Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 234]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

231

requiring the consent of the holders of any of the Bonds, adopt a resolution or resolutions supplemental hereto, which shall thereafter form a part hereof for any one or more or all of the following purposes: ( a ) To add to the covenants and agreements of the University in this Resolution contained, other covenants and agreements thereafter to be observed and/or to surrender any right or power herein reserved to or conferred upon the Board of Trustees; (b) T o clarify any ambiguity or to clarify, correct or supplement, any defect or inconsistent provision contained in this Resolution or any resolution supplemental hereto; and (c) To provide for the issuance of additional Bonds hereunder upon the terms and conditions in this Resolution specified. SECTION 11.06. Endorsement of Bonds. Bonds authenticated and delivered after the effective date of any action taken as provided in this Article Eleven may bear a notation by endorsement or otherwise in form approved by the University and the Trustee as to such action, and in that case upon demand of the holder of any Bond outstanding at such effective date and presentation of his Bond for the purpose at the office of the Trustee a suitable notation shall be made on such Bond by the Trustee as to any such action. If the University shall so determine, new Bonds so modified as to conform to such action shall be prepared, authenticated and delivered, and upon demand of the holder of any Bond then outstanding shall be exchanged at the office of the Trustee in the City of Chicago, Illinois without cost to any Bond holder, for Bonds then outstanding, upon surrender of such Bonds with all unmatured coupons, if any, appertaining thereto. SECTION 11.07. Exclusion of Bonds. Bonds owned or held by or for account of the University shall not be deemed outstanding for the purpose of vote or consent or other action or any calculation of outstanding Bonds in Article provided for, and shall not be entitled to vote or consent or take other action in this Article provided for. ARTICLE TWELVE

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SECTION 12.01. Benefits of Bond Holders Limited to Parties. Nothing in this Resolution, expressed or implied, is intended or shall be construed to confer upon, or to give to, any person, firm or corporation other than the University, the Trustee and the holders of the Bonds and of the coupons outstanding, any right, remedy or claim under or by reason of this Resolution, and any covenants, stipulations, promises and agreements in this Resolution contained by and on behalf of the University shall be for the sole and exclusive benefit of the University, the Trustee, and of the holders of Bonds and of the coupons outstanding. SECTION 12.02. Successor is Deemed Included in All References to Predecessor. Whenever in this Resolution or any resolution supplemental hereto either the University or the Trustee is named or referred to, such reference Shall be deemed to include the successors or assigns thereof, and all the covenants and agreements in this Resolution contained by or on behalf of the University shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed or not. SECTION 12.03. Discharge of Resolution. If all of the outstanding Bonds shall have matured, or shall have been duly called for redemption and the redemption date thereof shall have arrived, and if the University shall have deposited with the Trustee in trust, funds pursuant to this Resolution sufficient to pay and available for the payment of all amounts due on all Bonds then outstanding, including all principal, interest and redemption premiums, if any, and provision shall also be made for paying all other sums payable hereunder by the University, then, notwithstanding that any Bonds or interest coupons shall not have been surrendered for payment, the pledge of the income provided for in this Resolution and all other obligations of the University under this Resolution shall cease and terminate except as hereinafter in the next succeeding paragraph provided. Any such funds held by the Trustee which have not been disbursed in the payment of Bonds and interest as aforesaid during the period of ten (10) years after the deposit referred to in the foregoing paragraph, shall be repaid to the