of such Clearing Agency, or any nominee thereof, including Cede & Co.; (2) the Clearing Agency in whose name such 2001 Bond is so registered shall be, and the City and the Registrar and Paying Agent may deem and treat such Clearing Agency as, the absolute owner and holder of such 2001 Bond for all purposes of this Ordinance, including, without limitation, the receiving of payment of the principal of and interest and premium, if any, on such 2001 Bond, the receiving of notice and the giving of consent; (3) neither the City nor the Registrar or Paying Agent shall have any responsibility or obligation hereunder to any direct or indirect participant, within the meaning of Section 17A of the Securities Exchange Act of 1934, as amended, of such Clearing Agency, or any person on behalf of -7-