Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 807]

EXTRACTED TEXT FROM PAGE:

8o4

BOARD OF TRUSTEES

[June 29

W H E R E A S , the making of said Grant has been induced, and a part of said Grant has heretofore been obtained by the University, as a result of its having entered into the aforesaid Trust Agreement; and W H E R E A S , the Project consists of the construction and equipping of a university, college, and educational building upon which the University has been given and has exercised the privilege of entering into the lease hereafter described; and W H E R E A S , the Foundation has used its efforts to obtain funds by gifts, donations and otherwise in an amount which, together with the proceeds of the aforesaid Grant to be made to the University, would be sufficient to finance the construction and completion of the Project, and the Foundation has determined that it is unable by gifts, donations and otherwise to obtain the additional funds needed in order to construct and complete the Project, and has further determined that it is necessary that the Foundation issue its bonds in order to provide such funds as shall be necessary, together with the proceeds of the aforesaid Grant, in order to complete the construction of the Project, and has determined that the sum of $1,091,000 is necessary for said purpose; and W H E R E A S , in order to provide the necessary funds to complete the construction of the Project, the Foundation has determined to authorize and issue, and has by resolution duly authorized, its bonds in the aggregate principal amount not exceeding $1,091,000 to be designated "Medical and Dental College Building T r u s t Bonds" (herein called the " B o n d s " ) , to be dated as of July 1, 1936, and to be secured as herein provided, and has by resolution also duly authorized its officers to execute, acknowledge and deliver to the Trustee, this I n d e n t u r e ; and W H E R E A S , the Foundation has determined and represented that the entire cost of constructing the Project shall be paid from the proceeds of the aforesaid Bonds together with the proceeds of the aforesaid G r a n t ; and W H E R E A S , by the terms of the T r u s t Agreement the Foundation, as trustee thereunder, has full power and authority to issue and sell its Bonds for the aforesaid purposes and, as security for said Bonds, to execute and deliver this Indenture, and to assign and pledge hereby the leases, contracts and rights in the T r u s t Property hereinafter described; and W H E R E A S , the Foundation has duly determined that said Bonds to be issued hereunder and the coupons to be attached thereto, the Trustee's authentication certificate, the bond registration certificate, and the legend for the back of the Bonds, are to be substantially in the following form respectively with appropriate omissions, insertions and variations permitted or authorized as hereinafter provided: UNITED STATES OF AMERICA STATE OF ILLINOIS MEDICAL AND DENTAL COLLEGE BUILDING TRUST BONDS

No $1,000.

T h e University of Illinois Foundation, a private non-profit corporation organized and existing under the laws of the State of Illinois, not personally but as Trustee under a T r u s t Agreement dated as of April 7, 1936 and known as the Medical and Dental College Building T r u s t (herein called the "Foundation"), for value received hereby promises to pay solely from the special fund hereinafter described, to the bearer hereof, or, if this Bond be registered as to principal, to the registered owner hereof, the principal sum of ONE THOUSAND DOLLARS on the first day of January ig unless this Bond shall have been called for redemption as herein provided, and to pay solely from said special fund, interest thereon from the date hereof, at the rate of four per centum per annum, payable semi-annually on the first day of July and January in each year. until payment of the principal amount hereof, but only upon presentation and