Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 808]

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i936J

UNIVERSITY OF ILLINOIS

8o 5

surrender of the interest coupons hereto appertaining as they severally mature. Both principal of and interest on this Bond are payable at the office of The First National Bank of Chicago (herein called the " T r u s t e e " ) , in the City of Chicago, Illinois, or at the office of any successor Trustee designated pursuant to the provisions of the Indenture, in any coin or currency of the United States of America which on the respective dates of payment of the principal of and interest on this Bond is legal tender for the payment of public and private debts. As provided in the Indenture, the Foundation agrees to reimburse (solely from the special fund hereinafter described) to the bearer, or if this Bond be registered, to the registered owner hereof, any normal Federal income tax to the extent of but not exceeding two per centum ( 2 % ) per annum of the income derived from interest paid hereon which may be paid by such bearer or registered owner by reason of the deriving of income herefrom and also to reimburse any Connecticut, Maryland, Ohio, or Pennsylvania personal property or securities tax to the extent of but not exceeding five mills per annum upon each dollar of taxable value hereof, or any Massachusetts or Wisconsin income tax to the extent of but not exceeding six per centum ( 6 % ) per annum of the income derived from interest paid hereon, which may be paid by such bearer or registered owner as a resident of any of said states or commonwealths by reason of the ownership hereof, or the deriving of income herefrom, if application therefor be made as provided in the Indenture within ninety days after the date of payment (or, in the case of taxes paid for more than one year, the proper anniversary of payment) of such t a x ; provided, however, that taxes will not be reimbursed for any Bond for more than one of such states or commonwealths for any year, and the Foundation shall not be liable to reimburse any interest accrued or penalty imposed and paid in addition to the amount of any such tax as originally assessed. This Bond is one of a duly authorized issue of Bonds known as "Medical and Dental College Building Trust Bonds" (herein called the "Bonds") and limited in the aggregate principal amount to $1,091,000 (except for Bonds issued in substitution for Bonds lost, stolen or destroyed) all of like date, tenor and amount except as to maturities. All of said Bonds are issued under and are equally and ratably secured by a T r u s t Indenture (herein called the "Indenture") bearing even date herewith, duly executed, acknowledged, and delivered by the Foundation to T h e First National Bank of Chicago, as trustee, and recorded in the office of the Recorder of Deeds of Cook County, Illinois, to which Indenture (an original counterpart of which is on file at the office of the Trustee) reference is hereby made for a description of the revenues and lease thereby pledged, the nature and extent of the security and a statement of the rights of the bearer, or registered holder hereof, to all of the provisions of which each bearer or registered holder hereof and each holder of any coupon appertaining hereto consents by acceptance hereof or of any such coupon. T h e Bonds are issued to provide funds for the purpose of aiding in the construction of a medical and dental college building (herein called the "Project") in Chicago, Illinois upon the Site held in trust by the Foundation. The Project, the Site upon which it is constructed, and all other property held by the Foundation as trustee under the Medical and Dental College Building Trust are herein collectively called the "Trust Property." This Bond is payable solely from and secured by an irrevocable pledge of the revenues of the Trust Property from whatever sources derived, provided that interest accruing during the period of construction of the Project may be paid out of the proceeds of the sale of the Bonds. T h e Foundation certifies and declares, and has certified and declared in the Indenture, that it has entered into a lease (in the form attached to the Indenture as Exhibit I) for the term of one year commencing January I, 1937, with an option in the Lessee in each year to renew said lease for an additional yearly term, the last yearly term for which said lease may be so renewed ending January 1, 1956, which lease demises the Project and the Site upon which it will be constructed to T h e Board of Trustees of the University of Illinois, as Lessee. T h e Foundation further certifies and declares, and has further certified and declared in the Indenture, that the rental and other sums required to be paid to the Foundation