Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 816]

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UNIVERSITY OF I U J N O I S

813

Section 1.05. Whenever the terms "majority of the holders of Bonds," or "ten per cent of the holders of Bonds" (or like terms) are used, the same shall be construed to mean the holders of a majority, ten per cent, or other percentage (as the case may be) of the Bonds at the time then outstanding hereunder.

ARTICLE II

FORM, EXECUTION, AUTHENTICATION AND REGISTRATION OF BONDS

Section 2.01. This Indenture shall be and constitute a continuing lien on the Pledged Estate to secure the full and final payment of the principal of and interest on all Bonds which from time to time may be issued, authenticated and delivered hereunder. T h e aggregate principal amount of all Bonds so to be issued, authenticated and delivered hereunder shall not (except for Bonds issued in substitution for Bonds lost, stolen or destroyed) exceed the sum of one Million and Ninety-one Thousand Dollars ($1,091,000) and shall mature annually, January I, in numerical order, lowest numbers first, as follows: Year Amount 1938 $40,000 1939 40,000 1040 4S,ooo 1041 45,ooo 1042 45,ooo 1043 50,000 1044 50,000 1045 50,000 1046 55,ooo 1047 55,000 1948 60,000 1949 60,000 1950 65,000 1951 65,000 1952 70,000 1953 70,000 1954 75,ooo 1955 75,000 1956 76,000 (Such dates being herein sometimes called "principal payment dates"). Section 2.02. All Bonds issued hereunder shall be dated as of July 1, 1936, shall be in the denomination of One Thousand Dollars ($1,000) and shall be numbered consecutively from 1 upwards. Each Bond issued hereunder shall bear interest from the date thereof at the rate of four per cent ( 4 % ) per annum, payable semi-annually on the first day of January and July in each year (such dates being herein sometimes called "interest payment dates"). T h e text of the Bonds and the interest coupons thereto appertaining shall be substantially of the tenor and purport above recited, with appropriate insertions, omissions, variations, and substitutions as in this Indenture provided. Such Bonds may bear such legends or endorsements as may be required by the rules of any brokerage board or securities exchange or the order of any governmental authority. The text of the authentication certificate of the Trustee to be endorsed on all Bonds issued hereunder shall be substantially in the form of the certificate hereinbefore recited. Section 2.03. All Bonds to be issued hereunder shall be signed by the President of the Foundation and the Seal of the Foundation shall be thereto affixed and attested by the Secretary of the Foundation. In case any one or more of such officers who shall have signed or sealed any of the Bonds shall cease to be such officer or officers before the Bonds so signed and sealed shall have been actually authenticated and delivered by the Trustee, such Bonds may, nevertheless, upon the request of the Foundation be authenticated and delivered, as herein provided, as though the persons who signed or sealed such Bonds had