Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 473]

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470

BOARD OF T R U S T E E S

[June 23

of a multi-purpose fee or charge) but shall not include general student tuitions or student fees assessed for any other purpose. ARTICLE TWO

AUTHORIZATION, DESIGNATION, FORM, EXECUTION, EXCHANGE AND REGISTRATION OF BONDS

SECTION 2.01. Limitation of Issue and Equality of Bonds. This resolution shall constitute a continuing agreement to secure the full and final payment in the manner herein provided for the principal and interest on all Bonds which may from time to time be delivered and issued hereunder. T h e aggregate principal amount of Bonds which may be so delivered and issued hereunder is not limited except as restricted by law or by the provisions hereof. All Bonds at any time issued and outstanding hereunder, regardless of series, shall be equally and ratably secured hereby without preference, priority or distinction. SECTION 2.02. Project and Purpose of Initial Issue of Bonds. T h e initial project (hereinafter called the "Project") to be acquired, constructed, equipped and completed hereunder is described in a general way as an Assembly Hall, which is to be a multiple-purpose building suitable for concerts, theatrical events, convocations, athletic events, exhibits and other purposes, including adjacent parking facilities and located between First and F o u r t h Streets in Champaign, Illinois, T h e estimated cost of said Project is $7,750,000 exclusive of land and exclusive of any pro rata part of the University power and heating plant serving the Project all as more fully set forth in the plans and specifications therefor on file with the Comptroller of the University. It is hereby determined that in order to produce the funds necessary to construct and equip the Project, that the University borrow the sum of Seven Million Seven Hundred Fifty Thousand Dollars ($7,750,000) and in evidence thereof to issue its Assembly Hall Revenue Bonds hereunder in said principal amount. SECTION 2.03. Terms of Series 1959 Bonds. T h e Bonds to be initially issued hereunder shall be substantially in the form and of the tenor and purport hereinafter set forth, shall be designated " T h e Board of Trustees of the University of Illinois Assembly Hall Revenue Bonds, Series 1959" (hereinafter called "Series 1959 Bonds") and shall be limited to the aggregate principal amount of Seven Million Seven H u n d r e d Fifty Thousand Dollars ($7,750,000) at any one time outstanding. T h e Series 1959 Bonds shall be issued as negotiable coupon bonds dated July 1, 1959, registrable as to principal in the denomination of $1,000 or as fully registered Bonds without coupons, dated as of the interest payment date to which interest was last paid, next preceding the date of issue, unless on an interest payment date on which interest was paid, in which case they shall be dated as of the date of issue, or unless issued prior to October 1, 1959, in which case they shall be dated July I, 1959. Fully registered Bonds without coupons, shall be numbered in such manner as may be designated by the Comptroller and shall be issued in denominations of $1,000 or multiples thereof. T h e Series 1959 Bonds shall bear interest from July 1, 1959, payable semi-annually on the first days of April and October in each year until paid, commencing October 1, 1959, at the rate of two and one-half per cent (2^2%) per annum until October 1, 1961 and thereafter at the rate of four and three-quarters per cent ( 4 J 4 % ) per annum and shall be expressed to mature on October 1, 1984. T h e Series 1959 Bonds shall be redeemable prior to their maturity at the option of the Board of Trustees, either in whole or in part, on any interest payment date on and after, but not prior to October 1, 1971, at the principal amount thereof, together with the interest accrued thereon to the date fixed for redemption plus a premium of the following percentages of such principal amount if redeemed during the following periods respectively: October April April April April I, 1, 1, 1, 1, Period of Redemption 1971 through October 1, 1974 1975 through October 1, 1977 1978 through October 1, 1980 1981 through October 1, 1982 1983 and thereafter without premium. Applicable Premium 4% 3% 2% 1%