Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 210]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

207

to the maturity date hereof shall be payable on presentation and surrender of the interest coupons hereto attached as they subsequently become due, but no interest shall accrue on this bond after the maturity hereof unless this bond shall be presented for payment and be not then paid. Both principal hereof and interest hereon are hereby 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 The First National Bank of Chicago (hereinafter called "Trustee"), 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 T h e Chase Manhattan Bank, in the Borough of Manhattan and City and State of New York. This bond is one of an authorized issue of Dollars ($ ) principal amount of Housing Revenue Bonds of 1958, Series , which, with the Series Bonds constitute an initial issue of Three Million One Hundred Fifty Thousand Dollars ($3,150,000), issued and to be issued pursuant to a Bond Resolution (herein called "Resolution") of T h e Board of Trustees of the University of Illinois duly adopted , 1958, 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 1, 1968, or on any interest payment date thereafter in the inverse order in which they mature, at the option of T h e Board of Trustees of the University of Illinois at par and accrued interest to the date of redemption, and a premium as follows: Three per cent ( 3 % ) of the principal amount thereof if redeemed October 1, 1068, through April 1, 1973; Two and one-half per cent ( 2 j 4 % ) 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 I, 1983; One and one-half per cent ( i j 4 % ) of the principal amount thereof if redeemed on October 1, 1983, through April I, 1988; and One per cent ( 1 % ) of the principal amount thereof if redeemed on October 1, 1088 or thereafter and prior to maturity. 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 published and of general circulation in the City of Chicago and also in a financial newspaper 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, 1957, 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 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 $115,000 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 of which it forms a part do not constitute an indebtedness of said University of Illinois, T h e 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