Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 486]

EXTRACTED TEXT FROM PAGE:

i9S9]

UNIVERSITY OF ILLINOIS

483

interest unless coupons representing such installments shall be attached to the Bonds presented for redemption. SECTION 3.04. If the amount necessary to redeem all of the Bonds called for redemption as aforesaid shall have been deposited with the paying agent, for the account of the holder or holders of such Bonds on or before the day preceding the date specified for such redemption, and the notice hereinbefore mentioned shall have been duly given, and all charges and expenses of the paying agent in connection with such redemption, or otherwise hereunder, shall have been fully paid or provided for, the University shall be privileged to consider such Bonds redeemed from the holder or holders thereof, and interest on such Bonds shall cease on the date specified for such redemption, and the University shall thereupon (subject to the provisions of Article Twelve hereof) be discharged from and after the redemption date specified in such notice from further liability in respect of the Bonds so called for redemption, and thereafter such Bonds shall not be entitled to any benefit of or from this Resolution. In case any question shall arise as to whether any such notice shall have been sufficiently given, or such redemption effected, such question shall be decided by the paying agent, and the decision of the paying agent shall be final and binding upon all parties in interest. No holder of any Bond shall be entitled to any interest on money deposited for the redemption of Bonds. SECTION 3.05. All Bonds redeemed and paid, as provided in this Article Three, shall, together with all coupons appertaining thereto, if any, be cancelled by the University and no Bonds or coupons so redeemed shall be reissued, nor shall any Bonds or coupons be issued in lieu thereof. SECTION 3.06. Pro Rata Redemption Among Series. In any case of the redemption at the option of the University of less than all of the outstanding Bonds then subject to redemption, no Bonds of any series may be redeemed unless the same proportion of the outstanding Bonds of each other series then subject to redemption are redeemed at the same time; provided, however, that in any case of the redemption of all of the outstanding Bonds of any one or more series, as a result of or in anticipation of the refunding or refinancing of one or more such series by the application of funds derived from other borrowings or the issuance of additional Bonds hereunder, no Bonds of any other series need be redeemed unless so required in the resolution supplemental hereto, creating or authorizing any additional series of Bonds. Nothing in this section shall be deemed to restrict the redemption by the University of a portion of the Bonds of any Series out of surplus funds remaining in a Construction Fund Account held for the account of Bonds of such series in any case where the University is required or permitted to redeem such Bonds out of such surplus funds. ARTICLE FOUR

ISSUANCE OF BONDS

SECTION 4.01. Issuance of Series 1959 Bonds. Series 1959 Bonds in the principal amount of Seven Million Seven Hundred Fifty Thousand Dollars ($7,750,000) shall be executed on behalf of the Board of Trustees and delivered to or upon the written order of the Comptroller. SECTION 4.02. Issuance of Additional Bonds. Subject to the conditions and limitations hereinafter set forth and provided the University shall not at the time be in default under any of the terms, covenants or provisions of this Resolution, additional Bonds of equal rank with the Series 1959 Bonds may be issued from time to time under the terms of this Resolution having such maturities, providing for the payment of such rates of interest and having such other characteristics as shall be determined by the Board of Trustees and set forth in a resolution to be supplemental hereto; provided such additional Bonds shall be issued only for one or more of the following purposes: A. T o provide funds necessary to pay the cost of completing the Project herein provided for in accordance with the plans and specifications now on file in the office of the Physical Plant Department, Administration Building, Urbana, Illinois, or B. Paying the cost of equipping, enlarging or improving the Project;