Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 497]

EXTRACTED TEXT FROM PAGE:

494

BOARD OF T R U S T E E S

[June 23

SECTION 11.06. Endorsement of Bonds. Bonds delivered after the effective date of any action taken as provided in this Article Eleven may bear a notation by endorsement or otherwise in form approved by the University as to such action, and in that case upon demand of the holder of any Bond outstanding at such effective date and presentation of his Bond for the purpose at the office of the Comptroller of the University a suitable notation shall be made on such Bond by the University as to any such action. If the University shall so determine, new Bonds so modified as to conform to such action shall be prepared, authenticated and delivered, and upon demand of the holder of any Bond then outstanding shall be exchanged at the office of the Comptroller of the University, without cost to any Bond holder, for Bonds then outstanding, upon surrender of such Bonds with all unmatured coupons, if any, appertaining thereto. SECTION II.07. Exclusion of Bonds. Bonds owned or held by or for the account of the University shall not be deemed outstanding for the purpose of any vote or consent or other action or any calculation of outstanding Bonds in this Article provided for, and shall not be entitled to vote or consent or take any other action in this Article provided for. ARTICLE TWELVE

MISCELLANEOUS

SECTION 12.01. Benefits of Bond Holders Limited to Parties. Nothing in this Resolution, expressed or implied, is intended or shall be construed to confer upon, or to give to, any person, firm or corporation other than the University and the holders of the Bonds and of the coupons outstanding, any right, remedy or claim under or by reason of this Resolution, and any covenants, stipulations, promises and agreements in this Resolution contained by and on behalf of the University shall be for the sole and exclusive benefit of the University and of the holders of Bonds and of the coupons outstanding. SECTION 12.02. Successor Is Deemed Included in All References to Predecessor. Whenever in this Resolution or any resolution supplemental hereto either the University or the paying agent is named or referred to, such reference shall be deemed to include the successors or assigns thereof, and all the covenants and agreements in this Resolution contained by or on behalf of the University shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed or not. SECTION 12.03. Discharge of Resolution. If all of the outstanding Bonds shall have matured, or shall have been duly called for redemption and the redemption date thereof shall have arrived, and if the University shall have deposited with the paying agent in trust, funds pursuant to this Resolution sufficient to pay and available for the payment of all amounts due on all Bonds then outstanding, including all principal, interest and redemption premiums, if any, and provision shall also be made for paying all other sums payable hereunder by the University, then, notwithstanding that any Bonds or interest coupons shall not have been surrendered for payment, the pledge of the income provided for in this Resolution and all other obligations of the University under this Resolution shall cease and terminate except as hereinafter in the next succeeding paragraph provided. Any such funds held by the paying agent which have not been disbursed in the payment of Bonds and interest as aforesaid during the period of ten (10) years after the deposit referred to in the foregoing paragraph, shall be repaid to the University by the paying agent on written request of the University together with the schedule of the Bonds not paid or redeemed and thereupon the holder of any of the Bonds or coupons entitled to receive such payments, shall thereafter look only to the University for the payment thereof; provided, however, that the paying agent before being required to make such repayment, shall at the expense of the University, effect publication once a week for two successive weeks in a daily newspaper published in the English language, and having a general circulation in the City of Chicago, State of Illinois, a notice to the effect that said moneys have not been so applied and that after a date named in said notice, any unclaimed balance of said moneys then remaining will be refunded to the University. No Bond or appurtenant coupon shall, after maturity thereof either accord-