§ 22. Bond form.

Said bonds shall be in substantially the following form:

UNITED STATES OF AMERICA

STATE OF MICHIGAN

COUNTY OF BARRY

CITY OF HASTINGS

WATER SUPPLY AND SEWAGE DISPOSAL
SYSTEM IMPROVEMENT AND
REFUNDING REVENUE BOND

(GENERAL OBLIGATION)

No. ____________       $5,000.00

KNOW ALL MEN BY THESE PRESENTS that the CITY OF HASTINGS, County of Barry, Michigan, for value received, hereby promises to pay to the bearer, or if registered, to the registered holder hereof, the sum of

FIVE THOUSAND DOLLARS

on the first day of July, A.D., 19 ____________ , with interest thereon from the date hereof until paid at the rate of ____________ percent per annum, payable on July 1, 1971, and semiannually thereafter on the first day of January and July of each year, on presentation and surrender of the proper interest coupons hereto annexed as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at ____________ , and for the prompt payment thereof, the gross revenues of said water supply and sewage disposal system, including all appurtenances, extensions and improvements thereto, after provision has been made for reasonable and necessary expenses of operation, administration and maintenance, are hereby irrevocably pledged, and a statutory lien thereon is hereby created which is a first lien subject only to payment of the water supply and sewage disposal system revenue bonds of the city, dated September 1, 1952, which will be retired on March 1, 1971, and in the case of the insufficiency of said revenues said bonds and the interest thereon are payable from the general funds of the city and the full faith and credit of the City of Hastings is pledged for the payment of said principal and interest.

This bond is one of a series of 180 bonds of even date and like tenor except as to date of maturity ;daterule; aggregating the sum of $900,000.00, issued pursuant to an ordinance duly adopted by the city council on June 8, 1970, as amended, and under and in full compliance with the constitution and statutes of the State of Michigan, including specifically Act No. 94 of the Public Acts of Michigan of 1933 (MCL 141.101 et seq., MSA 5.2731 et seq.), as amended, for the purpose of paying part of the cost of refunding outstanding water supply and sewage disposal system revenue bonds, dated September 1, 1952, in the aggregate principal sum of $180,000.00, and paying part of the cost of acquiring and constructing additions and improvements to the sewage disposal plant and system of the City of Hastings.

For a complete statement of the revenues from which and the conditions under which this bond is payable, a statement of the conditions under which additional bonds of equal standing may hereafter be issued, and the general covenants and provisions pursuant to which this bond is issued, reference is made to the above-described ordinance.

Bonds maturing in the years 1971 to 1981, inclusive, shall not be subject to redemption prior to maturity.

Bonds maturing in the years 1982 to 1994, inclusive, may be called for redemption prior to maturity at the option of the City on any interest payment date on or after January 1, 1981, in inverse numerical order, at par and accrued interest plus a premium as follows:

Four percent of the par value on each bond called for redemption on or before July 1, 1983;

Three percent of the par value on each bond called for redemption after July 1, 1983, but on or prior to July 1, 1986;

Two percent of the par value on each bond called for redemption after July 1, 1986, but on or prior to July 1, 1989;

One percent of the par value on each bond called for redemption after July 1, 1989, but on or prior to July 1, 1991;

No premium shall be paid on bonds called for redemption after July 1, 1991.

Thirty days' notice of the call of any bonds for redemption shall be given by publication in a paper circulated in the State of Michigan which carries, as part of its regular service, notices of sale of municipal bonds; and in case of registered bonds 30 days' notice shall be given by mail to the registered address. Bonds so called for redemption shall not bear interest after the date fixed for redemption, provided funds are on hand with the paying agent to redeem said bonds.

This bond is primarily a self-liquidating bond, and is also a general obligation of the City of Hastings, and is payable primarily both as to principal and interest, from the revenues of said water supply and sewage disposal system of the city and in the case of the insufficiency of said revenues from the general funds of the city. The principal and interest on this bond are secured by the statutory lien hereinbefore mentioned.

The City of Hastings has covenanted and agreed, and does hereby covenant and agree, to maintain at all times while any of said bonds are outstanding such rates for service furnished by said water supply and sewage disposal system as shall be sufficient to provide for the payment of expenses of administration and operation and such expenses for maintenance of said system as may be necessary to preserve the same in good repair and working order, to provide for the payment of interest upon and the principal of all bonds payable therefrom as and when the same become due and payable, and for the creation of a reserve therefor, and to build up a reserve for major repairs and replacements which may become necessary.

This bond and the interest thereon are exempt from any and all taxation whatsoever by the State of Michigan or by any taxing authority within said state.

This bond may be registered as to principal only on the books of the city treasurer in the name of the holder, and such registration noted on the back hereof by the city treasurer, after which no transfer shall be valid unless made on the books and noted on the back hereof in like manner; but transferability by delivery may be restored by registration to bearer. Such registration shall not affect the negotiability of the interest coupons.

It is hereby certified and recited that all acts, conditions and things required by law precedent to and in the issuance of this bond and the series of which this is one have been done and performed in regular and due time and form as required by law.

IN WITNESS WHEREOF, the city council of the City of Hastings, County of Barry, Michigan, has caused this bond to be signed in the name of said city by the mayor and countersigned by the city clerk, and the corporate seal of the city to be affixed hereto, and the coupons hereto attached to be signed by the facsimile signatures of said mayor and city clerk, as of the first day of October, A.D., 1970.

	CITY OF HASTINGS
	By _____ Mayor

 

(Seal)

Countersigned:

_____ City Clerk

 

(Form of Coupon)

No. ____________       $;$rule;

On the first day of ;daterule;, A.D. 19 ____________ , unless the bond to which this coupon pertains shall have been called for redemption, the City of Hastings, County of Barry, Michigan, will pay to the bearer the sum of $;$rule;, in the manner and out of the revenues described in said bond, at ____________ , Michigan, being the semiannual interest due that date on its water supply and sewage disposal system revenue bond (general obligation) dated September 1, 1952, No. ____________ .

This coupon is a general obligation of the City of Hastings, but is payable primarily from certain revenues as set forth in the bond to which it pertains.

	_____ Mayor
_____ City Clerk

 

REGISTRATION

NOTHING TO BE WRITTEN HEREON
EXCEPT BY THE CITY TREASURER

Date of Registration	Name of Registered Owner	Registrar
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_____
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