Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 492]

EXTRACTED TEXT FROM PAGE:

1959]

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

489

beginning and end of the fiscal year. There will also be included with each audit report a written opinion of the accountant that in making the examination necessary to said audit no knowledge of any default by the University in the fulfillment of any of the terms, covenants, provisions and conditions of this Resolution was obtained, or, if such accountant shall have obtained knowledge of such default a statement of the default or defaults thus discovered and the nature thereof. SECTION 7.10. Fire and Extended Coverage Insurance. That as long as any of said Bonds authorized to be issued hereunder shall remain outstanding and unpaid, either as to principal or interest, or both, it will maintain insurance on said facilities, including all equipment thereof, against loss or damage by fire and windstorm and all other risks included in extended coverage insurance in amounts sufficient to provide for not less than full recovery of the insurable value whenever the loss from causes covered by such insurance does not exceed eighty per cent (80%) of the full insurable value of said buildings. Such insurance policy or policies shall be payable to The Board of Trustees of the University of Illinois, and all moneys collected on account of loss or damage covered by any such policy or policies of insurance shall be held in trust by the Board of Trustees and shall be used only for restoration of the property so damaged or, at the election of the Board of Trustees, deposited for credit to the Bond Retirement Account. ARTICLE EIGHT

FIXED SINKING F U N D FOR SERIES 1959 BONUS

SECTION 8.01. T h e University covenants that so long as any of the Series 1959 Bonds shall remain outstanding it will pay or cause to be paid out of funds in the Fixed Sinking Fund Account as and for a sinking fund to be used for the retirement of the Series 1959 Bonds, the sum in cash on October 1 of each of the years 1967 through 1982, both inclusive (October 1 of each of said years being hereinafter referred to as "sinking fund payment dates") as follows: Year

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

Amount

$135,000 195,000 250,000 320,000 340,000 360,000 385,000 410,000 430,000 460,000 485,000 510,000 540,000 575,ooo 605,000 200,000

SECTION 8.02. All amounts so paid as and for the sinking fund shall be applied to the redemption of outstanding Series 1959 Bonds in the manner and upon the terms and conditions specified in Article Three hereof at a redemption price equal to the principal amount of the Series 1959 Bonds so redeemed, plus accrued interest thereon to the date of redemption and without premium. T h e University covenants that it will publish a n d / o r mail notices as required by Article Three not less than thirty (30) days prior to each sinking fund payment date so that the Series 1959 Bonds to be redeemed through the operation of said sinking fund will be redeemed on each of said sinking fund payment dates. SECTION 8.03. It is the intention hereof that the sinking fund payments made under Section 8.01 shall be applied to the redemption of the Series 1959 Bonds in principal amount equal to such payments and that no part of such payment shall be used for the payment of interest or any expenses of such redemption. Accordingly the University covenants to pay from the Interest