Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 250]

EXTRACTED TEXT FROM PAGE:

1960]

UNIVERSITY OF ILLINOIS

247

any question shall arise as to whether any such notice shall have been sufficiently given, or such redemption effected, such question shall be decided by the paying agent, and the decision of the paying agent shall be final and binding upon al] parties in interest. No holder of any Bond shall be entitled to any interest on money deposited for the redemption of Bonds, SECTION 3.06. Cancellation of Bonds, All Bonds redeemed and paid, as provided in this Article Three, shall, together with all coupons appertaining thereto, if any, he cancelled by the University and no Bonds or coupons so redeemed shall lie reissued, nor shall any Bonds or coupons be issued in lieu thereof. ARTICLE FOUR

ISSUANCE OF BOHDS

SECTION 4.01. Issuance of i960 Series A and B Bonds. Series A Bonds in the principal amount of Five Million Two Hundred Thousand Dollars ($5,200,000) and Series B Bonds in the amount of Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000) shall be executed on behalf of the Board of Trustees and delivered to or upon the written order of the Comptroller. SECTION 4.02. Issuance of Additional Bonds. Subject to the conditions and limitations hereinafter set forth and provided the University shall not at the time be in default under any of the terms, covenants or provisions of this Resolution, additional Bonds of equal rank with the i960 Series A and B Bonds may be issued from time to time under the terms of this Resolution having such maturities, providing for the payment of such rates of interest and having such other characteristics as shall be determined by the Board of Trustees and set forth in a resolution to be supplemental hereto; provided such additional Bonds shall be issued only for one or more of the following purposes: A. To provide funds necessary to pay the cost of completing the Project herein provided for in accordance with the plans und specifications now on file in the office of the Physical Plant Department, Administration Building, Urbana, Illinois, or B. Paying the cost of equipping, enlarging or improving the Project and/ or the existing Illini Union Building, provided that no Bonds may be issued for paying the cost of enlargements or improvements which would increase the size of the Project and the existing Illini Union Building combined (as measured in gross square feet of floor space) by more than twenty-five per cent (25%); provided further that the following conditions precedent are complied with at or prior to the time of issuance of such additional Bonds: (i) In the event additional Bonds are issued for the purposes indicated in clause A above to provide additional funds necessary to pay the cost of completing the Project, the Architects employed by the University for the construction of said Project have submitted a certificate to the Board of Trustees setting forth an itemized statement of the work completed to the date of said certificate, the cost thereof and an itemized statement of the work yet to be completed and the estimated cost of the work to he completed and such certificate of estimate shall be presented to and approved by said Board of Trustees preceding the adoption of any resolution anthorizing the issuance of additional Bonds for such purpose, and (ii) In the event additional Bonds are issued for the purpose of paying the cost of equipping, enlarging or improving the Project and/or the existing Illini Union Building as provided in clause B above, the Net Income Available for Debt Service shall be equal to or greater than one and thirty-live hundredths (1-35) times the maximum amount to become due in any succeeding fiscal year for the payment of principal and interest on the Bonds then outstanding hereunder and the Bonds then to be issued. All such additional Bonds shall be issued pursuant to a resolution supplemental hereto, duly adopted by the Board of Trustees, setting forth the form of such additional Bonds and the terms and conditions applicable thereto. The final maturity of any additional Bonds issued in accordance with this Section shall not be earlier than the final maturity of any bonds then outstanding. For the purpose °f this Section any computation of Net Income Available for Debt Service pre-