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It is hereby certified and recited that all acts, conditions and things required to be
<br />done precedent to and in the execution, issuance and delivery of this bond have been
<br />done and performed in regular and due form as provided by law.
<br />This bond shall not be valid or become obligatory for any purpose until the
<br />certificate of authentication hereon shall have been executed by an authorized
<br />representative of the Registrar.
<br />This bond is one of an authorized issue of bonds of the City of South Bend,
<br />Indiana, of like date, tenor and effect, except as to denomination, numbering, rates of
<br />interest, redemption terms and dates of maturity, aggregating
<br />Dollars ($ ), numbered
<br />consecutively from 1 upward (the "Bonds"), issued for the purpose of providing funds to
<br />be applied on the cost of improvements to the City's waterworks (the "Project"), to
<br />refund interim notes issued in anticipation of the Bonds, if any, to fund a debt service
<br />reserve, and to pay incidental expenses and costs of issuance of the Bonds. This bond is
<br />issued pursuant to an ordinance adopted by the Common Council of said City on the
<br />day of , 2009, entitled "An Ordinance of the Common Council of the City of
<br />South Bend, Indiana, Concerning the Construction of Improvements to the Municipal
<br />Waterworks of the City of South Bend, Indiana; Authorizing the Issuance of Revenue
<br />Bonds for such Purpose in the Principal Amount not to exceed
<br />Dollars ($); Addressing Other
<br />Matters Connected Therewith, Including the Issuance of Notes in Anticipation of Bonds;
<br />and Repealing Ordinances Inconsistent Herewith" (the "Ordinance"), and in accordance
<br />with the provisions of Indiana law, including without limitation Indiana Code 8-1.5, and
<br />other applicable laws, as amended (the "Act"), all as more particularly described in the
<br />Ordinance. The owner of this bond, by the acceptance hereof, agrees to all the terms and
<br />provisions contained in the Ordinance and the Act.
<br />Pursuant to the provisions of the Act and the Ordinance, the principal of and
<br />interest on this bond and all other bonds of said issue, the Prior Bonds (as hereinafter
<br />defined), and any bonds hereafter issued on a parity therewith are payable solely from the
<br />Sinking Fund (the "Sinking Fund") maintained under the Ordinance to be provided from
<br />the Net Revenues (defined as the gross revenues of the works after deduction only for the
<br />payment of the reasonable expenses of operation, repair and maintenance of the works,
<br />and which reasonable expenses of operation, repair and maintenance specifically do not
<br />include any rates or charges in lieu of taxes made and collected by the works and
<br />transferred to the City in accordance with the Act.
<br />The City irrevocably pledges the entire Net Revenues of the works to the prompt
<br />payment of the principal of and interest on the Bonds and any bonds ranking on a parity
<br />therewith, including the "Waterworks Revenue Bonds of 2006" dated June 1, 2006 (the
<br />"2006 Bonds"), "Waterworks Revenue Bonds of 2002" dated June ~ 1, 2002 (the "2002
<br />Bonds"),"Waterworks Revenue Bonds of 2000" dated June 12, 2000 (the "2000 Bonds")
<br />and the "Waterworks Revenue Bonds of 1997" dated December 1, 1997 (the "1997
<br />Bonds"), (the 2006 Bonds, 2002 Bonds, the 2000 Bonds and the 1997 Bonds together, the
<br />"Prior Bonds"), each authorized by ordinance of the City, to the extent necessary for such
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