Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1389]

EXTRACTED TEXT FROM PAGE:

1386

BOARD OF TRUSTEES

[June 14

registration books of the Trustee hereinafter mentioned as Bond Registrar, at the rate of per cent ( % ) per annum, payable October i, i960, and semi-annually thereafter on the first days of April and October in each year from the date hereof until the principal amount hereof has been fully paid. Both principal hereof and interest hereon are made payable in any coin or currency which, on the respective dates of payment of such principal and interest, is legal tender for the payment of debts due the United States of America, at T h e First National Bank of Chicago (hereinafter called " T r u s t e e " ) , or its successor in trust under the Resolution hereinafter referred to, in the City of Chicago, Illinois, or at the option of the holder at The Chase Manhattan Bank in the Borough of Manhattan and City and State of New York. This bond is one of an authorized series of Five Million Dollars ($5,000,000) principal amount of Housing Revenue Bonds of i960, Series A, issued or to be issued pursuant to a Bond Resolution of T h e Board of Trustees of the University of Illinois duly adopted December 17, 1958, as supplemented by First, Second and Third Supplemental Resolutions thereto duly adopted June 23, 1959, October 21, 1959, and June 14, i960, respectively (said Bond Resolution as so supplemented being herein referred to as the "Resolution") for the purpose of providing funds for paying the cost of constructing and equipping student and staff housing and related facilities. Said Resolution, among other things, provides for the issuance of additional bonds pursuant thereto in the manner and upon the terms and conditions more fully set forth therein. The bonds of this Series are redeemable prior to maturity as a whole or in part on October I, 1970, or on any interest payment date thereafter in the inverse order in which they mature at the option of The Board of Trustees of the University of Illinois at par and accrued interest to the date of redemption and a premium as follows: four per cent ( 4 % ) of the principal amount thereof if redeemed October I, 1970 through April 1, 1973; three per cent ( 3 % ) of the principal amount thereof if redeemed October I, 1973 through April I, 1978; two per cent ( 2 % ) of the principal amount thereof if redeemed October 1, 1978 through April 1, 1983; one per cent ( 1 % ) of the principal amount thereof if redeemed on October 1, 1983 through April 1, 1988; and without premium if redeemed on October 1, 1988 or thereafter. Notice of redemption of any or all of said bonds shall be published once a week for two successive calendar weeks, the first such publication to be not less than thirty days prior to the date of redemption, such publication to be made in one daily newspaper printed in the English language and published and of general circulation in the City of Chicago, Illinois, and also in a financial newspaper printed in the English language and published and of general circulation in the Borough of Manhattan, City and State of New York, and when this bond or any of the bonds of such authorized issue shall have been duly called for redemption, interest thereon shall cease from and after the specified redemption date if redemption monies are available for the payment of all bonds called for redemption. This bond and the series of which it forms a part is issued under the authority of The Board of Trustees of the University of Illinois to issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1959, and all laws amendatory thereof and supplemental thereto and the Resolution above referred to. This bond is payable, both as to principal and interest, only from the revenues required to be credited to the Housing Revenue Bond Fund as provided in the Resolution; which revenues are to be derived from (1) the operation of the revenue producing facilities constructed, completed, and equipped with the proceeds of this bond issue, bonds heretofore issued pursuant to the Resolution and additional bonds which may hereafter be issued pursuant to the Resolution, (2) student tuitions authorized by law to be retained in the University treasury, but not in excess of $600,000 annually plus such additional sums as may be specified in any supplemental resolution creating or authorizing additional bonds to be issued pursuant to the Resolution as so supplemented, and (3) certain existing revenue producing buildings of the University after the prior payment of other indebtedness to the extent set forth in the Resolution. This bond and the series ot which it forms a part do not constitute an indebtedness of said University ot Illinois, The Board of Trustees of the University of Illinois, or the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University, of said Board of Trustees, or of the