Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1471]

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1468

BOARD OF TRUSTEES

[May 24

registered assigns, on October 1, 19 , the principal sum of Dollars ($ ) and to pay interest thereon which shall be paid by check or draft mailed to the registered owner at his address as it appears on the bond registration books of the Trustee hereinafter mentioned as Bond Registrar, at the rate of ~ per cent ( %) per annum, payable October 1, 1962, and semiannually thereafter on the first days of April and October in each year from the date hereof until the principal amount hereof has been fully paid. Both principal hereof and interest hereon are made payable in any coin or currency which on the respective dates of payment of such principal and interest is legal tender for the payment of debts due the United States of America, at The First National Bank of Chicago (hereinafter called "Trustee"), or its successor in trust under the Resolution hereinafter referred to, in the City of Chicago, Illinois, or at the option of the holder at The Chase Manhattan Bank in the Borough of Manhattan and City and State of New York. This bond is one of an authorized series of Two Million One Hundred Thousand Dollars ($2,100,000) principal amount of Housing Revenue Bonds of 1962, Series A, issued or to be issued pursuant to a Bond Resolution of The Board of Trustees of the University of Illinois duly adopted December 17, 1958, as supplemented by First, Second, Third, Fourth and Fifth Supplemental Resolutions thereto duly adopted June 23, 19S9, October 21, 1959, June 14, 1960, May 17, 1961, and May 24, 1962, respectively (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 student and staff housing and related facilities. 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 maturity as a whole or in part on April 1, 1972, or on any interest payment date thereafter in the inverse order in which they mature at the option of The Board of Trustees of the University of Illinois at par and accrued interest to the date of redemption and a premium as follows: three per cent ( 3 % ) of the principal amount thereof if redeemed April 1, 1972 through October 1, 1976; two per cent ( 2 % ) of the principal amount thereof if redeemed April 1, 1977 through October 1, 1981; one and one-half per cent (\Vi%) of the principal amount thereof if redeemed April 1, 1982 through October 1, 1986; one per cent ( 1 % ) of the principal amount thereof if redeemed April 1, 1987 through October 1, 1991; and without premium if redeemed April 1, 1992 or thereafter. 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 printed in the English language and published and of general circulation in the City of Chicago, Illinois, and also in a financial newspaper printed in the English language and published and of general circulation in the Borough of Manhattan, City and State of New York, and when this bond or any of the bonds of such authorized issue shall have been duly called for redemption, interest thereon shall cease from and after the specified redemption date if redemption monies are available for the payment of all bonds 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 Housing 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) student tuitions authorized by law to be retained in the University treasury, but not in excess of $860,000 annually plus such additional sums as may be specified in any supplemental resolution creating or authorizing additional