(A) The bonds shall be signed in the name of the town by the President of the Town Council and attested by the Clerk-Treasurer, who shall affix the seal of the town to each of the bonds. The bonds shall have all of the qualities and incidents of negotiable instruments under the laws of the state, subject to the provisions for registration.
(B) Upon presentation of any of the bonds at the office of the Clerk-Treasurer, the Clerk-Treasurer shall register the bonds as to principal without charge or expense to the holders. Such registry shall be noted on each bond so presented, after which no transfer thereof shall be valid unless made by the registered owner in person or by his attorney duly authorized and similarly noted on such bond.
(C) The bonds, and any bonds ranking on a parity therewith as to both principal and interest, shall be payable from and secured by an irrevocable pledge of and shall constitute a first charge upon all the net revenues (herein defined as gross revenues after deduction only for the payment of the reasonable expenses of operation, repair and maintenance) of the sewage works of the town, including the works herein authorized to be acquired and constructed and all additions and improvements thereto and replacements thereof subsequently constructed or acquired. The town shall not be obligated to pay the bonds or the interest thereon except from the net revenues of the works, and the bonds shall not constitute an indebtedness of the town within the meaning of the provisions and limitations of the constitution of the State of Indiana.
(1989 Code, § 32.05) (Am. Ord. SB-83, passed 11-29-1983)