Authorizing and Providing for the Issuance of $2,000,000.00 Sewage Works (Revenue) Bonds for the Purpose of Defraying the Cost of Constructing a Sewage Treatment Works

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3. This bond and the series of which it is a part are payable only from and secured by a pledge of a special fund provided from the net revenues to be derived from the operation of the municipal sewer system of said City, which shall be sufficient to pay the principal of and interest on said series as and when the same become due and payable, and which revenues shall be set aside into said special fund identified as the "Sewage Works Bond and Interest Redemption Fund ", and this bond does not constitute an indebtedness of the City of South Bend within the meaning of any constitutional provisions or limitations. Said City covenants that it will fix such rates for sewage service and collect and account for revenues from such sewer system sufficient to promptly pay the principal of and interest on this bond and the series of which it forms a part as the same will become due. This bond is fully negotiable but may be registered as to principal only in the name of the holder on the books of said City in the office of its Controller, such registration being noted hereon by the City Controller, after which no transfer shall be valid unless made on said books and similarly noted on the bond, bat it may be discharged from such registration by being transferred to bearer, after which it shall be transferable by delivery but it may be again registered as before. The registration of this bond as to principal shall not restrain the negotiability of the coupons by delltery merely. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this bond have existed, have happened and have been performed in due time, form and manner as required by law, and that the amount of this bond, together with all other obligations of said City,,does not exceed any limited prescribed by the Constitution or statutes of the State of Indiana, and that a sufficient amount of the revenues of said sewer system has been pledged to and will be set aside into said special fund by said City for the prompt payment of the principal of and interest on this bond and the series of which it forms a part. IN WITNESS WHEREOF, said City of South Bend has caused this bond to be signed by its Mayor,-countersigned by its City Controller, its corporate seal to be hereunto affixed, attested by its City Clerk, and the coupons hereto attached to be executed with the facsimile signatures of said Mayor and said City Clerk, which officials by the execution of this bond do adopt as and for their own proper signa- tures their respective facsimile signatures appearing on said coupons, and this bond to be dated the fifteenth day of November, 1988. Mayor Attest: Countersigned: City Clerk City Controller. (Form of Coupon) On the fifteenth day of November, 1959s the City of South Bend, Indiana, will pay to bearer, Thirty —five Dollars (655.00 out of its "Sewage Works Bond and Interest Redemption Fund," at the Chase National Bank in the City of New York, as provided in and for interest then due on its Sewage Works (Revenue), dated November 15, 1958, No. , Mayor City Clerk