Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 240]

EXTRACTED TEXT FROM PAGE:

1960]

UNIVERSITY OF ILLINOIS

237

"Resolution") of The Board of Trustees of the University of Illinois duly adopted December 21, i960, for the purpose of providing funds for paying the cost of constructing and equipping an addition to the lllini Union Building and a Health Center Building (herein collectively called the "Project") 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. (i960 Series A Bonds Only) [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 April I, 1971, in the inverse order in which they mature, at the principal amount thereof, together with the interest accrued thereon to the date fixed fnr redemption plus a premium of the following percentages of such principal amount if redeemed during the following periods respectively: Period of Redemption Applicable Premium April 1, 1971 through October I, 1975 3% April I, 1976 through October 1, 1980 2% April 1, 1981 through October 1, 1985 1% April 1, 1986 and thereafter without premium.J (i960 Series B Bonds Only) [The bonds of this series shall be 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 notprior to April 1, 1971, in the inverse order in which they mature, 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 A ppiicabU Premium April 1, 1971 through October r, 1975. 3% April 1, 1976 through October I, 1980 2% April r, 1981 through October 1, 1985 1% April I, 1986 and thereafter without premium, provided, however, that the bonds of this series may be redeemed in the invent order in which they mature at any time after completion of the Project out of excess funds then remaining in any Construction Fund Account established with the proceeds of the bonds of this series, at the principal amount thereof together with interest accrued thereon to the date fixed for redemption but without premium. All redemptions shall be made in the manner, upon the notice and with the effect provided in Article Three of 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 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, 1959, 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 lllini Union and Health Center Bond Fund as provided in the Resolution; which revenues are to be derived from (1) the operation of the present lllini Union Building, (2) the operation of the revenue producing facilities constructed, completed, and equipped with the proceeds of this