Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 218]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

215

as provided in this Section 2.07 during a period of ten (10) days next preceding any interest payment date, or for the period of ten (10) days next preceding the first publication of notice of redemption of any Bond or at any time of any Bonds which have theretofore been duly called for redemption. SECTION 2.09. Lost, Stolen, Destroyed or Mutilated Bonds. Upon the receipt by the University and the Trustee of evidence satisfactory to them of the loss, theft, destruction or mutilation of any outstanding Bond hereby secured, and of indemnity satisfactory to them, and upon surrender and cancellation of such Bond if mutilated, the University may execute and the Trustee may authenticate and deliver, upon the lapse of such period of time as they may deem advisable, a new Bond of like tenor and maturity bearing the same or a different serial number, to be issued in lieu of such lost, stolen, destroyed or mutilated Bond. Such new Bond may bear such endorsement as may be agreed upon by the University and by the Trustee and which at the time is necessary to conform to the requirements of any securities exchange or of any governmental body having jurisdiction. The University may require the payment of a sum not exceeding Two Dollars ($2.00) for each new Bond issued under this Section 2.09, and of the expenses which may be incurred by the University and the fees and expenses of the Trustee in the premises. As to any such mutilated Bond surrendered under the foregoing provisions of this Section, the Trustee shall cremate as well as cancel all such Bonds in coupon form not registered as to principal and deliver a certificate thereof to the University. ARTICLE THREE

REDEMPTION OF BONDS

SECTION 3.01. Publication of Notice. In case the University shall desire to exercise its right of redemption of all or any part of the Bonds, it shall publish in one daily newspaper printed in the English language and published and of general circulation in the City of Chicago, Illinois, and a financial newspaper printed in the English language and published and of general circulation in the Borough of Manhattan, in the City and State of New York, at least once in each of two (2) successive calendar weeks, the first publication in such newspaper to be not less than thirty (30) days before the date fixed for redemption, a notice to the effect that the University has elected to redeem all or some specified part of the Bonds on a date therein designated, and in every case stating that on said redemption date there will become and be due and payable upon each Bond so to be redeemed, at the office of the Trustee, the principal thereof, together with the accrued interest to such date and the applicable redemption premium, if any, and that from and after such redemption date interest thereon will cease to accrue. If less than all of the Bonds of any series are to be redeemed such notice shall set forth the denominations and serial numbers of the Bonds of such series to be redeemed. If any of the Bonds to be redeemed are registered Bonds without coupons, or coupon Bonds registered as to principal, similar notice shall be sent by the University by registered or certified mail, postage prepaid, at least thirty (30) days prior to such redemption date, to the persons respectively who shall appear by the transfer register of the University to be the registered owners of such Bonds, at their addresses as the same shall appear, if at all, upon the transfer register of the University at the office of the Trustee, but such mailing shall not be a condition precedent to such redemption and failure so to mail any notice shall not affect the validity of the proceedings for the redemption of such Bonds. In case of redemption of Bonds through the operation of any sinking fund, Bonds shall be selected for redemption and such redemption shall be made upon publication and/or mailing of notice in the manner and with the effect provided in this Article, except that such publication and/or mailing shall be made in the name of the Trustee (unless in any such case of redemption of Bonds through the operation of any sinking fund the University shall, itself, have published a n d / o r mailed such notice in its own name prior to the time of deposit with the Trustee of the sinking fund moneys being applied to redemption, the right so to publish and/or mail such notice being hereby expressly granted and reserved to the University, subject to the supplying by the University to the Trustee of proof satisfactory to it of such publication and/or mailing). In case of any registered Bonds without coupons which are to be redeemed in part only, said notice shall specify the respective portions of the principal amounts thereof to be redeemed (which shall be $1,000 or any multiple thereof) and shall