Concerning Construction and the Installation of Extensions, Additions and Improvements to the Waterworks

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or damaged, or if not needed for that purpose, shall be deposited in the Depreciation Accoiuit. (e) So long as any of the bonds herein authorized are outstanding, the City shall not mortgage, pledge or otherwise encumber its waterworks or any part thereof, and shall not sell, lease or otherwise dispose of any portion -thereof except such equipment which may become worn out or obsolete, and shall be replaced, and except such real estate which shall no longer be necessary for use:, nor shall. the City execute or issue any additional bonds or other obligations pledging any portion of the revenues of said waterworks, except as specifically provided in Sec. 9 of -this ordinance, unless the same be made subordinate and junior in all respects to the bonds herein authorized, or unless all of the bonds herein authorized are retired and cancelled coincidentally with the delivery of such additional bonds or other obligations. (f) The provisions of this ordinance shall be construed to create a trust in the proceeds derived from the sale of the bonds herein authorized, for the uses and purposes herein set forth, and so long as any of said bonds are outstanding, the provisions of this ordinance shall also, be construed to create a 'trust in the fixes proportion of the revenues of the waterworks herein directed -to be set aoart and raid into the Bond and Interest Redemption Account for the uses and purposes of said account as in this ordinance set: north. (g) The provisions of this ordinance shall. constitute a contract by and between -the Citv and the holders of the bonds herein authorized, all of the terms of which shall be enforceable in law or in equity, and after the issuance of the bonds this ordinance shall not be reneal.ed or amended in any respect which will adversely affect the rights and interests of -the holders of said bonds, nor shall the Common Council of the City adopt any law, ordinance or resolution in any way adversely affecting the rights of such holders so, long as any of -the bonds or the interest -thereon remain unpaid. The holders of the bonds shall have all of the rights, remedies and privileges, either expressly set forth in the provisions of Chanter 155 of the Acts of the Indiana General Assembly for the year 1929, and all acts a;aendatory thereof and supplemental thereto, or implied therein, including the right to compel the collection of sufficient -17-