Issue Revenue Bonds for Waterwork Improvements

Home Browse Search

two per cent (2 %) if redeemed after March 1, 1957, and prior to maturity; plus accrued interest to the date of redemption; provided notice of such redemption shall be given at least thirty days prior to the date fixed there- for by one publication in a newspaper or financial journal of general circulation published in the City of Indianapolis, Indiana, and a newspaper or financial journal of general circulation published in the City of Chicago, Illinois, and a like notice be sent by mail to the holders of such bonds as are then registered. Interest on the bonds so called for redemption shall cease on the redemption date fixed in said notice, if funds are available at the place of redemption to redeem the bonds when presented. The bonds so redeemed prior to maturity shall be surrendered for can- cellation, together with unmaturedinterest coupons appur- tenant thereto. The.City covenants that it will, to the fullest extent permitted.by law, fix, maintain and collect an aggregate of rates and charges for the services rendered by said water- works which will be sufficient to pay all costs of operation and maintenance of said waterworks, to provide a proper and adequate depreciation account, and to create and maintain the sinking fund required for the payment of this issue of bonds, 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 nego- tiable instruments under the law merchant. This bond may be registered 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. It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the execu- tion, issuance and delivery of this bond have been done and per- formed in regular and due form as provided by law. IN WITNEa'S WHEREOF the City of South Bend, in St. Joseph County, State of Indiana, has caused this bond to be signed in its corporate name by its duly elected, qualified and acting Mayor, countersigned by its City Controller, its corporate seal to be hereunto affixed, and attested by its duly elected, quali- fied and acting City Clerk, and the interest coupons hereto attached to be executed by placing thereon the facsimile signa- ture of said City Controller, all as of the first day of March, 1949. - 9 -