Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 821]

EXTRACTED TEXT FROM PAGE:

8i8

BOARD OF TRUSTEES

[June 29

charges of the Trustee in connection with such redemption, or in case any Bonds are to be redeemed by operation of the Bond Fund as hereinafter provided, the Trustee shall give notice of redemption of such Bonds, by mailing the same by registered mail, at least thirty days prior to the redemption date, to each registered owner of any Bond or Bonds designated for redemption, at the address of such owner appearing upon the Bond Register, and, unless all of the Bonds to be redeemed shall be registered Bonds, also by causing such notice to be published once in each of four successive calendar weeks prior to the redemption date in a newspaper and also in a financial journal, both printed in the English language and published and of general circulation in the City of Chicago, County of Cook, State of Illinois, such first publication to be not less than thirty days nor more than forty-five days prior to the redemption date. Moneys paid by the Foundation to the Trustee on account of the redemption price of Bonds designated for redemption shall be set aside by the Trustee and held by it for the account of the respective holders of such Bonds. Such notice shall state the maturities of the Bonds called for redemption (and, if less than all of the Bonds of any one maturity are to be redeemed, the serial numbers of the Bonds to be redeemed), that such Bonds have been called for redemption on a date specified therein (herein called the "redemption date") and that interest thereon will cease on such redemption date, and shall direct the holders of such Bonds to present the same at the principal office of the Trustee, together with all coupons, if any, maturing on and after the redemption date. Failure to mail any such notice to the registered holder of any Bond designated for redemption shall not affect the validity of the proceedings for the redemption of any other Bond so designated for redemption. Notice of redemption having been so given, the Bonds specified in such notice shall become due and payable upon the redemption date at the respective redemption prices thereof. On presentation and surrender of any such Bond in accordance with such notice, such Bond shall be paid by or on behalf of the Foundation at the redemption price thereof. Such payment of the redemption price shall be made to the bearer of such Bond, unless it shall then be registered, in which case such payment shall be made to or upon the order of the registered holder, but in either case only upon the surrender of such Bond; provided, however, that the redemption price payable to the holder of any Bond presented for redemption shall not include any installment of interest maturing on or prior to the redemption date which shall be represented by a coupon, unless such coupon shall accompany such Bond, but each such interest installment shall continue to be payable to the bearer of such coupon. If moneys shall be continuously held for the benefit of the holder of any Bond so called for redemption and shall be available for the payment thereof to and including the fifteenth day following the interest payment date next succeeding the redemption date, such Bond so called for redemption shall at the redemption date cease to draw interest and the appurtenant coupons maturing subsequent to the redemption date shall be void and thereafter such Bond and such coupons shall cease to be entitled to any benefits of or from this Indenture, and shall not be deemed to be outstanding hereunder for any purpose, except that the holder of such Bond, on presentation thereof at any time as hereinabove provided, shall be entitled to receive payment of the redemption price thereof from the moneys which shall be reserved therefor in the hands of the Trustee. If moneys are not continuously so held for the benefit of the holder thereof and available for the payment thereof to and including the fifteenth day following the interest payment date succeeding the redemption date thereof, or if such Bond upon presentation for payment on or before the fifteenth day after the interest payment date succeeding the redemption date thereof is not paid, such Bond shall continue to be payable at the redemption price thereof and shall bear interest at the rate therein expressed until payment, and until so paid shall continue to be entitled to the benefits of this Indenture; provided, however, that the withholding of payments by the Trustee during such time as may be reasonably required by the Trustee to satisfy itself as to the right of any claimant to receive the same shall not be deemed a failure to pay.