Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 485]

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482

BOARD OF T R U S T E E S

[June 23

to redeem all or any part of the Bonds of any series or a redemption date on which less than all the outstanding Bonds of any series are to be redeemed through the operation of any sinking fund or the operation of the Bond Retirement Account, all of the outstanding Bonds of such series shall be coupon Bonds registered as to principal, or fully registered Bonds, then publication of notice of redemption as provided in Section 3.01 of this Article shall not be required, but notice of such redemption shall be mailed by the University by registered or certified mail, postage prepaid, not less than 30 days nor more than 60 days prior to such redemption date to the registered owners of all Bonds to be redeemed to their respective addresses as the same shall then appear on the said registration books. T h e foregoing provisions are further subject to the following conditions: (i) if all of the Bonds of any series or maturity then outstanding are registered in the names of not to exceed 15 owners, the Bonds of such series and maturity so to be redeemed shall not be selected by lot as above provided, but the aggregate principal amount of Bonds of such series and maturity to be redeemed shall be apportioned by the University pro rata, as nearly as practicable in amounts of $1,000 or any integral multiple thereof, among the registered owners of Bonds of such series and maturity of record, in the proportion that the aggregate principal amount of Bonds of such series and maturity held by each such registered owner bears to the aggregate principal amount of Bonds of such series and maturity then outstanding; and (ii) if all the then outstanding Bonds of such series and maturity are not registered or are registered in the names of more than 15 owners, but one or more of the then outstanding Bonds of such series and maturity are then registered in the name of any of the initial holders in whose names such Bonds were first registered, the aggregate principal amount of Bonds to be redeemed shall be apportioned by the University pro rata, as nearly as practicable in amounts of $1,000 or any integral multiple thereof, between each such initial holder concerned and, collectively, all of the other then owners of such outstanding Bonds in the proportion that the aggregate principal amount of registered Bonds of such series and maturity held by each such initial holder concerned, and the aggregate principal amount held, collectively, by holders other than initial holders respectively bears to the aggregate principal amount of such Bonds then outstanding, provided that the amount so apportioned for redemption of such Bonds not registered in the name of any of the said initial holders shall be applied to the redemption of such of said Bonds of such series and maturity as are selected by lot in the manner above provided. In all cases, the cost and expenses of preparation, publication, and mailing of said notice of redemption shall be paid by the University. SECTION 3.03. Said notice having been given, as above provided, the Bonds designated for redemption shall, on the date specified in such notice, become due and payable, at the then applicable redemption price, and on or before the day preceding the date fixed for redemption the University shall deposit with the Sears Bank and T r u s t Company, or its successor in the City of Chicago, Illinois, as paying agent, the redemption price of the Bonds called for redemption and accrued interest thereon to the date fixed for redemption. Upon such deposit having been made and on presentation, if required, of such Bonds in accordance with such notice at the place at which the same are expressed in such notice to be redeemable, with all appertaining coupons, if any, maturing after said redemption date, such Bonds shall forthwith after the making of such deposit be paid by the paying agent, on behalf of the University, at such redemption price. Such payment of the redemption price shall be made to the bearer of any such Bonds, unless it shall then be registered, in which case such payment shall be made to the registered owner. All unpaid interest installments represented by coupons which shall have matured on or prior to the date of redemption specified in such notice, shall continue to be payable to the bearers, severally and respectively, and the redemption price payable to the holders of Bonds presented for redemption shall not include such unpaid installments of