Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 819]

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BOARD OF TRUSTEES

[June 29

deliver to or upon the order of such claimant, a new Bond or coupon of like tenor, date, principal amount, and maturity as the Bond or coupon so mutilated, destroyed, stolen or lost, with such notations thereon as the Foundation and the Trustee shall determine. Any such duplicate Bonds and coupons issued pursuant to this Section shall constitute original additional contractual obligations on the part of the Foundation, whether or not the lost, stolen or destroyed Bonds or coupons be at any time found by anyone, and such duplicate Bonds and coupons shall be entitled to equal and proportionate benefits of this Indenture with all other Bonds and coupons issued hereunder. The Trustee forthwith shall cremate any mutilated Bond or coupon so surrendered and deliver duplicate certificates of cremation to the Secretary. Section 2.10. Whenever ( a ) pursuant to Section 2.06 hereof, temporary Bonds or coupons shall be surrendered in exchange or substitution for definitive Bonds, or (b) pursuant to Section 2.07 hereof, Interim Receipts shall be surrendered in exchange or substitution for definitive Bonds, or ( c ) pursuant to any provision of this Indenture, Bonds or coupons are surrendered and paid, whether upon purchase, redemption, maturity or otherwise, or upon the detaching of matured interest coupons before authentication of the Bonds to which same appertain, the Trustee shall cancel such Bonds, coupons or Interim Receipts so received and either deliver the same to or upon the written order of the Secretary or, upon the written order of such Secretary, cremate such Bonds or coupons or Interim Receipts and issue to the Secretary duplicate certificates of such cremation, and each of such certificates, whenever presented by the Secretary, shall be deemed to be and shall be accepted by the Trustee and its successors in trust hereunder as conclusive evidence of the payment and cancellation of the Bonds and coupons and Interim Receipts therein stated to have been cremated for all purposes of this Indenture or any release hereof to the same extent as the presentation duly cancelled of the Bonds and coupons and Interim Receipts so mentioned in such certificate. Section 2.11. The Foundation will pay any Federal or other stamp tax required to be paid upon the issuance of the Bonds. If permitted by law, stamps evidencing payment of such taxes shall be affixed to a counterpart original of this Indenture and cancelled, and such counterpart original shall be held by the Trustee. A statement that such stamps have been duly affixed to this Indenture and have been duly cancelled shall be indorsed upon the Bonds.

ARTICLE III CONSTRUCTION FUND AGREEMENT

Section 3.01. The Foundation represents that the agreement hereto annexed and marked "Exhibit II" is a copy of an agreement (herein called the "Construction Fund Agreement") duly entered into by the Foundation, the University and The First National Bank of Chicago on the date thereof which said agreement (an original copy of which is on file at the office of the Trustee) is at the date of the execution and delivery hereof in full force and effect, and unmodified, and the Foundation hereby covenants and agrees that each and every term and provision of said Construction Fund Agreement shall be carried out and performed. The Foundation covenants to deposit or cause to be deposited with the Trustee under the Construction Fund Agreement, all of the proceeds of the Bonds, same to be held in Construction Fund B and to be disbursed in the manner provided in the Construction Fund Agreement. The Foundation further covenants and agrees that it will complete the Project in accordance with the plans and specifications which shall have been delivered to and approved by the Government, that the Completion Date (as defined in the Construction Fund Agreement) shall occur on or before May 1, 1937 and that, in the event of the failure of the Foundation to complete the Project within the time specified, the Trustee shall have the right (but not the duty) to take over the construction of and complete the Project at the expense of the Foundation, in which event any amounts held in the Construction Funds pro-