Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1399]

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1396

BOARD OF TRUSTEES

[March 17

plus such additional sums as may be specified in any resolution supplemental to the Resolution creating or authorizing the issuance of additional bonds. This bond and the series of which it forms a part do not constitute an indebtedness of said University of Illinois, The Board of Trustees of the University of Illinois, or the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University, of said Board of Trustees, or the State of Illinois is pledged to the payment of this bond or the interest thereon. Subject to the provisions for registration and transfer contained herein and in the Resolution, this bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and shall be transferable by the registered owner at the principal office of the Comptroller of the University, upon surrender and cancellation of this bond and thereupon a new registered bond without coupons of the same principal amount, interest rate, and maturity will be issued to the transferee as provided in the Resolution and upon payment of charges and otherwise as therein prescribed. The Board of Trustees of the University of Illinois, the Trustee and any other person may treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and shall not be affected by any notice to the contrary whether this bond be overdue or not. The bonds of this series are issuable as coupon bonds registrable as to principal only in the denomination of $1,000 and as registered bonds without coupons in the denomination of $1,000 or a multiple thereof. The coupon bonds and the registered bonds without coupons are interchangeable on certain conditions only for bonds of the same interest rate and maturity upon presentation thereof for such purpose by the holder or registered owner at the office of the Comptroller of the University and upon payment of charges and otherwise as provided in the Resolution. The rights and obligations of the University and of the holders of the bonds may be modified or amended at any time with the consent of The Board of Trustees of the University of Illinois and of the holders of sixty-six and two-thirds per cent (66?4%) in principal amount of outstanding bonds in the manner, to the extent, and upon the terms and conditions provided in the Resolution; provided that no such modification or amendment shall (i) extend the maturity of or reduce the interest rate on or otherwise alter or impair the obligation of the University to pay the principal, interest, or redemption premiums at the time and place and at the rate and in the currency provided therein of any bond without the express consent of the holder, or (ii) permit the creation of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held under the Resolution, except as permitted by the Resolution, other than the lien and pledge created thereunder, or (iii) permit the creation by The Board of Trustees of the University of Illinois of any preference or priority of any bond or bonds over any other bond or bonds or coupon or coupons over any other coupon or coupons, or (iv) reduce the percentage of principal amount of bonds required for the affirmative vote or written consent to an amendment or modification without the consent of the holder of this bond; all as more fully set forth in the Resolution. The Board of Trustees of the University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the Resolution adopted by it, authorizing the issuance of this bond and the series of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said facilities, as provided for in and by said Resolution, and to establish from time to time rules, rents, charges, and student fees for the use of said facilities and to maintain and collect rents and charges and to withhold student fees, sufficient to pay the reasonable cost of operating and maintaining said facilities, and pay the principal of and interest upon all revenue bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest. It is hereby certified and recited and declared that all acts, conditions, and things required to exist, to happen, and to be performed, precedent to and in the issuance of this bond, have existed, have happened, and have been performed in