Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 818]

EXTRACTED TEXT FROM PAGE:

I936J

UNIVERSITY OF ILLINOIS

815

tive Bonds and subject to the same provisions, limitations and conditions, temporary typewritten, printed or lithographed Bonds in bearer form, substantially of the same tenor hereinbefore recited, except that coupons may be omitted, but with such appropriate omissions, insertions and variations as may be required. Such temporary Bonds may be in the denomination or denominations of One Thousand Dollars ($1,000) or any multiple or multiples thereof, as the Foundation may determine. W h e n and as interest is paid upon temporary Bonds without coupons, such Bonds shall be presented to the Trustee for notation thereon of such payment. T h e Foundation covenants that definitive Bonds in aggregate principal amount equal to outstanding temporary Bonds, without unnecessary delay shall be prepared and executed by the Foundation; and that such definitive Bonds then shall be delivered to the Trustee and thereupon the Trustee, upon surrender of any temporary Bonds for exchange and cancellation thereof, shall authenticate and deliver such definitive Bonds in exchange for an equal aggregate principal amount of such temporary Bonds when presented for exchange. Such exchange shall be at the expense of the Foundation and without its making any charge therefor. Until so exchanged, such temporary Bonds shall be entitled to the same security and rights as definitive Bonds. Section 2.07. Until the definitive Bonds to be issued under the Indenture can be prepared and executed, the Foundation may execute and the Trustee shall authenticate and deliver in lieu of such definitive Bonds, typewritten, lithographed, or printed Interim Receipts in the denomination or denominations of $1,000 or any multiple or multiples thereof as the Foundation may determine. Such Interim Receipts shall be exchangeable, without cost to the holder thereof, for the definitive Bonds described therein when the latter are ready for delivery. When and as interest is paid upon Interim Receipts, such Interim Receipts shall be presented to the Trustee for notation thereon of such payment. The Foundation covenants that definitive Bonds in aggregate principal amount equal to outstanding Interim Receipts, without unnecessary delay, shall be prepared and executed by the Foundation; and that such definitive Bonds then shall be delivered to the Trustee and thereupon the Trustee, upon surrender of any Interim Receipts for exchange and cancellation thereof, shall authenticate and deliver such definitive Bonds in exchange for the Interim Receipts which acknowledge payment for such definitive Bonds and are in an aggregate principal amount equal thereto. Until so exchanged, the owner and holder of such Interim Receipts shall be entitled to all of the rights and privileges of an owner and holder of the Bonds described therein. Such Interim Receipts shall contain such terms as are in conformity with the provisions hereof and shall be in such form and bear such date or dates as the Foundation by resolution shall determine. Such Interim Receipts shall be signed and sealed on behalf of the Foundation by its President. Such Interim Receipts shall be authenticated by a certificate of the Trustee and only such Interim Receipts as shall be so authenticated shall be valid or obligatory for any purpose, or secured by this Indenture, or entitled to any benefit of lien hereunder. Section 2.08. Bonds in an aggregate principal amount not exceeding (except for Bonds issued in substitution for Bonds lost, stolen or destroyed) One Million Ninety-one Thousand Dollars ($1,091,000) shall at one time or from time to time be executed and delivered to the Trustee and, in accordance with written orders of the Foundation signed by its President, shall be authenticated by the Trustee and delivered (either before or after the filing or recording of this Indenture in any public office) from time to time. Section 2.09. In case any Bond or any of the coupons appurtenant thereto shall be or become mutilated, destroyed, stolen or lost, then upon surrender of such mutilated Bond or coupon to the Trustee, or presentation to the Foundation and the Trustee of evidence satisfactory to them, respectively, of the destruction, theft or loss of such Bond or coupon and that the claimant was the true owner thereof at the time of such event and, in any case, upon being furnished with indemnity satisfactory to them, respectively, and upon payment of all necessary expenses incurred by the Foundation and the Trustee in investigating said claim and in issuing a new Bond or coupon, the Foundation in its discretion may issue, and the T r u s t e e thereafter in its discretion may authenticate and