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redemption, then and in that case this bond or such portion hereof shall no longer be deemed outstanding,
<br /> entitled to the pledge of the net revenues of the sewage works or an obligation of the Town.
<br /> [The Bonds shall be initially issued in a Book Entry System (as defined in the Ordinance). The
<br /> provisions of this Bond and of the Ordinance are subject in all respects to the provisions of the Letter of
<br /> Representations between the Town and the Depository Trust Company, or any substitute agreement,
<br /> effecting such Book Entry System.]
<br /> If this bond shall not be presented for payment or redemption on the date fixed therefor,the Town
<br /> may deposit in trust with the Paying Agent an amount sufficient to pay such bond or the redemption price,
<br /> as appropriate, and thereafter the Registered Owner shall look only to the funds so deposited in trust with
<br /> the Paying Agent for payment, and the Town shall have no further obligation or liability with respect
<br /> thereto.
<br /> All bonds which have been redeemed shall be cancelled and cremated or otherwise destroyed and
<br /> shall not be reissued and a counterpart of the certificate of cremation or other destruction evidencing such
<br /> cremation or other destruction shall be furnished by the Registrar to the Town;provided, however, that
<br /> one or more new registered bonds shall be issued for the unredeemed portion of any bond without charge
<br /> to the holder thereof.
<br /> Subject to the provisions of the Ordinance regarding the registration of such bonds,this bond and
<br /> all other bonds of the issue of which this bond is a part are fully negotiable instruments under the laws of
<br /> the State of Indiana. This bond is transferable or exchangeable only on the books of the Town maintained
<br /> for such purpose at the principal corporate trust office of the Registrar,by the Registered Owner hereof in
<br /> person, or by his attorney duly authorized in writing, upon surrender of this bond together with a written
<br /> instrument of transfer or exchange satisfactory to the Registrar duly executed by the Registered Owner or
<br /> his attorney duly authorized in writing, and thereupon a new fully registered bond or bonds in the same
<br /> aggregate principal amount and of the same maturity shall be executed and delivered in the name of the
<br /> transferee or transferees or the Registered Owner, as the case may be, in exchange therefor. This bond
<br /> may be transferred or exchanged without cost to the Registered Owner or his attorney duly authorized in
<br /> writing, except for any tax or other governmental charge which may be required to be paid with respect to
<br /> such transfer or exchange. The Registrar shall not be obligated to make any exchange or transfer of this
<br /> bond (i)during the fifteen (15) days immediately preceding an interest payment date on this bond, or(ii)
<br /> after the mailing of any notice calling this bond for redemption. The Town, the Registrar and the Paying
<br /> Agent for this bond may treat and consider the person in whose name this bond is registered as the
<br /> absolute owner hereof for all purposes including for the purpose of receiving payment of, or on account
<br /> of,the principal hereof and the redemption premium, if any, and interest due hereon.
<br /> In the event this bond is mutilated, lost, stolen or destroyed, the Town may cause to be executed
<br /> and the Registrar may authenticate a new bond of like date, maturity and denomination as this bond,
<br /> which new bond shall be marked in a manner to distinguish it from this bond; provided,that in the case of
<br /> this bond being mutilated, this bond shall first be surrendered to the Registrar, and in the case of this bond
<br /> being lost, stolen or destroyed, there shall first be furnished to the Registrar evidence of such loss,theft or
<br /> destruction satisfactory to the Town and to the Registrar, together with indemnity satisfactory to them. hi
<br /> the event that this bond, being mutilated, lost, stolen or destroyed, shall have matured or been called for
<br /> redemption, instead of causing to be issued a duplicate bond the Registrar and Paying Agent may pay this
<br /> bond upon surrender of this mutilated bond or upon satisfactory indemnity and proof of loss, theft or
<br /> destruction in the event this bond is lost, stolen or destroyed. In such event, the Town and the Registrar
<br /> may charge the owner of this bond with their reasonable fees and expenses in connection with the above.
<br /> Every substitute bond issued by reason of this bond being lost, stolen or destroyed shall, with respect to
<br /> this bond, constitute a substitute contractual obligation of the Town, whether or not this bond, being lost,
<br /> stolen or destroyed shall be found at any time, and shall be entitled to all the benefits of the Ordinance,
<br /> equally and proportionately with any and all other bonds duly issued thereunder.
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