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Issue Revenue Bonds for Waterwork Improvements
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Issue Revenue Bonds for Waterwork Improvements
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1948
Ord-Res Number
3679-48
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two per cent (2 %) if redeemed after March 1, 1957, and <br />prior to maturity; plus accrued interest to the date of <br />redemption; provided notice of such redemption shall be <br />given at least thirty days prior to the date fixed there- <br />for by one publication in a newspaper or financial journal <br />of general circulation published in the City of Indianapolis, <br />Indiana, and a newspaper or financial journal of general <br />circulation published in the City of Chicago, Illinois, <br />and a like notice be sent by mail to the holders of such <br />bonds as are then registered. Interest on the bonds so <br />called for redemption shall cease on the redemption date <br />fixed in said notice, if funds are available at the place <br />of redemption to redeem the bonds when presented. The bonds <br />so redeemed prior to maturity shall be surrendered for can- <br />cellation, together with unmaturedinterest coupons appur- <br />tenant thereto. <br />The.City covenants that it will, to the fullest extent <br />permitted.by law, fix, maintain and collect an aggregate of <br />rates and charges for the services rendered by said water- <br />works which will be sufficient to pay all costs of operation <br />and maintenance of said waterworks, to provide a proper and <br />adequate depreciation account, and to create and maintain the <br />sinking fund required for the payment of this issue of bonds, <br />and that it will in all other respects faithfully comply with <br />all of the provisions of the governing statutes pursuant to <br />which this bond is issued. In the event the City shall make <br />any default in the payment of the principal of or interest on <br />this bond, the holder hereof shall have all of the rights and <br />remedies provided by the governing statutes, including the <br />right to compel the collection of sufficient rates and charges <br />to provide for the payment of this bond and the interest hereon. <br />This bond and all other bonds of said issue shall, in the <br />hands of bona fide holders, have all of the qualities of nego- <br />tiable instruments under the law merchant. This bond may be <br />registered as to principal only in the name of the owner, in <br />the manner and with the effect provided in said ordinance, but <br />unless registered shall pass by delivery. The interest coupons <br />attached hereto shall at all times pass by delivery. <br />It is hereby certified and recited that all acts, conditions <br />and things required to be done precedent to and in the execu- <br />tion, issuance and delivery of this bond have been done and per- <br />formed in regular and due form as provided by law. <br />IN WITNEa'S WHEREOF the City of South Bend, in St. Joseph <br />County, State of Indiana, has caused this bond to be signed in <br />its corporate name by its duly elected, qualified and acting <br />Mayor, countersigned by its City Controller, its corporate seal <br />to be hereunto affixed, and attested by its duly elected, quali- <br />fied and acting City Clerk, and the interest coupons hereto <br />attached to be executed by placing thereon the facsimile signa- <br />ture of said City Controller, all as of the first day of <br />March, 1949. <br />- 9 - <br />
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