Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1035]

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1032

BOAHD OF TRUSTEES

[ O c t o b e r 21

express consent of the holder, or (ii) permit the creation of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held under the Resolution, except as permitted by the Resolution, other than the lien and pledge created thereunder, or (iii) permit the creation by The Board of Trustees of the University of Illinois of any preference or priority of any bond or bonds over any other bond or bonds or coupon or coupons over any other coupon or coupons, or (iv) reduce the percentage in principal amount of bonds required for the affirmative vote or written consent to an amendment or modification without the consent of the holder of this bond; all as more fully set forth in the Resolution. The Board of Trustees of the University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the Resolution adopted by it, authorizing the issuance of this bond and the series of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said facilities, as provided for in and by said Resolution, and to establish from time to time parietal rules, rents, and charges for the use of said facilities and to maintain and collect rents and charges and to withhold student tuitions, sufficient to pay the reasonable cost of operating and maintaining said facilities, and pay the principal of and interest upon all revenue bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest. It is hereby certified and recited and declared that all acts, conditions, and things required to exist, to happen, and to be performed, precedent to and in the issuance of this bond, have existed, have happened, and have been performed in due form, time, and manner, as required by law and the applicable resolutions of The Board of Trustees of the University of Illinois, and that provision has been made for setting aside the income and revenue to be derived from the operation of said facilities to be applied in the manner hereinabove set forth. I N W I T N E S S WHEREOF, The Board of Trustees of the University of Illinois has caused this bond to be executed by the facsimile signature of its President and signed by two of its members, the corporate seal of the University of Illinois to be hereto affixed (or a facsimile thereof to be reproduced hereon), and attested by its Secretary, and this bond to be dated as of the 1st day of , 19 T H E B O A R D O F T R U S T E E S OF THE U N I V E R S I T Y OF ILLINOIS Attest: Secretary Member ARTICLE THREE

MISCELLANEOUS

By President Member

SECTION 3.1. Application of Bond Proceeds. The Board of Trustees hereby determines that Project C will become revenue producing on or about September 30, 1961 and therefore that portion of the proceeds of the 1959 Series C Bonds and 1959 Series D Bonds representing the interest accrued on such Bonds to the date of payment therefor shall, together with an amount equal to the interest to accrue on such Bonds through September 30, 1961, be deposited with the Trustee in the Bond and Interest Sinking Fund account as required by Section o.oi of the Resolution. . The balance of said proceeds of the 1959 Series C Bonds and the 1959 ->fries D Bonds, respectively, shall, as required by Section 6.01, be deposited in a bank or banks which are members of the Federal Deposit Insurance Corporation ana shall be accounted for as one or more separate funds. The application of tn funds in such accounts and the disposition thereof shall in all respects c ° ffl R^ with all the terms and provisions of Article Six of the Resolution, subject to tn terms and provisions of any contract or agreement permitted by or contempia