Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

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In the event that any 1998 Bond is not presented for payment or redemption on the date established therefor, the City may deposit in trust with the Paying Agent an amount sufficient to pay such 1998 Bond or the redemption price thereof, as appropriate, and thereafter the owner of such 1998 Bond shall look only to the funds so deposited intrust with the Paying Agent for payment and the City shall have no further obligation or liability with respect thereto. Interest on Bonds sold to the State of Indiana or the Indiana Bond Bank to finance Eligible Costs (as defined in the Financial Assistance Agreement) shall be paid from the date which is two (2) years after the date of delivery of the Bonds. Interest on Bonds issued to finance all other costs which are authenticated on or before the Record date which precedes the first interest payment date shall be paid from their original date. Interest on Bonds authenticated subsequent to the Record Date which proceeds the first interest payment date thereon shall be paid from the interest payment date to which interest has been paid as of the date on which such Bonds are authenticated, unless a Bond is authenticated between the Record Date and the interest payment date in which case the interest shall be paid from such interest payment date. Section 4. Optional Redemption of the 1998 Bonds. The 1998 Bonds shall be subject to redemption at the option of the City, in whole or in part, upon sixty (60) days written notice to the registered owner or owners of 1998 Bonds to be redeemed, on any date on or after December 1, 2008, in inverse order of maturity and by lot within any such maturity or maturities by the Registrar, at a redemption price expressed as a percentage of the principal amount of each 1998 Bond to be redeemed in accordance with the following schedule, plus accrued interest to the redemption date: Redemption Period (Both Dates Inclusive) Redemption Price December 1, 2008, through November 30, 2009 102% December 1, 2009, through November 30, 2010 101% December 1, 2010, and thereafter prior to maturity 100% Official notice of such redemption shall be mailed by the Registrar and Paying Agent by certified or registered mail at least sixty (60) days and not more than ninety (90) days prior to the scheduled redemption date to each of the registered owners of the 1998 Bonds called for redemption -9- ::ODMA\PCDOCS\SBDOCS 1\14947\3