Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 227]

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224

BOARD OF TRUSTEES

[December xy

the terms and conditions set forth in this Resolution. T h e Trustee shall also signify its acceptance of the duties and obligations imposed upon it by this Resolution by executing and delivering to the University a written acceptance thereof. In addition to the Trustee, the University may appoint one or more banks or trust companies located within or without the State of Illinois as additional paying agent or paying agents for any one or more series of Bonds by designating such additional paying agent or agents in the form of the Bond of such series. SECTION 9.02. Responsibilities of Trustee. T h e recitals, statements and representations contained herein and in the Bonds and coupons (exclusive of the Trustee's certificate on the Bonds) shall be taken as the recitals, statements and representations of the University and the Trustee assumes no responsibility and shall not be liable for the correctness of the same. T h e Trustee makes no representations as to the validity or sufficiency of this Resolution or of any resolution supplemental hereto directing the issuance of any Bonds hereunder, or of any Bonds or coupons issued thereunder or in respect of the security afforded by this Resolution, and shall not incur any responsibility in respect thereof. T h e Trustee shall be under no responsibility or duty with respect to the issuance of the Bonds for value or the application of the proceeds thereof or the application of any moneys paid to the University. Unless or until the happening of an event of default the Trustee shall not be responsible for the enforcement of the pledge of the receipts or the application of the revenues to pay the Bonds. T h e Trustee shall be under no obligation or duty to perform any act which would involve it in expense or liability or to institute or defend any suit in respect hereof, or to advance any of its own moneys, unless indemnified to its reasonable satisfaction. T h e Trustee shall not be liable in connection with the performance of its duties hereunder except for its own negligence or default. The Trustee shall be under no duty to make any investigation or inquiry regarding defaults, and may conclusively assume that there has been no default by the University in any of the matters or things to be done or performed by it, unless the Trustee is notified in writing by the holders of twenty per cent (20%) in principal amount of all Bonds then outstanding, specifying the default or act that should be performed. Except as herein otherwise provided all funds held by the Trustee under any of the provisions of this Resolution shall be carried by the Trustee upon the books of its corporate trust department in a separate account or accounts as trust funds, and shall not be deposited in its banking department or used in the conduct of its business unless it shall first set aside in its trust department direct obligations of or obligations the principal and interest of which are guaranteed by the United States Government in an aggregate principal amount corresponding to the amount of funds so used or deposited. SECTION 9.03. Evidence on Which Trustee May Act, The Trustee shall be protected in acting upon any notice, resolution, request, consent, order, certificate, estimate, report, opinion, bond or other paper or document believed by it to be genuine, and to have been signed or presented by the proper party or parties. It may consult with counsel, who may or may not be of counsel to the University, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by it under this Resolution in good faith and in accordance therewith. Whenever the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action under this Resolution, such matter (unless other evidence in respect thereof be therein specifically prescribed) may be deemed to be conclusively proved and established by a certificate of an Authorized Officer of the University and such certificates shall be full warrant for any action taken or suffered in good faith under the provisions of this Resolution upon the faith of such certificate but in its discretion the Trustee may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as it may deem reasonable. Except as otherwise expressly provided in this Resolution, any request, order, notice or other direction required or permitted to be furnished pursuant to any provision hereof by the University to the Trustee shall be sufficiently executed if executed in the name of the University by an Authorized Officer. SECTION 9.04. Compensation. T h e University shall pay to the Trustee from time to time reasonable compensation for all services rendered under this Resolu-