Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 248]

EXTRACTED TEXT FROM PAGE:

I960]

UNIVERSITY OF ILLINOIS

245

having jurisdiction. The University may require the payment of a sum not exceeding Two Dollars ($2.00) for each new Bond issued under this Section 2.09, plus expenses, including printing costs of new bonds, which may be incurred by the University in the premises. SECTION 2.1a Registration Agent. The depository In the City of Chicago, Illinois, is hereby appointed as the Registration Agent for the purpose of registering, transferring and exchanging the Bonds as in this Resolution provided and the University agrees to take all legal action necessary or proper to constitute said depository as the Registration Agent hereunder, ARTICLE THREE

REDEMPTION OF BONDS

SECTION 3.01. Publication of Notice. Whenever the University shall determine to exercise its right to redeem any Bonds issued hereunder and by their terms subject to redemption, notice of such redemption shall be published by the University in one daily newspaper printed in the English language and published and of general circulation in the City of Chicago, Illinois and in a financial newspaper printed in the English language and published and of general circulation in the Borough of Manhattan, in the City and State of New York not less than 30 days prior to such redemption date. Such notice shall (a) designate the time and place of such redemption; (b) if the Bonds to be redeemed are less than all of the Bonds of any series or maturity, designate the numbers, the maturity date or dates and the aggregate principal amount of such Bonds; and (c) state that on the designated date of redemption such Bonds will be redeemed by payment of the principal amount thereof (or for the portion thereof to be redeemed) and all unpaid interest accrued thereon to the date of redemption plus the applicable premium, if any, and that from and after such designated redemption date interest in respect of the Bonds (or portions thereof) so called for redemption shall cease. A copy of said notice shall be mailed by the University, postage prepaid, at least 30 days prior to the redemption date to all registered owners of Bonds so to be redeemed at their last addresses appearing on the registration books of the University, but such mailing shall not be a condition precedent to the validity of the redemption of any Bond. In case any fully registered Bonds are to be redeemed in part only, said notice shall specify the respective portions of the principal amounts thereof to be redeemed (which shall be $1,000 or any multiple thereof) and shall state that payment of the redemption price shall, except as hereinafter specifically provided, be made only upon presentation of such fully registered Bonds for surrender in exchange for a coupon Bond or Bonds or a fully registered Bond or Bonds of the same series and maturity, of authorized denominations in aggregate principal amount equal to the unredeemed portion of the principal amount thereof; and in such case, if coupon Bonds or fully registered Bonds are so to be delivered in exchange, the University shall execute and deliver to or upon the written order of the registered owner of any fully registered Bonds, a portion only of which is to be redeemed, and at theexpense of the University, a new Bond or Bonds of the same series and maturity for the principal amount of the surrendered fully registered Bond less the principal amount thereof paid on surrender. In the event of the payment of a portion of the principal amount of any fully registered Bond registered in the name of any initial purchaser in whose name Bonds of that series were first registered and named in a written order of an Authorized Officer filed with the depository and stating that the provisions of this paragraph shall be applicable thereto, or registered in the name of any subsequent holder for the benefit of whom University shall elect that the provisions of this paragraph shall be applicable thereto (which election shall be subject to the condition that such subsequent holder shall first agree not to make any sale or transfer of any Bond or Bonds registered in its name without presentation of such Bond or Bonds for transfer and exchange), then in such event the University shall make payment to such Bond holder without requiring presentation of such Bond and, in lieu of delivering a new Bond or Bonds of an aggregate principal amount equaJ to the unredeemed portion of the principal amount of such Bond, the University shall, in its letter transmitting payment to such Bond holder, instruct such holder to endorse such payment on such Bond and a written representation from