Authorizing Issuance of Revenue Bonds concerning construction of Improvements to Waterworks, not to exceed $2,050,000

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to be outstanding hereunder, and the holders thereof shall have the right only to receive the redemption price. All 1999 Bonds which have been redeemed shall be canceled and shall not be reissued; provided, however, that one or more new registered bonds shall be issued for the unredeemed portion of any 1999 Bond without charge to the holder thereof. No later than the date fixed for redemption, funds shall be deposited with the Paying Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply such funds to the payment of, the 1999 Bonds or portions thereof called for redemption, including accrued interest thereon to the redemption date. No payment shall be made upon any 1999 Bond or portion thereof called for redemption until such 1999 Bond shall have been delivered for payment or cancellation or the Registrar shall have received the items required by this Ordinance with respect to any mutilated, lost, stolen or destroyed bond. The BANs are prepayable by the City, in whole or in part, at any time upon seven (7) days' notice to the owner of the BANS, without any premium. SECTION 7. Execution and NegotiabilitX. The 1999 Bonds shall be signed in the name of the City by the manual or facsimile signature of the Executive, countersigned by the manual or facsimile signature of the Fiscal Officer, and attested by the manual or facsimile signature of the City Clerk, who also shall affix the seal of the City manually or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any officer whose signature or facsimile signature appears thereon shall cease to be such officer before the delivery of the 1999 Bonds, such signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until such delivery. The 1999 Bonds shall also be authenticated by the manual signature of the Registrar, and no 1997 Bond shall be valid or become obligatory for any purpose until the certificate of authentication thereon has been so executed. The 1997 Bonds shall have all ofthe qualities and incidents ofnegotiable instruments under the laws of the State of Indiana, subject to the provisions for registration herein. SECTION 8. Authorization for Book-Entry, sue. The 1999 Bonds may, in compliance with all applicable laws, initially be issued and held inbook-entry form on the books of the central depository system, The Depository Trust Company, its successors, or any successor central depository system appointed by the City from time to time (the "Clearing Agency"), without physical distribution of bonds to the purchasers. The following provisions of this Section apply in such event. One definitive 1999 Bond of each maturity shall be delivered to the Clearing Agency (or its agent) and held in its custody. The City and Registrar may, in connection herewith, do or perform or cause to be done or performed any acts or things not adverse to the rights of the holders -7-