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Issue Revenue Bonds for Waterwork Improvements
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Issue Revenue Bonds for Waterwork Improvements
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4/2/2015 12:16:42 PM
Creation date
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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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solely out of the special revenue fund hereinafter referred <br />to, the principal amount of <br />a�i ca " ea •.. <br />on the first day of , 19�_ (unless <br />this bond be called for redemption prior to maturity as <br />hereinafter provided), and to pay interest thereon from the <br />date hereof until the principal is paid, at the rate of <br />per cent ( %) per annum, payable <br />semi - annually on the first days of March and September in <br />each year, beginning on 'September 1, 1949, upon presentation <br />and surrender of the annexed coupons as they severally become <br />due. <br />Both principal and interest of this bond are payable.in <br />lawful money of the United States of America at the American <br />Trust Company in the City of South Bend, Indiana. <br />This bond is one of an authorized issue of nine hundred <br />fifty.(950) bonds of the City of South Bend, of like date, de- <br />nomination, tenor and effect, in the total amount of Nine <br />Hundred Fifty Thousand Dollars ($950,000.00), numbered con- <br />secutively from 1 to 950 inclusive, issued for the purpose of <br />providing funds to pay the cost of extensions and additions <br />to the municipally owned waterworks of said City pursuant to <br />an ordinance passed by the Common Council of said City on the <br />day of , 1948, entitled "An Ordi- <br />nance concerning the construction of extensions and additions <br />to the waterworks owned and operated by the City of South <br />Bend, Indiana, authorizing the issuance of revenue bonds to <br />provide for the cost thereof, and matters connected therewith," <br />and in strict compliance with the provisions of the governing <br />statutes, particularly Chapter 155 of the Acts of the General <br />Assembly of the State of Indiana for the year 1929, and all <br />acts amendatory thereof or supplemental thereto. <br />The principal and interest of this bond and all other <br />bonds.of said issue are equally and ratably secured by and <br />constitute a first charge upon twenty -two per cent (22 %) of <br />the gross income and revenues of said waterworks as_the_same <br />now exist or may hereafter be improved and extended, which <br />percentage of such income and revenues is to be deposited <br />in a special fund to be known as the "Bond and Interest Re- <br />demption Account" which has been duly,created by said ordi- <br />nance. The City,shall not be obligated to pay said bonds <br />or the interest thereon except from said special fund, and <br />neither this bond nor the issue of which it is a part shall <br />in any respect constitute a corporate indebtedness of the <br />City within the provisions and limitations of the constitution <br />of the State of Indiana. <br />The bonds of this issue are redeemable at the option of <br />the City, in whole or in part, in inverse numerical order, on <br />any interest payment date after issuance, at face value, to- <br />gether with the following premiums: six per cent (6%) if re- <br />deemed on or before March 1, 1953; four per cent (4%),if re- <br />deemed after March 1, 1953, and on or before March 1, 1957; <br />- 8 - <br />
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