9937-09 Concerning the Construction of Improvements to the Municipal Waterworks of the City

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Payments shall be made not more frequently ±han.semiannually on January 2 and July 2 and may be made only if all monthly deposits required by this Ordinance are current and held as of such dates in the Operation and Maintenance Fund and the Sinking Fund (each as defined herein). Other than PILOT Payments and normal and regular pro rata payments to the City for shared expenses charged by the City to its various departments, no moneys derived from the revenues of the works shall be transferred to the General Fund of the City or be used for any purpose not connected with the works. The provisions of this Section 3 amend and supersede the corresponding provisions of Section 3 of the 1997 Ordinance, Section 3 of the 2000 Ordinance, Section 3 of the 2002 Ordinance and Section 3 of the 2005 Ordinance as to the definition of "Net Revenues" and the subordination by the City of its right to receive any PILOT Payments to the rights of the bondholders of the 2009 Bonds and any Parity Bonds to receive debt service payments on such 2009 Bonds and Parity Bonds. Such amendments cure ambiguities or formal defects or omissions, and furthermore, the Council hereby determines that such amendments do not aversely affect the interest of the owners of the Parity Bonds. Therefore, such amendments are made in compliance with Section -23 of the 1997 Ordinance, Section 23 of the 2000 Ordinance, Section 23 of the 2002 Ordinance and Section 23 of the 2005 Ordinance. All payments of interest on the 2009 Bonds shall be paid by check mailed one business day prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) day of the month preceding the interest payment date (the "Record Date") at the addresses as they appear on the registration and transfer books of the City kept for that purpose by the Registrar (the "Registration Record") or at such other address as is provided to the Paying Agent in writing by such registered owner. Each registered owner of $1,000,000 or more in principal amount of 2009 Bonds shall be entitled to receive interest payments by wire transfer by providing written wire instructions to the Paying Agent before the Record Date for any payment. If any of the 2009 Bonds or BANs are registered in the name of the Indiana Finance Authority or the Indiana Bond Bank, the principal thereof and interest thereon shall be paid by wire transfer to such financial institution if and. as directed by the Indiana Finance Authority or Indiana Bond Bank, as the case may be, on the due date of such payment or, if such due date is a day when financial institutions are not open for business, on the business day immediately after such due date. So long as the Indiana Finance Authority or Indiana Bond Bank is the owner of any of the 2009 Bonds or BANs, such 2009 Bonds or BANS shall be presented for payment as directed by the Indiana Finance Authority or Indiana Bond Bank, as the case may be. All principal payments and premium payments, if any, on the 2009 Bonds shall be made upon surrender thereof at the principal office of the Paying Agent, in any U.S. coin or currency which on the date of such payment shall be legal tender for the payment of public and private debts, or in the case of a registered owner of $1,000,000 or more in principal amount of 2009 Bonds, by wire transfer on the due date upon written direction of such owner provided at least fifteen (15) days prior to the maturity date or redemption date. - - Interest on any 2009• Bonds sold to the India:~a Finance Authority or free Indiana Bond Bank shall be paid from the date of delivery of the 2009 Bonds. Interest on 2009 Bonds not sold - to- trYe Indiana Finance Authority or the Indiana Bond Bank s:.ali be paya,le from the interest ;~uyment• date to which interest has beet: paid next prece~ing -~'~e aatirent:icaion .date thereof • .- ~. -,less su:;i7 2009 Bonds are autl'ienti:;ate~ alter the RccordJ L'att: ict;- ~ interest ~tuyment gate acid Ei er~iefore S~aCI? lnteiest.p?.y:?1"•,lt ~,ciE; ~ tii't ,•~ c ~ ci-a`i Fy,.=•.-_ t,-,'. - ,,, . - _~i:.•.. ca, e ~__~~~ .,_~ ~:.:~:...z,:~ ~~r~:st ~~:`:3I2"i ~.~u~t~ ~r.~erest . ~ F' ~.`'IGAlr;• ~.~~~: - ~s Llr'cleSS autheritr;wted Er:~i u3" t~.. Jr6`- t~~c^^. ~d:r.'t,()?.:_ ~1 ~,~,o; ~ .;i t _2°• ....:,~ . iii;,.°~;;:~ ~. RS"i:.';xt . ~" j .. ~p -