Issue Revenue Bonds for Waterwork Improvements

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solely out of the special revenue fund hereinafter referred to, the principal amount of a�i ca " ea •.. on the first day of , 19�_ (unless this bond be called for redemption prior to maturity as hereinafter provided), and to pay interest thereon from the date hereof until the principal is paid, at the rate of per cent ( %) per annum, payable semi - annually on the first days of March and September in each year, beginning on 'September 1, 1949, upon presentation and surrender of the annexed coupons as they severally become due. Both principal and interest of this bond are payable.in lawful money of the United States of America at the American Trust Company in the City of South Bend, Indiana. This bond is one of an authorized issue of nine hundred fifty.(950) bonds of the City of South Bend, of like date, de- nomination, tenor and effect, in the total amount of Nine Hundred Fifty Thousand Dollars ($950,000.00), numbered con- secutively from 1 to 950 inclusive, issued for the purpose of providing funds to pay the cost of extensions and additions to the municipally owned waterworks of said City pursuant to an ordinance passed by the Common Council of said City on the day of , 1948, entitled "An Ordi- nance concerning the construction of extensions and additions to the waterworks owned and operated by the City of South Bend, Indiana, authorizing the issuance of revenue bonds to provide for the cost thereof, and matters connected therewith," and in strict compliance with the provisions of the governing statutes, particularly Chapter 155 of the Acts of the General Assembly of the State of Indiana for the year 1929, and all acts amendatory thereof or supplemental thereto. The principal and interest of this bond and all other bonds.of said issue are equally and ratably secured by and constitute a first charge upon twenty -two per cent (22 %) of the gross income and revenues of said waterworks as_the_same now exist or may hereafter be improved and extended, which percentage of such income and revenues is to be deposited in a special fund to be known as the "Bond and Interest Re- demption Account" which has been duly,created by said ordi- nance. The City,shall not be obligated to pay said bonds or the interest thereon except from said special fund, and neither this bond nor the issue of which it is a part shall in any respect constitute a corporate indebtedness of the City within the provisions and limitations of the constitution of the State of Indiana. The bonds of this issue are redeemable at the option of the City, in whole or in part, in inverse numerical order, on any interest payment date after issuance, at face value, to- gether with the following premiums: six per cent (6%) if re- deemed on or before March 1, 1953; four per cent (4%),if re- deemed after March 1, 1953, and on or before March 1, 1957; - 8 -