Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 216]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

213

such other characteristics as shall be determined by the Board of Trustees and set forth in a resolution to be supplemental hereto; provided, however, that each issue of additional Bonds, 'when so issued, shall be differentiated from all previous issues by appropriate designation inscribed thereon. In authenticating any such additional Bonds permitted to be issued hereunder the Trustee shall be protected in relying on a certificate of the Comptroller or Treasurer of the Board of Trustees to the effect that the University is not in default under any of the terms, covenants or conditions of this Resolution as then amended and supplemented, that all conditions precedent to the issuance of additional Bonds have been complied with and the University is entitled to issue such additional Bonds hereunder. SECTION 2.07. Execution and Authentication of Bonds. All of the Bonds shall be signed by the President and any two members of the Board of Trustees and shall have the seal of the University affixed thereto (or a facsimile seal or signatures as permitted by law may be imprinted, engraved or otherwise be produced thereon) and shall be attested by the Secretary of the Board of Trustees, the coupons to be attached to the Bonds shall bear the facsimile signatures of the President and Secretary of the Board of Trustees. Only such Bonds as shall bear thereon a certificate of authentication substantially in the form hereinabove recited, executed by the Trustee shall be entitled to any right or benefit under this Resolution. Such authentication by the Trustee upon any such Bond shall be conclusive evidence and the only evidence that the Bond so authenticated has been duly issued hereunder and such authentication shall be deemed to have been duly executed if signed by an authorized officer of the Trustee but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds that may be issued hereunder at any one time. In case any person who shall have signed, sealed or attested any Bond issuable under this Resolution as an officer or member of the Board of Trustees, shall have ceased to be such officer o r member before the Bond so signed, sealed or attested shall have been actually authenticated and delivered by the Trustee, such Bond nevertheless may be authenticated, delivered and issued as though the person who signed, sealed or attested such Bond had not ceased to be such officer or member of the Board of Trustees. Any Bond issuable hereunder may be signed, sealed or attested on behalf of the Board of Trustees by any person who at the actual date of execution or authentication of such Bond is the proper person, although at the date of such Bond such person shall not have been an officer or member of the Board of Trustees. Before authenticating any coupon Bonds the Trustee shall cut off, cancel and cremate all matured coupons thereon unless issued in exchange for a registered Bond without coupons, in which case only such coupons as shall have matured on or prior to the last interest payment date on which interest shall have been paid on such registered Bond, shall be so cut off, cancelled and cremated. The Trustee shall deliver to the University a certificate of cremation thereof. SECTION 2.08. Registration and Transfer of Bonds. The University shall keep at the principal office of the Trustee books for the registration and transfer of Bonds issued hereunder, which, at all reasonable times, shall be open for inspection by the holder of any Bond issued hereunder, and upon presentation for the purpose at such office, the University will register or transfer or cause to be registered or transferred therein, as hereinafter provided, and under such reasonable regulations as it may prescribe, any Bonds issued under this Resolution and entitled to be so registered or transferred. T h e Trustee shall act as registrar in effecting all registrations on the books kept at its office. The holder of any coupon Bond issued hereunder may have the ownership of the principal thereof registered on said books of the University at the office of the Trustee and such registration shall be noted on the Bond. After such registration no transfer shall be valid unless made on the said books by the registered owner in person, or by his duly authorized attorney, and similarly noted on the Bond; but the same may be discharged from registration by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored; and such Bond may again, from time to time, be registered or transferred to bearer as before. Such registration, however, shall not affect the transferability of the coupons, but every such coupon shall continue to be transferable by delivery merely, and shall remain payable to bearer. Such registrations and discharges from registration shall be without expense to the holder of the Bonds.