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0 <br />facsimile signature of the City Controller, and the said o£ficial2 <br />by the signing of said bonds, shall adopt as and for his own <br />proper signature his facsimile signature appearing on said coupons. <br />Said bonds shall have all the qualities and incidents of negotiable <br />instruments under the Negotiable Instruments Law of the State <br />of Indiana. <br />Said bonds shall be negotiable by delivery unless registered. <br />Upon presentation of any of the bonds at the office of the City <br />Controller, in the City of South Bendt said City Controller <br />shall register said bonds as to principal without charge or <br />expense to the holder. Such registry shall be noted on each <br />bond so presented, after which no transfer thereof shall be <br />valid unless made by the registered owner in person or by his <br />attorney duly authorized and similarly noted on such bond2 but <br />bonds so registered may be discharged from registry by being in <br />like manner retransferred to bearer, after which they shall be <br />transferable by delivery but may again be registered as before. <br />The registration of any bond shall not affect the negotiability <br />of the interest coupons attached thereto but such coupons shall <br />continue to pass by delivery merely and shall remain payable to <br />bearer. <br />Said bonds, as to both principal and interest, shall be <br />payable from and secured by an irrevocable pledge of and shall <br />constitute a first charge upon all of the net revenues (herein <br />defined as gross revenues after deduction only for the payment <br />of the reasonable expenses of operation, repair and maintenance) <br />of the sewage treatment works of the City of South Bend, includ- <br />ing the works herein authorized to be acquired and constructed <br />and all additions and improvements thereto and replacements <br />thereof subsequently constructed or acquired. The City shall <br />not be obligated to pay said bonds or the interest thereon <br />except from the net revenues of said works) and said bonds shall <br />not constitute an indebtness of the City of South Bend, within <br />ri <br />