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

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proportion of the gross revenues of the waterworks, issued under date of December 1, 1960, bearing interest at the rate of three per cent (3%) and two and three - fourths per cent (2 3 1LE %) per annum, and maturing annually on September 1 over a period ending on September 1, 1972; that under 'the terms and conditions of said bonds the City has -the right 'to issue additional water- works revenue bonds either ranking on a parity with said bonds or junior and subordinate thereto without adversely affecting 'the rights of the holders of the outstanding waterworks revenue bonds, that it is not deemed feasible to undertake to comply with the financial conditions necessary to enable the issuance of additional parity bonds and, accordingly, such additional bonds should be made junior and subordinate -to said waterworks revenue bonds heretofore issued and now outstanding; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the City of South Bend (hereinafter sometimes referred -to as the "City ") , being the owner of and engaged in operating an unencumbered waterworks system supplying the City and its inhabitants with water for public and domestic use, now provides for certain needed construction and installation of extensions, additions and improvements to such waterworks and the payment for the same from the revenues and receipts of said waterworks pursuant -to and in the manner prescribed in Chanter 155 of the Acts of 1929 and the acts amenda- Cory thereof and supplemental thereto (sometimes hereinafter referred to as the "Ac't- "); provided, however, that the additional revenue bonds authorized by this ordinance shall be junior and subordinate in all -respects -to the bonds designated as "Uaterworks Revenue Bonds of 1960" outstanding in the amount of One Million Two Hundred Seventy Thousand Dollars ($1,270,000.00) and none of the provisions of this ordinance shall. be so construed as 'to affect the rights of -the holders of said outstanding revenue bonds. The terms "waterwworks ", "water system ", and "systera" wherever used in this ordinance shall be construed to mean and to include the existing waterworks owned by the City and all extensions, additions and improvements thereto and replacements thereof now or subsequently constructed or acquired. Section 2. Said construction, consisting of the construction of -two water filtration plants, additional wells and additional transmission mains, - -2-