Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 602]

EXTRACTED TEXT FROM PAGE:

1963]

UNIVERSITY OF ILLINOIS

557

curred in connection therewith for each Bond issued upon such exchange, payment of which, together with any taxes or other governmental charges required to be paid with respect to such exchange or transfer, shall be made by the party requesting such exchange or transfer as a condition precedent thereto. The University shall not be required to make exchanges or transfers of bonds as provided in this Section 2.08 during a period of ten (10) days next preceding any interest payment date, or for the period of ten (10) days next preceding the first publication of notice of redemption of any Bond or at any time of any Bonds which have theretofore been duly called for redemption. SECTION 2.09. Lost, Stolen, Destroyed or Mutilated Bonds. Upon the receipt by the University of evidence satisfactory to it of the loss, theft, destruction or mutilation of any outstanding Bond hereby secured, and of indemnity satisfactory to it, and upon surrender and cancellation of such Bond if mutilated, the University may execute and deliver, upon the lapse of such period of time as they may deem advisable, a new Bond of like tenor and maturity bearing the same or a different serial number, to be issued in lieu of such lost, stolen, destroyed or mutilated Bond. Such new Bond may bear such endorsement as may be prescribed by the University and which at the time is necessary to conform to the requirements of any securities exchange or of any governmental body having jurisdiction. The University may require the payment of a sum not exceeding T w o Dollars ($2.00) for each new Bond issued under this Section 2.09, plus expenses, including printing costs of new bonds, which may be incurred by the University in the premises. SECTION 2.10. Registration Agent. T h e depository in the City of Chicago, Illinois, is hereby appointed as the Registration Agent for the purpose of registering, transferring and exchanging the Bonds as in this Resolution provided and the University agrees to take all legal action necessary or proper to constitute said depository as the Registration Agent hereunder. ARTICLE THREE

REDEMPTION OF BONDS

SECTION 3.01. Publication of Notice. Whenever the University shall determine to exercise its right to redeem any Bonds issued hereunder and by their terms subject to redemption, notice of such redemption shall be published by the University in one daily newspaper printed in the English language and published and of general circulation in the City of Chicago, Illinois, and in a financial newspaper printed in the English language and published and of general circulation in the Borough of Manhattan, in the City and State of New York, not less than 30 days prior to such redemption date. Such notice shall (a) designate the time and place of such redemption; (b) if the Bonds to be redeemed are less than all of the Bonds of any series or maturity, designate the numbers, the maturity date or dates and the aggregate principal amount of such Bonds; and (c) state that on the designated date of redemption such Bonds will be redeemed by payment of the principal amount thereof (or for the portion thereof to be redeemed) and all unpaid interest accrued thereon to the date of redemption plus the applicable premium, if any, and that from and after such designated redemption date interest in respect of the Bonds (or portions thereof) so called for redemption shall cease. A copy of said notice shall be mailed by the University, postage prepaid, at least 30 days prior to the redemption date to all registered owners of Bonds so to be redeemed at their last addresses appearing on the registration books of the University, but such mailing shall not be a condition precedent to the validity of the redemption of any Bond. In case any fully registered Bonds are to be redeemed in part only, said notice shall specify the respective portions of the principal amounts thereof to be redeemed (which shall be $5,000 or any multiple thereof) and shall state that payment of the redemption price shall, except as hereinafter specifically provided, be made only upon presentation of such fully registered Bonds for surrender in exchange for a coupon Bond or Bonds or a fully registered Bond or Bonds of the same series and maturity, of authorized denominations in aggregate principal amount equal to the unredeemed portion of the principal amount thereof; and in such case, if coupon Bonds or fully registered Bonds are so to be delivered in exchange, the University shall execute and deliver to or upon the written order of the registered owner of any fully registered Bonds, a portion only of which is to