Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 449]

EXTRACTED TEXT FROM PAGE:

446

BOARD OF TRUSTEES

[June 23

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 moneys 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.I 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, bonds heretofore issued pursuant to the Resolution 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 $150,000 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, The 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 of Trustees, or the State of Illinois is pledged to the payment of this bond or the interest thereon. This bond shall pass by delivery unless it is registered as to principal in the name of the holder on the books of registration of said University kept at the office of the Trustee in Chicago, Illinois, such registration to be noted on the back hereof. After such registration no transfer hereof shall be valid unless made on such books by the registered holder in person or by attorney duly authorized in writing and similarly noted hereon, but this bond may be transferred in like manner to bearer, and thereupon transferability by delivery shall be restored and it may again from time to time be registered or transferred to bearer as before. Such registration, however, shall not restrict the negotiability of the coupons hereto appertaining, but such coupons shall be transferable by delivery merely and payable to the bearer hereof. Subject to the provisions for registration and transfer, this bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and during such time as this bond is payable to bearer, the same and each of the coupons hereto appertaining may be negotiated by delivery by any person having possession thereof, and any holder who shall have taken this bond while so payable to bearer or any of said coupons from any person for value and without notice shall thereby acquire absolute title to this bond or to such coupons, as the case may be, free of any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder, and The Board of Trustees of the University of Illinois, the Trustee, and any paying agent may deem and treat the bearer of this bond, or, if registered, the person in whose name it is registered, and the bearer of any interest coupons appertaining hereto as the absolute owner hereof for all purposes and shall not be affected by any notice to the contrary whether this bond or any coupon appertaining thereto be overdue or not. The bonds of this series are issuable as coupon bonds registrable as to principal only in the denomination of $1,000 and as registered bonds without coupons in the denomination of $1,000 or a multiple thereof. Each fully registered bond without coupons shall be of a single maturity. T h e coupon bonds and the registered bonds without coupons are interchangeable for bonds of the same interest rate and maturity upon presentation thereof for such purpose by the holder or registered owner at the principal office of the Trustee in the City of Chicago, Illinois, and upon payment of charges and otherwise as provided in the Resolution. The rights and obligations of the University and of the holders of the bonds may be modified or amended at any time with the consent of The Board of Trustees of the University of Illinois and of the holders of sixty-six and two-