Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 604]

EXTRACTED TEXT FROM PAGE:

1963]

UNIVERSITY OF ILLINOIS

559

shall have matured on or prior to the date of redemption specified in such notice, shall continue to be payable to the bearers, severally and respectively, and the redemption price payable to the holders of Bonds presented for redemption shall not include such unpaid installments of interest unless coupons representing such installments shall be attached to the Bonds presented for redemption. SECTION 3.05. Effect of Redemption. If the amount necessary to redeem all of the Bonds called for redemption as aforesaid shall have been deposited with the paying agent, for the account of the holder or holders of such Bonds on or before the day preceding the date specified for such redemption, and the notice hereinbefore mentioned shall have been duly given, and all charges and expenses of the paying agent in connection with such redemption, or otherwise hereunder, shall have been fully paid or provided for, the University shall be privileged to consider such Bonds redeemed from the holder or holders thereof, and interest on such Bonds shall cease on the date specified for such redemption, and the University shall thereupon (subject to the provisions of Article Ten hereof) be discharged from and after the redemption date specified in such notice from further liability in respect of the Bonds so called for redemption, and thereafter such Bonds shall not be entitled to any benefit of or from this Resolution. In case any question shall arise as to whether any such notice shall have been sufficiently given, or such redemption effected, such question shall be decided by the paying agent, and the decision of the paying agent shall be final and binding upon all parties in interest. No holder of any Bond shall be entitled to any interest on money deposited for the redemption of Bonds. SECTION 3.06. Cancellation of Bonds, All Bonds redeemed and paid, as provided in this Article Three, shall, together with all coupons appertaining thereto, if any, be cancelled by the University and no Bonds or coupons so redeemed shall be reissued, nor shall any Bonds or coupons be issued in lieu thereof. ARTICLE FOUR

ISSUANCE OF BONDS

SECTION 4.01. Issuance of 1963 Series A and B Bonds. Series A Bonds in the principal amount of Six Million Eight Hundred Thousand Dollars ($6,800,000) and Series B Bonds in the amount of Four Million Dollars ($4,000,000) shall be executed on behalf of the Board of Trustees and delivered to or upon the written order of the Comptroller. SECTION 4.02. Issuance of Additional Bonds. Subject to the conditions and limitations hereinafter set forth and provided the University shall not at the time be in default under any of the terms, covenants or provisions of this Resolution, additional Bonds of equal rank with the 1963 Series A and B Bonds may be issued from time to time under the terms of this Resolution having such maturities, providing for the payment of such rates of interest and having such other characteristics as shall be determined by the Board of Trustees and set forth in a resolution to be supplemental hereto; provided such additional Bonds shall be issued only for one or more of the following purposes: A. T o provide funds necessary to pay the cost of completing the Project herein provided for in accordance with the plans and specifications now on file in the office of the Physical Plant Department, Navy Pier, Chicago, Illinois; or B. Paying the cost of equipping, enlarging or improving the Project, provided that no Bonds may be issued for paying the cost of enlargements or improvements which would increase the size of the Congress Circle Union Building (as measured in gross square feet of floor space) by more than twenty-five per cent (25%) ; or C. Paying the cost of construction or improvement of parking lots or parking structures for the Congress Circle campus; provided further that the following conditions precedent are complied with at or prior to the time of issuance of such additional Bonds: (i) In the event additional Bonds are issued for the purposes indicated in clause A above to provide additional funds necessary to pay the cost of completing the Project, the Architects employed by the University for the construction of said Project have submitted a certificate to the Board of Trustees setting forth an itemized statement of the work completed to the