Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 474]

EXTRACTED TEXT FROM PAGE:

1959]

UNIVERSITY OF ILLINOIS

471

The Series 1959 Bonds shall also be redeemable prior to their maturity on any interest payment date on and after, but not prior to October 1, 1966, through the operation of the Bond Retirement Account and at the option of the Board of Trustees out of surplus moneys remaining in the Assembly Hall Revenue Bond Fund in any fiscal year after first complying with all provisions of subsections (a) and ( b ) , of Section 5.02 hereof at the principal amount thereof, together with interest accrued thereon to the date fixed for redemption plus a premium equal to the following percentages of such principal amount if redeemed during the following periods respectively: Period of Redemption Applicable Premium October 1, 1966 through October I, 1969 2^% April 1, 1970 through October 1, 1973 2 % April 1, 1974 through October 1, 1977 iz/i% April I, 1978 through October 1, 1981 I % April I, 1982 and thereafter without premium. The Series 1959 Bonds shall also be redeemable through the operation of the Fixed Sinking Fund provided for in Article Eight hereof, in which case such redemption shall be upon payment of the principal amount of the Bonds to be redeemed or portion of such principal amount to be redeemed and accrued interest thereon to the date fixed for redemption and without premium. All redemptions shall be made in the manner, upon the notice and with the effect provided in Article Three hereof. SECTION 2.04. Payment of Principal and Interest. Both the principal of and the interest on the Series 1959 Bonds shall be payable in any coin or currency which on the respective date of payment of such principal and interest, is legal tender for the payment of debts due the United States of America, at the Sears Bank and T r u s t Company, or its successor, in the City of Chicago, Illinois. SECTION 2.05. Form of Bonds. T h e definitive coupon Series 1959 Bonds, the interest coupons to be attached thereto, the form of fully registered Series 1959 Bonds without coupons, the form of registration endorsement to appear on all coupon Bonds, the form of principal payment record and the form of assignment to appear on all fully registered Bonds shall be in substantially the following forms with appropriate insertions, omissions and variations to evidence differences in number, amount, interest rate, maturity and like matters: ( F o r m of Coupon Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS T H E BOARD OF T R U S T E E S OF T H E UNIVERSITY OF ILLINOIS ASSEMBLY HALL REVENUE BOND Series 1959 Number $1,000 T H E BOARD OF T R U S T E E S OF T H E UNIVERSITY O F ILLINOIS, a body corporate, created and existing under the laws of the State of Illinois, for value received promises to pay to bearer, but only out of the Housing Revenue Bond Fund, as hereinafter provided for, and not otherwise, the principal sum of O N E T H O U S A N D D O L L A R S ($1,000), on October 1, 1984, and to pay interest on said sum from the date hereof until October I, 1961 at the rate of two and one-half per cent ( 2 ^ % ) and thereafter until paid at the rate of four and three-quarters per cent (454%) per annum, payable October I, 1959, and semi-annually thereafter on the first days of April and October in each year until the principal amount hereof has been fully paid. Interest accruing on this bond on and prior to the maturity date hereof shall be payable on presentation and surrender of the interest coupon hereto attached as they subsequently become due, but no interest shall accrue on this bond after the maturity hereof whether by lapse of time, call for redemption, or otherwise unless this bond shall be presented for payment and be not then paid. Both principal hereof and interest hereon a r e hereby made payable in any coin or currency which, on the respective dates of payment of such principal