The form and tenor of the bonds, and the form of registry endorsement thereon shall be substantially as follows, all blanks to be filled in properly prior to delivery thereof:
(Form of Bond)
SERIES A
UNITED STATES OF AMERICA
State of Indiana County of Hancock
No. $620,000
TOWN OF NEW PALESTINE
SEWAGE WORKS REVENUE BOND
The Town of New Palestine, in Hancock County, State of Indiana, for value received, hereby promises to pay to the bearer, or if this bond be registered then to the registered holder, solely out of the special revenue fund hereinafter referred to, the principal amount of
SIX HUNDRED TWENTY THOUSAND DOLLARS
On October 1, 19 , (unless this bond be subject to and called for redemption prior to maturity as hereinafter provided), and to pay interest thereon from the date hereof until the principal is paid, at the rate of five per cent (5%) per annum, payable on October 1.
Both Principal and interest of this bond are payable in such coin or currency as at the time of payment shall be legally acceptable for payment of debts due the United States of America, at the New Palestine Bank, in the Town of New Palestine, Indiana, or, at the option of the holder, at the principal office of , in the City of Indianapolis, Indiana.
(Form of Bond)
SERIES B
UNITED STATES OF AMERICA
State of Indiana County of Hancock
No. $196,000
TOWN OF NEW PALESTINE
SEWAGE WORKS REVENUE BOND
The Town of New Palestine, in Hancock County, State of Indiana, for value received, hereby promises to pay to the bearer, or if this bond be registered then to the registered holder, solely out of the special revenue fund hereinafter referred to, the principal amount of
ONE HUNDRED NINETY-SIX THOUSAND DOLLARS
On October 1, 19 , (unless this bond be subject to and called for redemption prior to maturity as hereinafter provided), and to pay interest thereon from the date hereof until the principal is paid, at the rate of nine and three-fourths per cent (9 3/4%) per annum, payable on October 1.
Both Principal and interest of this bond are payable in such coin or currency as at the time of payment shall be legally acceptable for payment of debts due the United States of America, at the New Palestine Bank, in the Town of New Palestine, Indiana, or, at the option of the holder, at the principal office of , in the City of Indianapolis, Indiana.
(Form of Bond)
SERIES C
UNITED STATES OF AMERICA
State of Indiana County of Hancock
No. $137,000
TOWN OF NEW PALESTINE
SEWAGE WORKS REVENUE BOND
The Town of New Palestine, in Hancock County, State of Indiana, for value received, hereby promises to pay to the bearer, or if this bond be registered then to the registered holder, solely out of the special revenue fund hereinafter referred to, the principal amount of
ONE HUNDRED THIRTY-SEVEN THOUSAND DOLLARS
On October 1, 19 , (unless this bond be subject to and called for redemption prior to maturity as hereinafter provided), and to pay interest thereon from the date hereof until the principal is paid, at the rate of nine and one-eights per cent (9-1/8%) per annum, payable on October 1.
Both Principal and interest of this bond are payable in such coin or currency as at the time of payment shall be legally acceptable for payment of debts due the United Sates of America, at the New Palestine Bank, in the Town of New Palestine, Indiana, or, at the option of the holder, at the principal office of , in the City of Indianapolis, Indiana.
This bond is one of an authorized issue of three series of bonds, Series A, Series B and Series C of the Town of New Palestine, of like date, tenor and effect, except as to numbering, interest rates and dates of maturity, in the total amount of Nine Hundred Fifty-Three Thousand Dollars ($953,000.00), issued for the purpose of providing funds to apply on the cost of sewage works, as authorized by an ordinance adopted by the Town Council on , 19 , entitled
"An Ordinance concerning the construction and operation by the Town of New Palestine, Indiana, of sewage works, the issuance of revenue bonds to apply on the cost thereof, the collection, segregation and distribution of the revenues of said works, the safeguarding of the interests of the holders of said bonds, and other matters connected therewith," and in strict compliance with the provisions of I.C. 369-23, and all acts supplemental thereto.
Pursuant to the provisions of said Act and said ordinance, the principal and interest of this bond and all other bonds of said issue, and any bonds ranking on a parity therewith, are payable solely from the Sewage Works Sinking Fund (created by said ordinance) to be provided from 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 constructed or acquired by the use of the proceeds of this bond and the issue of which it is a part, and all additions and improvements thereto and replacements thereof subsequently constructed or required. This bond shall not constitute an indebtedness of the Town of New Palestine within the meaning of the provisions and limitations of the constitution of the State of Indiana, and the Town shall not be obligated to pay this bond or the interest thereon except from said special fund provided from said net revenues.
The Town of New Palestine irrevocably pledges the entire net revenues of said sewage works to the prompt payment of the principal and interest of the bonds issued on account of the construction of said sewage works, of which this bond is one, and any bonds ranking on a parity therewith, to the extent necessary for that purpose, and covenants that it will cause to be fixed, maintained and collected such rates and charges for service rendered by said works as are sufficient in each year for the payment of the proper and reasonable expenses of operation, repair and maintenance of said works, and for the payment of the sums required to be paid into said Sinking Fund under the provisions of said Act. In the event the Town, or the proper officers thereof, shall fail or refuse to so fix, maintain and collect such rates or charges, or if there be a default in the payment of the interest on or principal of this bond, the holder of this bond shall have all of the rights and remedies provided for in said I.C. 36-9-23, and the acts supplemental thereto, including the right to have a receiver appointed to administer the works and to charge and collect rates sufficient to provide for the payment of this bond and the interest thereon.
The Town further covenants that it will set aside and pay into its Sewage Works Sinking Fund a sufficient amount of the net revenues of said works to meet (a) the interest on this bond and all other bonds which, by their terms, are payable from the revenues of said sewage works, as such interest shall fall due, (b) the necessary fiscal agency charges for paying the bonds and interest, (c) the principal of this bond and all other bonds payable from the revenues of said sewage works, as such principal shall fall due, and (d) an additional amount as a margin of safety to create the reserve required by the ordinance authorizing the issuance of this bond. Such required payments shall constitute a first charge upon all the net revenues of said works.
This bond and all other bonds of said issue shall have all the qualities and incidents of negotiable instruments under the laws of the State of Indiana. This bond may be registered as to principal at the office of the Clerk-Treasurer in the Town of New Palestine, Indiana, in the name of the owner hereof, and such registration noted hereon by said Clerk-Treasurer. Thereafter no transfer hereof shall be valid unless made at said office by the registered owner in person or by his duly authorized attorney and similarly noted hereon, but this bond may be discharged from registration by being in like manner transferred to bearer and may again from time to time be registered or transferred to bearer as before.
The bonds issued pursuant to this ordinance in each of the three (3) series, A, B, and C shall be redeemable at the option of the Town without premium on any interest payment date following the issuance of the said bonds. Notice of such redemption shall be given by the Town of New Palestine to the registered holder of the bond to be redeemed not less than thirty (30) days prior to the date fixed for redemption. Said notice of redemption shall indicate the intention of the Town of New Palestine to redeem bonds issued pursuant hereto identifying the series and principal amount of bonds to be redeemed. The notice shall also indicate the place of redemption, which place of redemption shall be any bank determined by the Town.
It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the execution, issuance and delivery of this bond have been done and performed in regular and due form as provided by law.
IN WITNESS WHEREOF, the Town of New Palestine, in Hancock County, State of Indiana, has caused this bond to be executed in its corporate name by the President of its Town Council, its corporate seal to be hereunto affixed and attested by its Clerk-Treasurer, as of the first day of 19 .
TOWN OF NEW PALESTINE
By
President, Town Council
(Seal)
ATTEST:
Clerk-Treasurer
(1989 Code, § 32.06) (Ord. SB-83, passed 9-21-1983)