Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof

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Section 4. For the purpose of procuring funds with which to pay the cost of construction and installation of the extensions and additions to its waterworks, the City shall issue its revenue bonds under and pursuant to the provisions of this ordinance and said Act, which bonds shall be payable only out of the special Bond and Interest Redemption Account herein provided for, and shall be designated as "Waterworks Revenue Ponds of 1960." Said bonds shall be in a principal amount not exceeding One Million Nine hundred Forty Thousand Dollars ($1,940,000.00), in the denomination of One Thousand Dollars ($1;000.00) each, numbered consecutively from 1 up, dated as of the first day of the month in which said bonds are sold, or September 1, 1960, whichever date is the later, and shall bear interest at a rate or rates not exceeding five per cent (5 %) per annum, the exact rate or rates to be determined by bidding, which interest shall be payable semi - annually on March 1 and September 1 in each year, beginning on March 1, 1961, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at St. Joseph Bank and Trust Company, South Bend, Indiana, in the City of South Bend, Indiana, or at the option of the holder at the City National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, in lawful money of the United States of America, and said bonds shall mature serially in the amounts and on the dates as follows: -7-