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secured as provided by the laws of Indiana relating to the depositing, <br />securing and holding of public funds. In no event shall any of the <br />revenues of said waterworks be transferred or used for any purpose not <br />authorized by this ordinance so long as any of the bonds issued pur- <br />suant to the provisions of this ordinance shall be outstanding. The <br />funds derived from the operation of the waterworks, on hand on the date <br />of issuance of the bonds herein authorized, may be applied on the cost <br />of the additions and extensions to the'waterworks, in the event such <br />cost shall exceed the amount now estimated, but if not so used shall <br />be set aside in and credited to the Operation and Maintenance Account <br />or the Depreciation Account, as determined by the Board of Public Works <br />and Safety. <br />Sec, 4. For the purpose of procuring funds with which to pay <br />the cost of construction and installation of the extensions and addi- <br />tions to its waterworks, the City of South Bend shall issue its revenue <br />bonds under and pursuant to the provisions of this ordinance and said <br />Act, which bonds shall be payable only out of the special Bond and In- <br />terest Redemption Account herein provided for, and shall be designated <br />as "Waterworks Revenue Bonds of 1949.° Said bonds shall be in a prin- <br />cipal amount not exceeding Wine Hundred Fifty Thousand Dollars ($950,000.00), <br />in the denomination of One Thousand Dollars ($1,000.00), numbered con- <br />secutively from 1 up, dated as of March 1, 1949, and shall bear inter- <br />est at a rate not exceeding three and one -half per cent (3-1/2%) per <br />annum, the exact rate to be determined by bidding, which interest shall <br />be payable semi - annually on March 1 and September 1 in each year, beginning <br />on September 1, 1949, and shall be evidenced by coupons attached to said <br />bonds. Both bonds and interest coupons shall be payable at the American <br />Trust Company, in the City of South Bend, Indiana, in lawful money of <br />the United States of America, and said bonds shall mature serially in <br />-5- <br />