Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1398]

EXTRACTED TEXT FROM PAGE:

1962]

UNIVERSITY OF ILLINOIS

1395

1962, issued and to be issued pursuant to a Bond Resolution of The Board of Trustees of the University of Illinois duly adopted June 23, 1959 as supplemented by a First Supplemental Resolution duly adopted March 17, 1962 (said Bond Resolution as so supplemented being herein referred to as the "Resolution"), for the purpose of providing funds for paying the cost of constructing and equipping an Assembly Hall and making certain improvements, additions, and modifications thereto as set forth in the Resolution. Said Resolution, among other things, provides for the issuance of additional bonds pursuant thereto in the manner and upon the terms and conditions more fully set forth therein. The bonds of this series are redeemable prior to their maturity at the option of The Board of Trustees, either in whole or in part, on any interest payment date on and after, but not prior to October 1, 1971, at the principal amount thereof, together with the interest accrued thereon to the date fixed for redemption plus a premium of the following percentages of such principal amount if redeemed during the following periods respectively: Period of Redemption Applicable Premium October 1, 1971 through October 1, 1974 4% April 1, 1975 through October 1, 1977 3% April 1, 1978 through October 1, 1980 2% 1% April 1, 1981 through October 1, 1 9 8 3 . . . . . . . April 1, 1984 and thereafter without premium The bonds of this series are also redeemable prior to their maturity on any interest payment date on and after, but not prior to October I, 1966 or the date of redemption of all of the Series 1959 Bonds heretofore issued under the Resolution, whichever shall last occur, through the operation of the Bond Retirement Account, together with interest accrued thereon to the date fixed for redemption but without premium. The bonds shall also be redeemable through the operation of the Fixed Sinking Fund provided for in Article Two of the First Supplemental Resolution, in which case such redemption shall be upon payment of the principal amount of the bonds to be redeemed or portion of such principal amount to be redeemed and accrued interest thereon to the date fixed for redemption and without premium. All redemptions shall be made in the manner, upon the notice, and with the effect provided in the Resolution. Notice of redemption of any or all of said bonds shall be published once a week for two successive calendar weeks, the first such publication to be not less than thirty days prior to the date of redemption, such publication to be made in one daily newspaper published and of general circulation in the City of Chicago, Illinois, unless all bonds at the time outstanding shall be in fully registered form in which case such notice may be given only by registered or certified mail, and when this bond or any of the bonds of such authorized issue (or any portion thereof) shall have been duly called for redemption, interest thereon (or on such portion called for redemption) shall cease from and after the specified redemption date if redemption moneys are available for payment of all bonds (or the portions thereof) called for redemption. This bond and the series of which it forms a part is issued under the authority of The Board of Trustees of the University of Illinois to issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1961, and all laws amendatory thereof and supplemental thereto and the Resolution above referred to. This bond is payable, both as to principal and interest, only from the revenues required to be credited to the Assembly Hall Revenue Bond Fund as provided in the Resolution; which revenues are to be derived from (1) the operation of the revenue producing facilities constructed, completed, and equipped with the proceeds of this bond issue, bonds heretofore issued pursuant to the Resolution and additional bonds which may hereafter be issued pursuant to the Resolution, (2) the operation of any other revenue producing facilities which may subsequently be pledged pursuant to any supplemental resolution creating or authorizing additional bonds to be issued pursuant to the Resolution and (3) University income authorized by law to be retained in the University treasury (in addition to the student service charges made for the use of the facilities), but not in excess of $200,000 annually