Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 493]

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490

BOARD OF T R U S T E E S

[June 23

Account or the Interest Reserve Account simultaneously with or prior to each sinking fund payment a further sum equal to the unpaid interest to the designated redemption date on the Series 1959 Bonds to be redeemed and all expenses of redemption of the Bonds through the sinking fund shall be paid by the University from the Assembly Hall Revenue Bond Fund and shall not be charged against the moneys in the Fixed Sinking F u n d Account. ARTICLE NINE

DISPOSITION OF BOND RETIREMENT ACCOUNT

SECTION 9.01. T h e University covenants that so long as any Bonds shall remain outstanding it will on October I, 1066 and on October 1 of each year thereafter apply all funds on deposit in the Bond Retirement Fund to the redemption of outstanding 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 Bonds so redeemed plus accrued interest thereon to the date of redemption, together with a premium in the case of the Series 1959 Bonds equal to the following percentages of such principal amounts if redeemed during the following periods respectively: October October October October October Period 1, 1966 1, 1970 1, 1974 I, 1978 I, 1982 of Redemption through October 1, 1969 through October I, 1973 through October 1, 1977 through October 1, 1981 and thereafter without premium. Applicable Premium 2l/2% 2 % 15^% 1 %

W i t h respect to any series of Bonds, other than the Series 1959 Bonds, the applicable premium, if any, shall be set forth in the resolution supplemental hereto creating or authorizing the issuance of such additional series of Bonds. SECTION 9.02, 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 October 1 of each of the years in which Bonds are to be redeemed out of funds on deposit in the Bond Retirement Fund so that the Bonds so to be redeemed will be redeemed on October I of said years. SECTION 9.03. It is the intention hereof that payments to be made pursuant to this Article Nine shall be applied to the redemption of Bonds in principal amount plus the premium, if any, equal to such payments and 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 simultaneously with each redemption out of funds in the Bond Retirement Account a further sum equal to the unpaid interest to the designated redemption date on the Bonds so to be redeemed from funds on deposit in the Interest Account or the Interest Reserve Account and all expenses of redemption of the Bonds pursuant to this Article Nine shall be paid by the University from the Assembly Hall Revenue Bond F u n d and shall not be charged against the moneys on deposit in the Bond Retirement Account and required to be applied to the redemption of Bonds pursuant to the provisions hereof. ARTICLE TEN

EVENTS OF DEFAULT

SECTION 10.01. Events of Default. T h e University shall be in default herein if one or more of the following events (herein called "events of default") shall happen, to-wit: ( a ) Failure to make due and punctual payment of the principal of or any redemption premium on any Bond when and as the same shall become due and payable; (b) Failure to make due and punctual payment of any installment of interest on any Bond when and as such interest installment shall become due and payable, and such default shall have continued for a period of thirty (30) d a y s ; (c) Failure to make due and punctual payment or satisfaction of any payment into the Interest Reserve Account, the Fixed Sinking Fund Account