Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 452]

EXTRACTED TEXT FROM PAGE:

1959]

U N I V E R S I T Y OF I L L I N O I S

449

week for two successive calendar weeks, the first such publication to be not less than thirty days prior to the date of redemption, such publication to be made in one daily newspaper published and of general circulation in the City of Chicago, Illinois, and also in a financial newspaper of general circulation published in the English language in the 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 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 48.1 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 said 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 of the State of Illinois is pledged to the payment of this bond or the interest thereon. Subject to the provisions for registration and transfer contained herein and in the Resolution, this bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and shall be transferable by the registered owner at the principal office of the Trustee in the City of Chicago, Illinois, upon surrender and cancellation of this bond and thereupon a new registered bond without coupons of the same principal amount, interest rate and maturity will be issued to the transferee as provided in the Resolution, upon payment of the transfer charges therein prescribed. The Board of Trustees of the University of Illinois, the Trustee and any other person may treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and shall not be affected by any notice to the contrary whether this bond 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. The 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 twothirds per cent (663^%) in principal amount of outstanding bonds in the manner, to the extent, and upon the terms and conditions provided in the Resolution; provided that no such modification or amendment shall (i) extend the maturity of or reduce the interest rate on or otherwise alter or impair the obligation of the University to pay the principal, interest or redemption premiums, if any, at the time and place and at the rate and in the currency provided therein of any bond without the express consent of the holder, or (ii) permit the creation of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held under the Resolution, except as permitted by the