Amend Section 3, 6 and 12 Ordinance No. 4321-60 Concerning acquisition and construction of extensions and additions to the Waterworks

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equally and ratably secured by and constitute a first charge upon nineteen and five- tenths per cent (19. 5%) of the gross in- come and revenues of said waterworks as the same now exist or may hereafter be improved and extended, which percentage of such income and revenues is to be deposited in a special fund to be known as the "Bond and Interest Redemption Account" which has been duly created by said ordinance. The City shall not be obligated to pay said bonds or the interest thereon except from said special fund, and neither this bond nor the issue of which it is a part shall in any respect constitute a corporate in- debtedness of the City within the provisions and limitations of the constitution of the State of Indiana. The City covenants that it will, to the fullest extent permit- ted by law, fix, maintain and collect an aggregate of rates and charges for the services rendered by said waterworks which will be sufficient to pay all costs of operation and maintenance of said waterworks, to provide a proper and adequate depreciation ac- count, and to create and maintain the sinking fund required for the payment of all revenue bonds which by their terms are pay- able from the revenues of said waterworks, and that it will, in all other respects, faithfully comply with all of the provisions of the governing statutes pursuant to which this bond is issued. In the event the City shall make any default in the payment of the principal of or interest on this bond, the holder hereof shall have all of the rights and remedies provided by the governing statutes, including the right to compel the collection of sufficient rates and charges to provide for the payment of this bond and the interest hereon. This bond and all other bonds of said issue shall, in the hands of bona fide holders, have all of the qualities of negotiable instruments under the law merchant. This bond may be regis- tered at the office of the City Controller as to principal only, in the name of the owner, in the manner and with the effect provided in said ordinance, but unless registered shall pass by delivery. The interest coupons attached hereto shall at all times pass by delivery. If any bond or interest coupon shall not be presented for payment on the date fixed therefor, the City may deposit in trust with St. Joseph Bank and Trust Company, South Bend, Indiana, an amount sufficient to pay such bond or interest coupon, as the case may be, and thereafter the holder shall look only to the funds so deposited in trust with said bank for payment and neither the City nor its waterworks shall have any further obligation or liability in respect thereto. It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the execution, issuance and delivery of this bond have been done and performed in regular and due form as provided by law.