Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1401]

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1398

BOARD OF T R U S T E E S

[March 17

to the redemption of outstanding Series 1962 Bonds in the manner and upon the terms and conditions specified in Article Three of the Original Resolution at a redemption price equal to the principal amount of the Series 1962 Bonds so redeemed, plus accrued interest thereon to the date of redemption and without premium. The University covenants that it will publish and/or mail notices as required by said Article Three not less than thirty (30) days prior to each sinking fund payment date so that the Series 1962 Bonds to be redeemed through the operation of said sinking fund will be redeemed on each of said sinking fund payment dates. SECTION 2.3. It is the intention hereof that the sinking fund payments made under Section 2.1 shall be applied to the redemption of the Series 1962 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 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 1962 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 Fund Account. ARTICLE THREE

MISCELLANEOUS

SECTION 3.1. Application of Funds in the Bond Retirement Account. Anything in the Original Resolution to the contrary notwithstanding, so long as any Series 1959 Bonds shall be outstanding, no funds on deposit in the Bond Retirement Fund shall be applied to the redemption of outstanding Series 1962 Bonds. However, from and after the redemption of all Series 1959 Bonds the University shall apply all funds on deposit in the Bond Retirement Fund to the redemption of outstanding Series 1962 Bonds and all Bonds of any other series then outstanding pursuant to the Resolution in the manner and upon the terms and conditions specified in Article Three of the Original Resolution at a redemption price equal to the principal amount of the Bonds so redeemed plus accrued interest thereon to the date of redemption but, in the case of the Series 1962 Bonds, without premium. SECTION 3.2. Interpretation and Construction. This First Supplemental Resolution is supplemental to and is adopted in accordance with Sections 2.06, 4.02, and 11.05 of the Original Resolution and the holders of all of the outstanding Scries 1959 Bonds have, pursuant to Section 11.04 of the Original Resolution, executed consents to the issuance of the Series 1962 Bonds without compliance with the provisions of Section 4.02 B (ii) of the Original Resolution. In all respects not inconsistent with this First Supplemental Resolution, the Original Resolution is hereby ratified, approved, and confirmed, and all of the definitions, terms, covenants, and restrictions of the Original Resolution shall be applicable to the additional Bonds authorized by this First Supplemental Resolution and the proceeds thereof except as otherwise expressly provided. All of the terms and provisions of this First Supplemental Resolution shall be deemed to be a part of the terras and provisions of the Original Resolution, and the Original Resolution and this First Supplemental Resolution shall be read, taken, and construed as one and the same instrument. I n executing any Bond authorized by this First Supplemental Resolution each officer, agent, or employee of the University shall be entitled to all of the privileges and immunities afforded to them under the terms of the Original Resolution. SECTION 3.3. Resolution effective upon its passage.

STATE OF ILLINOIS \ COUNTY OF CHAMPAIGN J

Effective

on Passage.

This resolution shall become

I, , do hereby certifythat I am the duly elected, qualified, and acting Secretary of The Board of Trustees of the University of Illinois, and as such official have charge and custody of the minutes and records of said Board of Trustees.